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Resources created and curated to support the growth of impact investing, for those new to the field and for experienced practitioners.

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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.
http://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

Enterprise Community
Loan Fund

Total Assets Under Management: $100 – 249MM
Asset Class: Private Debt - Absolute Return / Notes, Real Estate, Private Equity
Geographic Focus:
Impact Investment Focus:
Health and Wellness
Affordable Housing and Community Development
Education and Charter Schools

Firm Overview

Enterprise Community Loan Fund works with local developers in cities and towns throughout America to invest in projects that strengthen communities. Enterprise is one the nation's premier Community Development Financial Institutions, operating as the lending arm of the Enterprise Community Partners family of companies. By providing 360-degree solutions through financing, public policy, and on-the-ground local expertise, the companies work together to build and preserve affordable homes that are connected to jobs, transit, schools, and health services. Over the past 20 years, Enterprise has invested more than $1.4 billion into high-impact community projects, leveraging those investments to secure more than $11 billion in additional public and private capital. The homes, schools, job centers, health clinics, and businesses we support have created a measurable positive impact in neighborhoods and the lives of those we serve.
Firm Headquarters: US & Canada
Years of Operation: More than 10 years
Total Assets Under Management:
$100 – 249MM
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: 25 – 50%
Investment Thesis:
Enterprise Community Loan Fund creates opportunity for those left behind by connecting communities and businesses to capital. We provide financing to communities that are underserved by traditional financial institutions. We manage risk through portfolio diversification, investing in multiple commercial real estate asset types including homes, schools, health clinics and job centers. Our investments yield positive impacts, revitalizing communities, creating jobs, and expanding access to health services and schools. We leverage the breadth of Enterprise Community Partners' expertise to identify investment opportunities that will yield a positive social and financial return. Our work in connecting people to opportunity has led to forward-thinking initiatives such as our Equitable Transit-Oriented Development investment funds, our Green Communities Criteria to create healthy and energy efficient homes, and our work to bring housing and health providers together to scale solutions that improve health outcomes for residents while also reducing costs for the health care system. 

Investment Example

Enterprise Community Loan Fund invested $1 million to support Mi Casa's Terraza del Sol - a community empowerment hub in one of Denver's poorest neighborhoods. The three-story building is energy efficient, has 42 homes that are affordable to low-income residents, and is home to the new Mi Casa Family Resource Center. Mi Casa has served Westwood residents for more than four decades, and choose to relocate their headquarters to Terraza del Sol in order to be closer to the people that depend on their services. Terraza del Sol residents and others in the surrounding community benefit from the services provided at the Family Resource Center such as: tax preparation, financial coaching, and computer literacy. By connecting low-income residents with the resources needed to prosper, Terraza del Sol is strengthening the economic well-being of the families living in Westwood, addressing issues of poverty and mobility, and helping to transform the community.

Leadership and Team

Cumulative Leadership Experience in Investing:
More than 30 years
Cumulative Impact Experience of Top Three Firm Leaders:
More than 30 years
Lori Chatman – President More Info

Lori Chatman is the president of the Enterprise Community Loan Fund and a senior vice president of Enterprise Community Partners. Lori oversees the daily operations of the loan fund and leads Enterprise’s efforts to raise and deploy capital through large-scale regional and local loan funds. Lori joined Enterprise in November 2004 with more than 15 years of progressively responsible experience in the field. Prior to her current position, she was the senior vice president and chief credit officer for the loan fund with the responsibility of reviewing and approving loan transactions and overseeing the loan portfolio. Lori was responsible for maintaining credit quality and standards.

Noni Ramos – Vice President and Chief Lending Officer More Info

Noni Ramos is vice president and chief lending officer for the Enterprise Community Loan Fund. She is responsible for new program and product development and financing innovation. Noni manages a lending team across the country in delivering financing for affordable housing, community health centers, charter schools and other community development needs. She also leads the Loan Fund’s Transit-Oriented Development (TOD) finance work. Noni works across Enterprise subsidiaries and affiliates to develop and launch new financial products and initiatives. Prior to joining Enterprise, Noni held various lending and programmatic positions of progressive leadership during her 14-year tenure at the Low Income Investment Fund (LIIF); including the chief credit officer position. In this role she was responsible for directing all lending and portfolio management functions for the organization. She began her professional career with Citibank.

