Meritas hits $500,000 mark in community investments

Meritas Mutual Funds has announced that it owns more than $500,000 in community investments as part of its pledge to invest a portion of its assets in Community Development Investments (CDI).

"We currently own over a half million dollars in CDIs on behalf of our unitholders," said Gary Hawton, CEO of Meritas Mutual Funds in a release issued March 9.

CDIs are investments in local loan funds, not-for-profit enterprises, community-based businesses or other ventures that create local jobs, develop local enterprise, provide essential services or empower workers or consumers.

Meritas Mutual Funds is committed to placing up to 2% of its assets into CDIs.  By the end of 2004, it is expected that nearly $2 million of unitholders investments will be at work through CDIs in Canada and around the world.

Meritas said it does loan money directly to individuals.  Instead, it deals directly with existing community development banks, credit unions and loan funds with a good track record. These institutions meet or exceed Meritas' standards for stability and financial strength as well as social impact.

Meritas' CDI investments are lent out at near or slightly below market rates extending access to capital where it might not otherwise exist.  "We believe that the impact on investors' financial rates of return will be insignificant but there can be a very significant impact on the lives of individuals and communities which finally have the dignity and respect that can flow out of having access to capital", adds Hawton. "We believe that the majority of investors and advisors will be attracted to this opportunity to have a direct positive impact on the lives of people while still receiving a competitive financial return."   

For more information, visit Meritas Mutual Funds.

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