Pro-ESG States Enjoy Higher Pension Returns
V.2, N.55
A study just released by HIP Investor, an impact-investment advisory firm based in California, shows that pension funds in blue states promoting strong ESG (environmental, social, and governance) standards significantly outperform those in red states that do not. In fact, the relative loss in pension-fund value in anti-ESG states over the last twelve years exceeds $133 billion.
These results should not be surprising. Companies that pollute negligently, or treat their workforces poorly, or fail to adhere to strong standards of corporate governance wind up in expensive lawsuits, labor fights, scandals, and criminal hot water. Conservatives are attempting to repeal investor common sense through foolish anti-ESG laws.
Among the other stories you’ll find in this issue of The MSJ:
Local Return, in Rhode Island, has now opened up its Diversified Community Investment Fund, focused primarily on the improvement of real estate, to grassroots investors. (Minimum investments can be as low as $500.)
A bill has just been introduced in the New York State Assembly to authorize Rochester, a Rust-Belt city with an exceptionally high rate of poverty, to implement a public bank like the Bank of North Dakota.
The Nonprofit Quarterly reports on the progress made by Cooperation Jackson, a Mississippi-based initiative promoting cooperatives, land trusts, and other “solidarity economy” initiatives to empower African-American residents.
The Crowdfunding Professional Association finalized its recommendations for reforming regulation crowdfunding rules (we previewed these suggestions in an earlier issue).
A new study from the Brookings Institution shows that contrary to popular belief, retail properties have held their value remarkably well, and the national vacancy rate for these properties is at a five-year low.
A reminder, finally, that if you upgrade your subscription, you’ll receive our MSJ Extra!, featuring in-depth interviews with local investment pioneers and the latest opportunities for local investment in your community.
- Michael Shuman, Publisher
NEWS
Pension Funds in Pro-ESG States Outperform Anti-ESG Ones, ImpactAlpha (August 29)
Diversified Community Investment Fund Launches in Rhode Island, Local Return (September 4)
The Push for Public Banking in New York, The American Prospect (September 4)
Building a Solidarity Economy in the South, Nonprofit Quarterly (September 4)
Needed Regulated Investment Crowdfunding Policy Changes, Superpowers for Good (August 28)
The Future of the Commercial Real Estate Sector, Brookings (August 15)
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✔️ Jobs Board
✔️ Asks
WHAT YOU MISSED IN THE LAST MSJ EXTRA!
SPONSOR CORNER
The National Coalition for Community Capital (NC3) is dedicated to educating, advocating, and activating community capital—and serves as MSJ's fiscal sponsor. Thank you for being a part of a growing movement! Contact NC3 for support integrating local investing in your work: info@nc3now.org.
NC3 UPDATES AND ANNOUNCEMENTS
Local Return, one of NC3's pilot Accelerator Program participants, began their community capital raise in Rhode Island! Last week's press release announced:
"The Rhode Island Community Investment Cooperative has launched a direct public offering for the Local Return Diversified Community Investment Fund (DCIF), the nation’s first DCIF and Rhode Island’s first-ever community investment fund, which will invest in local real estate projects and related ventures that create or preserve local ownership and economic activity." Learn more on their website here.
NC3's Economic Recovery Corps Fellowship is yielding not only great Michigan-based community capital progress but also opening more partnership opportunities. Through collaboration with the ERC leadership team, we are now working with six fellows across the country to build community investment funds to support economic development work in additional communities. Chris Miller, our Board Chair, will present with these fellows at the IEDC's 2024 Annual Conference in Denver in September.
PARTNER NEWS & VOICES
The Generosity of Editors, Abrams + Angell (August 20)
Growing Influence of Debt Offerings in Regulation Crowdfunding, Crowdfund Capital Advisors (August 18)
NEW INVESTMENT OPPORTUNITIES
Our complete list of recently posted investment opportunities has moved to MSJ Extra! As a teaser, here is an offering from our list. (Please note that our listing of these opportunities is not an endorsement. Remember that all investments are risky, so click on the hyperlinks and read all the details carefully before investing.)
Pingree Detroit (Detroit, MI) - Honeycomb Credit: Worker-owned design and manufacturing co-op crafting quality goods with upcycled materials.
