MicroVest Receives $1 Million Increase from Calvert Foundation

MicroVest receives a $1 million line increase from the Calvert Social Investment Foundation to fund portfolio growth.

Bethesda, MD (PRWEB) July 10, 2006 -- In March 2006, MicroVest I, LP received a $1 million line increase from the Calvert Social Investment Foundation. The increase brings the Foundation’s total loan commitment to MicroVest to $2.5 million. As of today, a total of $2.0 million had already been disbursed to MicroVest to support growth in the MicroVest I, LP loan portfolio.

The Calvert line is funded primarily through a joint MicroVest and Calvert Social Investment Foundation retail investment note called the mPower Investment Program, typically described as a microfinance community investment note. Under this partnership, mPower Notes are issued and administered by the Calvert Foundation. Notes may be subscribed in increments as small as $1,000 and the investor is allowed to select the term (1-10 years) and interest rate (0-3%) on their note. All investment capital received through mPower investments are then loaned to MicroVest I, LP or other microfinance investments.

In addition to managing MicroVest I, LP and advising Calvert Foundation regarding their microfinance goals, MicroVest Capital Management, LLC is actively developing other microfinance investment facilities. MicroVest I, LP, is a $23 million investment fund placing investments in microfinance institutions globally. MicroVest’s mission is to link capital markets to the entrepreneurial poor by expanding profitable microfinance institutions throughout the world.

For more information on the mPower Investment Program, please contact Nicole Wilder at nwilder @ microvestfund.com.

About the Calvert Social Investment Foundation:
The Calvert Foundation is an independent 501(c)3 nonprofit organization that uses the power of investment to revitalize poor communities, reverse inequality and create hope and opportunity where it's most needed. The Calvert Foundation receives investment capital from individuals and institutions, and uses industry-leading due diligence to select and manage a diversified portfolio of high social impact investments. Over the past 10 years, Calvert Foundation has recycled more than $250 million in investments that have helped to create over 100,000 jobs for low income individuals, built of rehabilitated approximately 6,000 affordable homes, and financed more than 5,000 nonprofit facilities, including daycare centers, community health clinics, and schools. Calvert Foundation is a separate entity from Calvert Group Ltd. and its products should not be confused with any Calvert Group-sponsored investment product.

About MicroVest Capital Management:
MicroVest (Bethesda, MD) is a $23 million investment firm providing debt and equity capital and management oversight to microfinance institutions (MFIs) in emerging markets. It is the first private equity microfinance investment firm in the United States. MicroVest’s goal is to expand the capacity of existing, profitable MFIs throughout the world while building capital markets that work for the poor. MicroVest was founded by CARE, MEDA and the Seed Capital Development Fund - three non-profit organizations with longstanding credibility in the microfinance industry.

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