Riding the Wave of Impact Investing

Antonia Vega Gonzalez and her husband, José Juan Pulido Garcia, spent more than two decades as farm laborers in California's strawberry fields, developing experience in every aspect of production while nurturing an entrepreneurial vision. Today, thanks to financing from California FarmLink, they are the proud owners of 23 acres in the Pajaro Valley and run Dulce Organic Farms. "Owning this land means we can focus on growing our business for the long term," says Antonia. "Before, we never knew if we'd be able to stay on the land from one season to the next. Now, we can plan for the future with confidence." Read more about Dulce Farms.

Funding Solutions

Since 2018, the Community Foundation has partnered with FarmLink to provide farmers like Antonia and Jose low-interest loans to purchase their farms. The funding for these loans comes from our Impact Investments portfolio, which has been making loans to projects that address critical social issues we face in Santa Cruz County – like housing affordability, sustainable agriculture, and economic mobility for our county’s diverse workforce. To date, we have deployed more than $16.2 million to create local impact and local returns. As funding goes out to address social issues affecting our community, the interest payments from the loans and the eventual repayment will get recycled for new local initiatives. Local people can help fund these solutions through gifts to the Community Investment Revolving Fund or CIRF.

Funding Affordable Housing Projects

Loans from the Community Foundation have supported projects with Habitat for Humanity, Housing Matters, Veterans Village, Landed, and New Way Homes. A loan to Housing Matters, helped with financing their Casa Azul project, providing permanent supportive housing for people in Santa Cruz County who have been chronically homeless. A loan to Barrios Unidos is allowing for the environmental work to be done that will determine the feasibility of future development on their campus.

“Funding affordable housing is much more complex than traditional construction financing,” said CEO Phil Kramer. “Low-interest loans are instrumental in filling the funding gaps. The Foundation’s loan for our Casa Azul project was pivotal in bringing seven units of permanent supportive housing online.”

Donor gifts swell impact

Our loan program was designed to provide flexible capital and invest strategically in organizations making Santa Cruz County a better, more equitable place to live. It was established by an extraordinary anonymous gift of $1.5 million and has continued to grow through generous donations and loan repayments.

“Our donors are always looking for ways to support causes they care about,” said CEO Susan True. “Through this fund, we can harness the power of capital working in our own backyard.” Donors to the fund have the option to make their investment from an existing donor-advised fund or make gifts to the Community Investment Revolving Fund. The fund is a proactive tool with tangible impact in accelerating positive social outcomes in Santa Cruz County.”