In July 2017, the University of New Hampshire (UNH) Foundation invested $3.06 million investment into the Community Loan Fund. This was the UNH Foundation’s first impact investment, and its first investment directly into a New Hampshire organization or business. This total investment was one of the largest investments ever in the Community Loan Fund, and the UNH Foundation has since grown that commitment to $4.3 million. The Foundation’s Treasurer, Erik Gross, said the convergence of several factors made it happen. UNH has a proud history in the field of sustainability, which includes its Sustainability Institute, several related majors, renowned work on climate research, a student-led trash-to-treasure program, and a University-wide commitment to earn the Platinum-level STARS (Sustainability Tracking, Assessment & Rating System) rating achieved later in 2017. At the same time, students encouraged UNH to divest its investments from fossil fuel companies and one student suggested making an investment in the New Hampshire Community Loan Fund. The Foundation’s investment advisor analyzed the Community Loan Fund and approved it as an impact investment, not only for UNH, but for many of its clients. “It’s a natural fit,” says Erik. “New Hampshire is part and parcel of what UNH is,” he says. “The fact that (the investment) fits within our portfolio as a prudent investment is very important, but after that, it’s a great way to be able to help the people of New Hampshire.”
Case Study
As Rowan began to increase its capital spending locally, the city of Glassboro saw a unique opportunity to leverage the Rowan investments by developing a plan for the transformation of the downtown area leading to the university. This plan ultimately became the $476 million, mixed-use development of Rowan Boulevard. In the city of Glassboro more than 30 percent of school-aged children qualified for the free lunch program and 20 percent of families earn under the poverty line. The growth that was transforming Rowan was noticed by the former mayor of Glassboro and the business community. Policy and business leaders were encouraged by the growing student market for retail services, housing and food coupled with the university’s strategic focus on becoming an “engine of growth” for Southern New Jersey. In 2008, the town purchased and demolished rundown properties to make way for the development. The Rowan Boulevard design plan generated significant interest by developers, in part because it included lease-back arrangements with the university for student housing and academic buildings.
The South Jersey Technology Park at Rowan University is located approximately one mile from the Rowan campus. According to Dr. Beena Sukumaran, who directed the management of the park for Rowan, the growth of business and investment in the Glassboro area was initiated in partnership with a local philanthropist, Sam Jones, who donated $1 million in 2006 for the establishment of the technology park. According to university literature, “The mission of the Technology Park is to establish a technology based entrepreneurial economy; expand and strengthen the unique research and learning environment of Rowan University; and create value for its surrounding communities in their economic, physical and social development.”