Tim Martin – Vice President and Chief Credit Officer More Info

Tim Martin is chief credit officer for the Enterprise Community Loan Fund, and is responsible for reviewing and approving loan transactions and for monitoring and managing the risks associated with the loan portfolio. Mr. Martin joined the Enterprise Community Loan Fund in March, 2009 with more than 12 years of banking, housing finance, and community development lending experience. Prior to joining Enterprise, Mr. Martin spent six years at Fannie Mae. Mr. Martin received a B.S. in economics and geography, cum laude, from Towson University and a master’s degree in city and regional planning from the University of North Carolina at Chapel Hill with a concentration in housing and real estate development.

Rachel Reilly Carroll – Associate Director, Impact Investing More Info

Lead Enterprise Community Loan Fund's public policy, communications, and impact measurement strategies. Enterprise Community Loan Fund is one of the nation's premier Community Development Financial Institutions (CDFI), working to create opportunity in low-income communities by connecting affordable homes with jobs, transit, schools, and health centers.

Chris Herrmann – Vice President More Info

As a vice president for Enterprise Community Investment, Inc., Chris Herrmann is responsible for overseeing Enterprise’s conventional equity program. He was named to lead this new effort in 2013. Chris is responsible for raising, structuring and managing equity funds, as well as evaluating and closing investment opportunities. Previously, Chris was a director, where he analyzed, evaluated and bid on affordable housing investment opportunities that leveraged the Low-Income Housing Tax Credit (LIHTC) and the Federal Historic Tax Credit. In this role, he facilitated the successful closing of more than 70 transactions with a total of more than $625 million in LIHTC equity.

Percentage of Investment Professionals who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
More than 50%
Percentage of Board Members who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
25% – 50%

Financial Performance

Target Financial Returns Relative to Benchmark:
Market Rates
Actual Performance Relative to Target Financial Returns in the Past Three Years:
In line with initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Target Impact Outcomes:
Addressing climate change and environmental issues
Alleviating poverty
Conserving land, ecosystems and natural resources
Creating jobs
Increasing access to education and improving educational outcomes
Increasing access to financial services
Increasing access to healthcare services and improving health
Increasing access to water and sanitation
Promoting arts and media
Providing housing
Value-added Services Offered:
Access to markets
Business and legal training
Financial literacy training
Technology training
Health services
Education services

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:
As a firm, impact investing is embedded in Enterprise's DNA. Our theory of change is that opportunity begins with a safe and affordable home, and grows when residents have access to transit, jobs, high-quality schools, and health care. Enterprise Community Loan Fund has established an strong track record of investing in high-impact projects that bring opportunity to those that have been left behind. Almost every investment (95%) Enterprise Community Loan Fund has placed has benefitted low-income families and individuals, and more than 60% of our investments have served homeless families and individuals, and those most at-risk of becoming homeless because they earn less than half of what a typical worker makes in their city or town. Over the past 20 years, Enterprise Community Loan Fund has over had the following impact: 100,00 units built or rehabilitated, 12,000 education seats created, 550,000 patients served, 3.37 million sq. ft. of community space, Invested $1.43 billion. 

Investments systematically include social and environmental sustainability practices in the due diligence process:
As part of our  investment due diligence process, we collect information on the sponsoring organization and the community in which we are investing, as well as data on the intended impact of the asset we are investing in. Two examples of the environmental sustainability aspects we look for are outlined below. We request information on the sustainable construction practices used for the asset we invest in to understand the potential economic and environmental benefits. We encourage the use of our Green Communities Criteria and other green building standards. If an asset we invest in receives Green Communities Certification, it allows us to collect multiple data points on environmental impact and the improved health of low-income families in the property. Additionally, our Equitable Transit-Oriented Development work increases access to public transit, which promotes environmental sustainability as expanded transit networks reduce greenhouse gas emissions and create jobs.

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes - on regular basis (annual or quarterly)
Third Party Validations:
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing
Industry Impact Metric Tools Used:
Impact Reporting and Investment Standards (IRIS)
Other: Aeris

Learn More

Key Contact Name: Rachel Reilly Carroll
Phone: (410) 884-8419
Mailing Address:
70 Corporate Center 11000 Broken Land Parkway Suite 700 Columbia, MD 21044

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Impact investments are investments made into organizations and funds that generate measurable social and environmental impact as well as financial returns.