Sustainable Jobs Fund Brings More Groups Aboard

The Sustainable Jobs Fund conducted its second closing, bringing the total capital committed to $14.5 million and making it the fourth largest community development venture capital fund in the United States.

"Our lead investment in Sustainable Jobs Fund LP reflects Bank of America’s ongoing commitment to creating and furthering economic development in low-and moderate-income communities," said Edward Powers, Bank of America senior vice president and manager of investments in community development venture capital funds. "This investment will help to create jobs for low-income individuals, and we see that as a cornerstone for building healthy communities."

New investors for this closing include Bank of America, the Community Development Financial Institutions (CDFI) Fund of the U.S. Treasury Department, Deutsche Bank, and Metropolitan Life Insurance Company. Existing limited partners include MBNA America Bank, Citibank, the John D. and Catherine T. MacArthur Foundation, and the Dakota Foundation.

"We are honored to have these distinguished Limited Partners investing in SJF," said David Kirkpatrick, SJF Southeast managing director. "They will help us continue to grow sustainable enterprises that provide productive livelihoods for low-income individuals and communities." SJF is a community development fund that invests in growing recycling, manufacturing, environmental and other businesses in the eastern United States that create quality jobs for former low-income individuals in their neighborhoods. To date, the Fund has invested in an electric vehicle company, an engineered steel container producer, a manufacturer of planters and other products from recycled plastics, and a wood remanufacturer. "Over the past eight months we have been excited to see a healthy flow of good investment opportunities that meet SJF’s community development and financial criteria," said Sandra Walker, SJF Northeast Managing Director. "Having this strong second closing will make our impact even greater."

For more information, see SJF’s website at www.sjfund.com