Our 2022 Impact Report, "Responding to the Need for Transformative Change"

Our 2022 Impact Report

Please find our 2022 Impact Report below, or download.

A message from our CEO Jennifer Pryce below:

November 2022

Dear friends —

Each year, we write this report to celebrate the impact of our portfolio partners. In the pages that follow you will find details on their remarkable work – businesses financed, homes built, solar panels installed – that all adds up to lives, communities, and sectors transformed.

This report also celebrates you, our investors, without whom our work would not be possible. As we stand on the precipice of exciting organizational changes, we thank you for entrusting us with your capital and helping to build the institution we are today. Your investment has created the foundation from which we have been able to grow and to deliver new solutions to advance a more sustainable, equitable world.

As climate change and inequality worsen, we are in desperate need of solutions that we can scale urgently. This is the focus of our 2023-2025 strategic plan and the motivation for our new corporate structure. We recently introduced Calvert Impact, Inc., a new 501(c)(3) parent company and brand that we will use to expand our impact investment activities. This new structure will provide a platform from which we can diversify our activities in lending, structuring services, and new product development — allowing us to create more opportunities for investors to channel capital to communities that need it.

Calvert Impact Capital isn't going away – it is now a subsidiary of Calvert Impact and will continue to issue the Community Investment Note®. Our mission hasn’t changed: we remain dedicated to making impact investable through products and services that change the world. Now, we have more tools to achieve it.

We have long rejected and disproved the notion that impact and financial returns are at odds. Now, we plan to demonstrate that there is no trade-off between integrity and scale. To do so, we will be bringing together our industry-leading impact measurement and management practice with our experience structuring accessible financial products to bring to the market solutions that work for investors and work for communities.

Our work designing a series of small business recovery funds is an example of this in practice. We created a financial structure that allowed our CDFI partners to do what they do best – working with and lending to small businesses. Once the first program was operational, we began gathering robust data by listening to the small business owners to understand what access to affordable credit meant for them, their business, and their employees. We continued to refine the product and process based on this feedback and input from our partners to better serve entrepreneurs, communities, and the broader ecosystem. With these insights, we have expanded the funds to 19 states, 34 CDFI lenders, and nearly 5,000 businesses and have plans to create an even more expansive program that can address needs of small businesses across the country.

This dedication to iteration, improvement, and progress is core to the character of Calvert Impact. While our challenges are daunting, we know there are solutions because we’ve seen them, we’ve invested in them, and we’ve built them. We don’t settle for the status quo, and we won’t fall into despair. We know that the systems that are leading us to increasing inequality and environmental destruction are ones of our own creation and can be created differently. We remain committed to showing that a different world is possible. We hope you’ll join us.

Jennifer Pryce