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Located in Chicago. |
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'''Opportunity finance''' refers to any [[socially-responsible investing]] by an institution in an organization or group of individuals. |
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== Usage of the term == |
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The [http://www.opportunityfinance.net Opportunity Finance Network] defines the term as "a category of financing that helps people and communities just outside the margins of conventional, mainstream finance join the economic mainstream—and helps the economic mainstream enter emerging opportunity markets."<ref>[http://www.opportunityfinance.net/industry/industry_brand.aspx?id=240 "Industry Brand" on the Opportunity Finance Network website,] accessed 4/8/2009.</ref> It is closely related to [[microfinance]], but tends to occur on a larger scale and be more explicitly concerned with social benefit. |
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The concept of opportunity finance has gained increased traction in recent years, both from political movements and economic necessity. The current economic climate in the United States has raised the demand for creative financing even for established businesses, as traditional bank loans for nonprofits and small businesses became harder to come by after the market crashed in the autumn of 2008.<ref>[http://www.accionchicago.org/home/about-us/news-and-events.aspx?d=21 "As Credit Dries Up, More Owners Seek Microloans,"] Business Week, February 24, 2009</ref> |
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Although the concept of opportunity finance is applicable worldwide, the entrepreneurial connotations of the term make it most commonly applied to initiatives within the United States. The Opportunity Finance Network, itself a U.S. organization, connects the concept to individualism and "the bedrock of U.S. policy."<ref>[http://www.nextamericanopportunity.org/intro.asp "An Opportunity Agenda,"] from The NEXT American Opportunity, accessed 4/17/2009</ref> |
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== Opportunity finance and CDFIs == |
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{{main|Community development financial institution|}} |
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Community Development Financial Institutions (CDFIs) are nongovernmental financing entities (such as banks and loan funds) with the primary mission of community development, serving a target market, providing development services, and remaining accountable to their communities.<ref>[http://www.cdfifund.gov/what_we_do/programs_id.asp?programID=9 CDFI Eligibiliy], accessed 4/8/2009</ref>. CDFIs may be the most well-known practitioners of opportunity finance in the United States, because they comprise a group of government-accredited institutions. Some awards for opportunity finance are available to CDFIs only.<ref>[http://www.nextawards.org/awards.asp Wachovia NEXT Awards for Opportunity Finance] description, accessed 4/20/2009</ref> |
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While there are numerous organizations certified as CDFIs by the [http://www.cdfifund.gov/ CDFI Fund], it is believed that there are thousands of financial institutions serving the needs of low-income people or communities in the U.S., but either have not applied for CDFI status or have otherwise not been able to fulfill all of the requirements for formal CDFI certification. All of these organizations can be said to be engaged in opportunity finance, despite their lack of U.S. governmental recognition. |
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== Examples of opportunity finance organizations == |
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=== United States === |
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* [[Accion USA]] |
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* [http://www.act.is/ Actis] * |
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* Community loan funds, such as: |
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** [[Chicago Community Loan Fund]] |
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** [http://www.liifund.org/ Low Income Investment Fund] |
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** [[Media Development Loan Fund]] |
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* [http://www.act.is/ E+Co] * |
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* [http://www.opportunityfinance.net/ Opportunity Finance Network] |
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* [http://www.rootcapital.org/ Root Capital] * |
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=== Worldwide === |
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* [http://www.africanow.org/index.htm Africa Now] |
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* [[Heifer International]] |
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* [http://www.opportunity.org.uk/Page.php?id=19 Opportunity International] * |
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<nowiki>*</nowiki> Shortlisted for the 2009 Financial Times Sustainable Banking Awards<ref>[http://www.ftconferences.com/sustainablebanking/ 2009 FT Sustainable Banking Conference & Awards]</ref> |
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== See Also == |
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* [[Community development financial institution]] |
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* [[Socially-responsible investing]] |
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* [[Ethical banking]] |
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* [[Microfinance]] |
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== External links == |
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* [http://www.opportunityfinance.net/default.aspx Opportunity Finance Network] website |
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* [http://www.cdfifund.gov/ CDFI Fund] |
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* [http://www.nextawards.org/ Wachovia NEXT Awards for Opportunity Finance] |
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* [http://www.ftconferences.com/sustainablebanking/ Financial Times Sustainable Banking Awards] |
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* [http://www.chicagotribune.com/business/chi-mon-minding-sba-0323-mar23,0,5898344.story "Money for SBA initiatives may loosen credit for small firms to grow,"] Chicago Tribune, March 23, 2009 |
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== References == |
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{{reflist}} |
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[[Category:]] |
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[[Category:]] |
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[[Category:]] |
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Latest revision as of 21:29, 19 August 2009
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Located in Chicago.