NOTABLE NEW RESOURCES
Community Capital Live: Hannah Sobel and John Waite of PVGrows Investment Fund, The Main Street Journal (September 11)
The Financial Activist Playbook, Jasmine Rashid (September 10)
Free Conscious Business Series, Inner MBA
MSJ EVENTS
Community Capital Live: Nia Evans of The Ujima Fund - Virtual Event: September 25, at 2 pm ET
MORE EVENTS
Empowering Entrepreneurs: Navigating Regulated Investment Crowdfunding and Capital Raising - Virtual Event: September 17, at 11 am ET
Entrepreneur Finance Workshop Series: Bootstrapping and Self-Funding - Virtual Event: September 17, at 4 pm ET
Cooperative Caregiving - Virtual Event: September 18, at 7 pm ET
National Center for Employee Ownership Fall Forum - In-Person Event (Indianapolis, IN): September 18 -20
Power Your Passion: Funding Social Enterprises Through Crowd Investing - Virtual Event: September 19, at 2 pm ET
Cooperatives & Community Ownership - Virtual Event: September 24, at 2 pm ET
Perpetual Purpose Trust - Virtual Event: September 25, at 12 pm ET
Growing Resiliency - Virtual Event: September 25, at 3 pm ET
Community Capital Alternatives for Outdoor Recreation Challenges - Virtual Event: October 3, at 1 pm ET
JOBS BOARD
Center for Economic Democracy: Policy and Research Director
Common Future: Chief Operating Officer, Controller, Fundraising Relationship Specialist, and Impact Investments Manager
Council Fire: Operations & Finance Manager
Fair Food Network: Investment Manager
Shelterforce: Development Director
Transform Finance: Business for the Public Good Project Lead Researcher
ASKS
If you or your community has a project on local investment or local economies that needs help, please let us know. We invite our readers to assist each other.
American Independent Business Alliance seeks partners for the annual Shop Indie Local Holiday campaign. Partners understand the positive ripple effects of spending dollars at locally owned, independent businesses. Partners help spread the word and energize their network to Shop Indie Local from November 1 – December 31. Becoming a partner is FREE! Learn more.
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Whatever your interest or ambition, we invite you to “go public” to help others in your region find you, scheme with you, and start a local investment movement in your community. We aim to identify dozens, then hundreds, then thousands of Main Street Champions like you in every corner of the globe. Together, we can move our hard-earned savings from Wall Street to Main Street into our own communities. Fill out the intake survey below to join this growing cohort!
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About The Main Street Journal
The Main Street Journal aims to catalyze the movement of $50 trillion from Wall Street to Main Street to facilitate economic development and economic justice. It’s sponsored by the National Coalition for Community Capital, with grants from the Heron Foundation, Wallace Global Foundation, and the Bondi Foundation. We welcome feedback about everything, from our design to content. Please send ideas to Jen Risley at jen@main-street-journal.com.
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PARTNERS
Abrams+Angell | American Independent Business Alliance | Candide Group | Capital for Change | Capital Institute | Community-Vision Solutions | Council Fire | Crowdfund Better | Crowdfund Capital Advisors | Democracy Collaborative | Exit to Community Collective | Fair Food Network | Impact Finance Center | ImpactPHL | Initiative for Local Capital | Institute for Local Self-Reliance | The Kassan Group | Mission Driven Finance | National Coalition for Community Capital | Natural Investments | Neighborhood Associates | Neighborhood Economics | New Majority Capital | Next Egg | Nonprofit Quarterly | Ownership America | Ownership Matters | Partnership for Southern Equity | PathLight Law | Project Equity | Project for Public Spaces | Prospera Partners | Raise Green | Revalue | Rising Tide Capital | Schumacher Center for a New Economics | Shelterforce | Slow Money | SOCAP | Sun Valley Institute for Resilience | The Super Crowd Inc. | Transform Finance | Uwharrie Bank | Village Well | Zebras Unite
We welcome any nonprofit or for-profit committed to local investment as a partner. If your organization is interested, please contact Jen Risley at jen@main-street-journal.com.