Genesis Fund launches the Elizabeth McPherson Permanent Capital Fund

To honor her careful nurture and growth of the Genesis Community Loan Fund during her 14-year tenure as Executive Director, the Board of Directors has created the Elizabeth McPherson Permanent Capital Fund. Beth McPherson led the organization from 1993 until her retirement in June when Bill Floyd, previously Director of Housing of the Portland-based Shalom House and former Genesis Fund board member and president, joined the staff.

With $4.3 million in its lending pool, the Genesis Fund's current permanent capital - primarily derived from three large grants from the federal CDFI Fund - stands at $1 million. The remaining $3.3 million available for lending is comprised of investment loans from individuals, banks, churches and private foundations.

"The more funds permanently placed in our lending pool the greater capacity we will have to serve Maine communities most in need. With permanent funds, we are freer to be innovative and flexible with terms, rates, and other considerations than we are when making a loan from a pool of capital primarily comprised of investors' funds." said Joanne Campbell, Genesis Fund president and Senior Vice President at Camden National Corporation.

"Also, as the Elizabeth McPherson Permanent Capital Fund grows - together with our already strong pool of investor funds - we will be able to make more loans, which is what the Genesis Fund is in business to do," said Campbell. "Already in this fiscal year we've experienced an increasing number of requests and inquiries. The Genesis Fund is poised for its biggest lending year ever."

Executive Director Bill Floyd explained, "This is a natural time for the Genesis Fund to start to focus on building permanent capital. Many community development revolving loan funds across the country of similar size and mission begin to grow significantly at this plateau. Beth led the Genesis Fund from its earliest years with such responsible care and thoughtfulness; naming the permanent capital fund after her is a fitting and lasting way to honor her remarkable achievement. With such a firm financial foundation and a rock solid reputation, the Genesis Fund is poised to continue to grow into its mission to assist Maine's communities and individuals in need."

When asked about having a fund named in her honor, Beth McPherson said, "It's wonderful to have my name associated with dollars that can be lent at a very low interest rate and repayment can be stretched out for a long period of time."

For more information about how to contribute to the Elizabeth McPherson Permanent Capital Fund, please contact Heidi Shott.  

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