Benefit Chicago

The Chicago Community Trust, MacArthur and Calvert Foundation announce Benefit Chicago, an innovative collaboration that aims to mobilize $100 million in impact investments for nonprofits and social enterprises in Chicago. 

This significant infusion of much-needed capital will provide low-interest loans and other investments to accelerate the efforts of local social sector organizations working to address key priorities throughout the Chicago region, such as education and child care, access to healthy food, quality affordable housing, energy conservation, job creation and training and more. 

Breaking new ground, Benefit Chicago draws on the complementary experience and capabilities of a private foundation, a community foundation managing substantial donor advised fund assets, and a nonprofit financial institution. 

"Our goal is to provide a simple yet powerful way for everyone to make investments which, ultimately, benefit the dynamic, diverse city we love – making it a better place for all,” said MacArthur President Julia Stasch. “We view this as an idea with universal appeal. MacArthur looks forward to sharing Benefit Chicago’s fresh approach with those who may want to replicate it elsewhere, and to applying it in other ways so that the social sector benefits more fully from rising interest in impact investing around the world."

 A new report summarizing research commissioned by MacArthur and The Chicago Community Trust, finds a significant unmet need for financial capital throughout Chicago’s social sector. This need totals more than $100 million and could rise to as much as $400 million over the next five years, with the caveat that determining when specific organizations are investment-ready always requires rigorous vetting.

Our goal is to provide a simple yet powerful way for everyone to make investments which, ultimately, benefit the dynamic, diverse city we love – making it a better place for all.

At the same time, this research reveals an increasing number of individuals and institutions looking for simpler ways to make local investments that have potential to deliver meaningful social, economic and environmental impact.

Benefit Chicago bridges the gap between these two sides of the region’s nascent impact investment marketplace, unlocking new financial resources for organizations whose work benefits the communities and people that need them most.

How it Works

Benefit Chicago is designed to allow everyone – individuals, businesses, and institutions – to help make a positive impact in their home community.

Investors who wish to participate in Benefit Chicago can purchase Chicago-targeted Community Investment Notes®. Calvert Foundation has committed to issue up to $50 million of these fixed-income securities, which offer principal maturities ranging from one to 15 years, with interest payable annually.

The Notes are available directly through Calvert Foundation, through more than 100 brokerage firms nationwide, and as a standing option for eligible donor advised funds at The Chicago Community Trust. The Trust has committed to invest $15 million in a 15-year Chicago-targeted Note, using a portion of donor-advised funds that it manages.

“As The Chicago Community Trust enters its second century of work, we are thrilled to introduce Benefit Chicago to our donors, providing them with a straightforward yet transformational way to invest for impact in tandem with their traditional grant-making and philanthropy,” said Terry Mazany, president and CEO of The Trust.

Calvert Foundation will loan all proceeds of its Chicago-targeted Notes to a new charitable fund that MacArthur has established specifically to advance the mission of Benefit Chicago. The MacArthur Foundation is investing $50 million of its own assets in this new special-purpose fund, which will use the combined pool of capital to make patient, low-cost loans and other investments that boost the impact of Chicago’s social sector.

To catalyze Benefit Chicago’s scale-up and future success, eligible donor-advised fund account holders at The Chicago Community Trust are pre-approved to allocate additional fund assets for investment in Chicago-targeted Notes. The Trust also will chair a Community Advisory Committee to help inform investment and other activities related to Benefit Chicago.

“Calvert Foundation has been connecting investors to the causes and places they care about since 1995. We’re pleased to collaborate in this new way with such deeply-rooted and committed philanthropies by offering a Chicago-targeted impact investment option,” said Jennifer Pryce, president and CEO of Calvert Foundation.

Individuals or institutions interested in purchasing a Chicago-targeted Note should visit to learn about different investment options and read the prospectus. Applications for financing that will be available in connection with Benefit Chicago will be considered on an ongoing basis beginning in July. To learn about basic eligibility and sign up for informational updates and webinars, visit to learn about different investment options. Applications for financing through Benefit Chicago will be considered on an ongoing basis beginning in July. To learn about basic eligibility and sign up for informational updates and webinars, visit

About the Organizations that Created Benefit Chicago

The Chicago Community Trust has been serving the people of metropolitan Chicago together for more than 100 years to bring about conditions for a thriving region where all residents enjoy a high quality of life and opportunities for a better future in a prosperous and inclusive community.   

The John D. and Catherine T. MacArthur Foundation supports creative people, effective institutions, and influential networks building a more just, verdant, and peaceful world. The Foundation has a 30-year track record in impact investing and has dedicated $500 million of its investment assets solely to this purpose. The Foundation also is deeply committed to its hometown community, Chicago, where it has provided nearly $1.1 billion in grants and impact investments since 1978.

Calvert Foundation is an international impact investing intermediary that connects investors with the causes and places they care about through its Community Investment Note®. Since 1995, Calvert Foundation has helped investors create measurable social impact in communities, with a 100 percent repayment rate of principal and interest to its investors.*    

Note to Investors
Community Investment Notes.  Any such offer or solicitation will be made only by Calvert Foundation in accordance with its prospectus and all other applicable securities and other laws. None of the information or analyses presented are intended to form the basis for any investment decision, and no specific recommendations are intended. Calvert Social Investment Foundation, a 501(c)(3) nonprofit, offers the Community Investment Note, which is subject to certain risks, is not a mutual fund, is not FDIC or SIPC insured, and should not be confused with any Calvert Investments-sponsored investment product. Any decision to invest in these securities through this Site should only be made after reading the prospectus or by calling 800.248.0337. Due to Blue Sky regulations, the current offering of the Community Investment Note may not be available in all states.

*Past performance is no guarantee of future results. As with all investments, there is risk. Please read the prospectus before investing.