IMPACTASSETS 50™

An Annual Showcase of Impact Investment Fund Managers

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An Annual Showcase of Impact Investment Fund Managers

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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.
https://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

IA 50 2025 PROFILE

Working Capital for
Community Needs, Inc.

Total Assets Under Management: Less than $25M
Asset Class: Private Debt - Absolute Return / Notes
Primary UN Sustainable Development Goal: 1 – No Poverty
Financial and Economic Inclusion
Gender Equality
Microfinance and Low-income Financial Services

Firm Overview

Category: Private Debt - Financial Inclusion (Microfinance, SME Finance and/or CDFIs - Emerging Markets)

WCCN has been investing in low-income communities in Latin America through its microfinance loan fund since 1991, making it one of the first social impact funds in the world. WCCN works with its regional partners to seek out investments in women and people living in rural areas, two traditionally underserved populations in the region. The organization has returned 100% of the principal and interest owed to its investors in its 32-year history, and helps fund around 25,000 individual and family-owned businesses each year. WCCN's offers a fixed interest rate note to retail investors, with a $100 minimum, in 46 states in the US. 

Firm Headquarters: United States
Years of Operation: 10 years or more
Total Assets Under Management:
Less than $25M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: Less than 25%
Investment Thesis:

WCCN provides investments that help improve income, family welfare and the empowerment of women, which result in improved lives and communities of the working poor in Latin America. 

Investment Overview:

WCCN has a pooled loan fund that makes investments in partner microfinance organizations in Central and South America. WCCN's partners work with their impoverished end-borrowers to fund microbusinesses and may also provide them with health care, financial education and other benefits. With access to credit, the end borrowers can use their working capital to take advantage of economies of scale, purchase equipment and make other improvements to their businesses. When their businesses thrive, they can invest in education, healthcare and their communities. 

Company Differentiator:

WCCN is solely focused on microfinance in Latin America, and as such we are the only retail investment fund available on the market for that purpose. WCCN was founded in 1984 and had a variation of its loan fund since 1991. WCCN is often the first international lender to smaller microfinance organizations in Central and South America which many times opens the door to other international funders being willing to lend to such organizations. 

Investment Example

WCCN recently invested $1,000,000 in Pro Mujer Nicaragua. Pro Mujer Nicaragua will use this investment for their microfinance portfolio, which has over 40,000 clients and an average loan size of $770. 

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
30 years or more
Joshua Miguel Jongewaard – Director of Lending More Info

Miguel, born in Colombia and raised in Minnesota, brings 25 years of experience in financial services and investment management across North America, Europe, Latin America, and Asia. He has worked in private investment banking and social impact investing. Prior to working at WCCN, he worked for Symbiotics Group, MicroVest Capital Management, NDC (a CDFI), CarVal Investors, Cargill Inc., and US Bank Corporate Trust. His asset management experience includes micro-finance, SME finance (factoring/leasing), agricultural value chains, renewable energy, affordable housing, health services, education services, inclusive technology, private fund investments, loan portfolio acquisition (consumer, residential, commercial), and derivative trades (hedges, swaps, CDS).

John Hecht – Chief Financial Officer More Info

John offers financial and management advisory services to businesses and community financial institutions, including practical strategies for growth and profitability. A licensed CPA, John’s financial background and award-winning CEO start-up bank experience provides proven ideas for success. Most recently, he was President/CEO of WPS Bank, a successful Wisconsin de novo community bank. In April 2015, the Bank was sold to Starion Financial and John was asked to take on the role of Madison Market President. In this new capacity, he successfully guided the integration of the two local teams and built the highest performing group in the Company.

Will Harris – Executive Director More Info

Will previously served in the roles of Director of Operations and Board President. He has over 15 years of experience in economic development and international relations. Will is a Wisconsin native but has traveled and lived throughout Latin America. He studied Spanish and Latin American history at the University of Arizona and then later received his MBA from the same. He was a recipient of the Rotary World Peace Scholarship, which he used to pursue a master's degree in International Relations at the Universidad del Salvador in Buenos Aires, focusing his thesis on the topic of microfinance in Latin America.

Financial Performance

Target Financial Returns Relative to Benchmark:
Concessionary Rates
Actual Performance of Impact Products/Funds 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%
Primary Impact Outcomes:
Alleviating poverty
Secondary Impact Outcomes:
Conserving land, oceans, ecosystems and natural resources
Increasing access to workforce development services, job skilling and retraining
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
Providing housing
Addressing racial inequities
Addressing gender inequities
Value-added Services Offered:
Access to markets
Business and legal training
Financial literacy training
Technology training
Health services
Education services
Human Resources, recruiting and professional development services

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:

WCCN only lends to microfinance institutions whose mission is to provide credit to low-income entrepreneurs, who many times are unbanked. 90% of our partner organizations provide social services beyond credit including healthcare, financial education, and reforestation programs. 

Investments systematically include social and environmental sustainability practices in the due diligence process:

WCCN places a strong emphasis on how many women are employed by and in leadership roles in the organizations we lend to. 

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Impact Verified by an Independent Third-Party:
No
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to the public
Third Party Validations:
Member of Impact Capital Managers
Impact Frontiers Cohort Participant
Implement recommendations from Task Force on Climate Related-Financial Disclosure
Net Zero Assets Managers Initiative
Utilizes standardized impact metrics (e.g. IRIS+, GIIRS, etc.)
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing

Learn More

Key Contact Name: William Harris
Phone: 608-257-7230
Mailing Address:

211 S Paterson St, Suite 260, Madison, WI 53703 USA

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