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Minnesota philanthropy innovates again: why not invest at home and encourage other foundations and investors to do the same? The foundations who joined together to create the Minnesota Impact Investing Initiative are inspiring others to invest in a competitive financial return and positive social impact across 18 counties.
Addressing Racial Wealth Inequalities
Many investors are motivated to address the racial injustice and inequality experienced by Black, Indigenous and People of Color (BIPOC) individuals and communities. Confronting the economic disparities that BIPOC Americans face today will require comprehensive efforts that extend beyond philanthropy. Impact Investing can be a part of the solution by deploying investment dollars to support upward economic mobility for BIPOC families.
Impact investing offers investors an opportunity to pursue competitive financial returns while achieving measurable social impacts that align with their interests.
Earnings are wage and salary income. White refers to non-Hispanic Whites; Black refers to Black Americans alone. Because a redesign of the CPS ASEC in 2013 did not directly affect earnings, the data for 2013 are an average of the new and old series. Shaded areas denote recessions.
Source: EPI analysis of Current Population Survey Annual social and Economic Supplement (CPS ASEC) Historical Income Tables (Table P-38)
Increased home and business ownership along with larger investments from lenders helps create more stability and a greater sense of community
Stable communities lead to property appreciation, which creates more opportunities for BIPOC home and business owners to create wealth
These changes would represent a virtuous cycle of positive impact for BIPOC families and communities
A significant segment of the US population – over 23,000 census tracts in the US are >50% BIPOC – would be positively impacted by these improvements
Gaps in annual earnings (even after controlling for education)
Real median earnings of full-time, full-year Black workers and White workers, 2000-2017
Black men earn 70% of what White men earn
Black women earn 78% of what White women earn
Investing in underserved communities at RBC
Our Access Capital Community Investment and Impact Bond strategies aim to support low- and middle-income individuals and communities.
Lower homeownership rates relative to White Americans
Home ownership rate by race/ethnicity, 1976-2016
Notes: White homeownership rate includes Hispanic whites. The 2016 homeownership rate for non-Hispanic whites is 72 percent.
Source: https://apps.urban.org/features/wealth-inequality-charts/Urban institute calculations from Current Population Survey 1976-2017.
Census Historical Household Surveys, Table HH-5.2015-16 values from Census Annual Statistics 2016, Table 22.
BIPOC is an acronym that stands for Black, Indigenous, and People of Color.
As of 12.31.20; Source: RBC GAM
Long-standing history of supporting LMI and marginalized communities and individuals
Build stronger communities by financing affordable housing, job creation, healthcare, education and infrastructure projects that foster sustainable economic development
Advance social justice in market-rate investments through the creation of customized securities that support underserved people in the US.
The RBC Access Capital Community Investing Strategy meets Community Reinvestment Act requirements and qualifies as a public welfare investment.