[Episcopal News Service]
A fund that helps poor families and small businesses in the Detroit area is branching out from its roots in the Episcopal Church into the interfaith community.
The $3.2 million McGehee Economic Justice Fund, named for former bishop H. Coleman McGehee, Jr., is adopting an even larger mission and a new name, the Michigan McGehee Interfaith Loan Fund. 'We now have a new board with representatives from other faith groups, including Baptists, a Methodist, a Presbyterian, a Jewish representative,' said John Hooper, executive director of the fund. 'Now we expect the fund will grow even larger and we can do more to help people.'
The base of the fund has been created by individuals and religious groups who invested at least $500 with the fund. 'Some investors don't want any interest from us. For others, we pay up to 4 percent interest,' Hooper said. In turn, the fund offers loans at low interest rates to groups that build affordable housing, start small businesses and launch programs to help the poor.
'Now that the interfaith fund is up and running, this lets us go to the next phase, which is introducing this fund to our own faith communities,' said Rabbi Marla Feldman of the Jewish Community Council of Metropolitan Detroit. Representatives from several Protestant denominations are also poised to promote the fund among their congregations, according to Hooper.
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