June 28, 2023 | Stories
There's a new instrument in our philanthropic toolbox known as impact investing.
Launched in 2022, ImpactICT at the Wichita Foundation mobilizes investments structured as affordable loans to local nonprofits or businesses. This approach generates positive impact alongside a financial return, with earnings re-invested in other community projects.
ImpactICT’s portfolio aligns with our strategic initiatives and utilizes two program vehicles: Recoverable Grants that are paid back over a select timeframe and Program Related Investments (PRIs) which are below market-rate loans used to fill capital gaps and address local issues.
We deployed our most recent loan to Music Theatre Wichita (MTWichita) in May to aid in financial difficulties due to the pandemic-induced cancellation of its 2020 season.
“The ImpactICT loan enables MTWichita to charge ahead with our mission of high-quality Broadway-scale productions and unique educational opportunities as we continue to recover earned income (ticket sales) post-pandemic,” said Music Theatre Wichita Managing Director Angela Cassette. “This loan helps MTWichita continue to be excellent and also financially responsible.”
To date, the seeds of $1.2 million in investments have been infused in our community. From providing a loan to help Empower purchase a building in the North End as part of the Vamos Nomar revitalization initiative to supporting The Garages in their retail incubator program expansion, ImpactICT will continue to tackle emerging needs in Wichita.
