Giving Compass’ Take:
• Pacific Standard highlights the Climate Justice Alliance’s Our Power Loan Fund, that aims to build a non-extractive economy by offering non-exploitative loans to people of color, indigenous people, and the formerly incarcerated.
• The CJA’s loan aims to also promote economic, racial, and environmental justice. What challenges could be encountered? How can donors use this loan model to help their communities?
• Here are some sustainable ways to lift people out of poverty.
When Antonio Tovar, interim general coordinator of the Farmworker Association of Florida, first realized that his organization was receiving funding from the W.K. Kellogg Foundation, Kellogg’s charitable arm, “I was like: ‘Wow, that seems like a contradiction of our principles. I don’t know if they are aware that we don’t like corporations,” Tovar says—especially given many large companies’ poor track record of following regulations that protect workers along their supply chains.
According to the non-profit Farmworker Justice, farmworkers in America earn an average of $7.25 an hour. They’re often unable to afford the fruits and vegetables they spend the day picking and are frequently exposed to toxic pesticides and working conditions that can harm their health.
This year, the Farmworker Association will receive support from a source more closely aligned with its values: the Climate Justice Alliance’s Our Power Loan Fund. The loan fund offers technical support to help projects become “loan-ready,” such as coaching to strengthen business models. The fund may then support the project with loans if both parties agree that’s what’s useful for the project at that time. While the Farmworker Association is currently receiving only technical support, they may receive a loan in the future. “It’s almost never a ‘no’ to a loan; it’s almost always a ‘not yet,’” explains Yuki Kidokoro, who oversees the fund.
Read the full article about crafting climate financing by Rebecca Stoner at Pacific Standard.
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