Calvert Impact Capital
Calvert Impact Capital is a 501(c)(3) nonprofit impact investment firm that channels capital from individual, institutional, and advisor investors into community-based organizations across 100+ countries via fixed-income securities, impact funds, and syndicated private debt.
- Company typePrivate
- Founded1995
- HeadquartersBethesda, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Calvert Impact Capital does
Calvert Impact Capital is a 501(c)(3) nonprofit impact investment firm founded in 1995 and headquartered in Bethesda, Maryland. The firm channels capital from individual investors (minimum $20), institutional investors, and financial advisors into a diversified portfolio of high-impact organizations across 100+ countries, spanning affordable housing, microfinance, renewable energy, environmental sustainability, small business lending, community development, health, education, and sustainable agriculture. Over its 30-year track record, Calvert has invested more than $2 billion across 600 borrowers in 117 countries and approaches $3 billion in cumulative Community Investment Note® sales since 1995. The organization has been financially self-sufficient since 2017.
The firm's product platform is anchored by the Community Investment Note®, a CUSIP-enabled fixed-income security available through a self-serve online portal (integrated with Dwolla for bank linking and ACH) and through 135+ brokerages via a partnership with InspereX. It has been complemented by the Cut Carbon Note® — a secured, investment-grade rated, asset-backed fixed-income product financing commercial-building decarbonization — and the Mission Driven Bank Fund, a limited-partner vehicle deploying capital into CDFI and MDI banks. Institutional investors additionally access Syndication Services for private credit transactions and Impact Measurement & Management (IMM) advisory services aligned with IRIS+, the Operating Principles for Impact Management, and the UN SDGs.
Calvert's go-to-market operates through multiple parallel channels: direct-to-consumer self-serve investment (online platform), brokerage distribution (InspereX), institutional direct sales (led by a Director of Institutional Relations), a financial advisor channel (Advisor Guide, monthly newsletter, dedicated support), and syndicated private debt. Revenue mechanics are diversified across Note issuance spreads, periodic Cut Carbon Note closings, MDBF management fees, syndication structuring fees, and IMM service revenue. Strategic momentum has accelerated post-2023: 2024 was the Community Investment Note's largest sales year on record (balance >$600M), the firm led the Climate United coalition that won a ~$6.97B EPA National Clean Investment Fund award, and it launched the Access Small Business Program backed by a $140M Goldman Sachs warehouse facility — together marking Calvert's evolution from a single-Note impact issuer into a multi-product impact investment platform.
Calvert Impact Capital firmographics
Firmographics- Name
- Calvert Impact Capital
- Legal name
- Calvert Impact Capital, Inc.
- Website
- https://calvertimpact.org
- Company type
- Private
- Founded year
- 1995
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Calvert Impact Capital is a 501(c)(3) nonprofit impact investment firm that channels capital from individual, institutional, and advisor investors into community-based organizations across 100+ countries via fixed-income securities, impact funds, and syndicated private debt.
- Ownership category
- akta.pro rank
Calvert Impact Capital industry classification
Industry- Product category
- Impact Investment Management
- NAICS
- Other Financial Vehicles (525990), Portfolio Management and Investment Advice (523940)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)
- akta.pro secondary industry
- Impact Investing (Intentional, Measurable Social/Environmental Outcomes) (FSAAALAC)
Keywords
Where Calvert Impact Capital is headquartered
LocationHeadquarters
- HQ city
- Bethesda
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Calvert Impact Capital business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Community Investment Note® Sales: Recurring/ongoing issuance of a fixed-income debt security to individual and institutional investors; balance approached/exceeded $600 million by 2024–2025 and cumulative sales are approaching $3 billion since 1995. Available via online platform and 135+ brokerages.
- Cut Carbon Note® Issuances: Secured, investment-grade rated, asset-backed fixed-income product offered through multiple issuances (e.g., second close $400 million offering closed September 2024; topped $100 million and 200,000 metric tonnes of carbon savings by March 2025).
- Mission Driven Bank Fund Capital Deployment: Limited-partner fund providing capital and support to mission-driven banks; raised over $177 million of capital and 10 limited partners after second close; investments across 7 banks; includes a technical services program.
- Syndication & Structuring Services: Service revenue from originating, structuring, facilitating, and administering private debt transactions for institutional lenders (e.g., the $140 million warehouse credit facility from Goldman Sachs' Urban Investment Group supporting the Access Small Business Program).
- Impact Measurement & Management (IMM) Services: Service offering helping investors integrate impact into investment processes and align with global standards.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Community Investment Note® — minimum $20 per investor, fixed-income security with prospectus-based terms. |
| Other | Pay-as-you-go | Cut Carbon Note® — minimum $1,000 per investor, investment-grade rated fixed-income product. |
| Other | Multi-year contract | Mission Driven Bank Fund — limited-partner fund for institutional investors. |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels7 records
Calvert Impact Capital product offering
Product offeringCore offering
Calvert Impact Capital is a 501(c)(3) nonprofit impact investment firm that issues fixed-income securities — primarily the Community Investment Note® (CUSIP-enabled, accessible at $20 minimum) and the Cut Carbon Note® (asset-backed, investment-grade rated) — to channel capital from individual, institutional, and financial-advisor investors into a diversified portfolio of high-impact community-based organizations across 100+ countries. It also operates the Mission Driven Bank Fund for CDFI/MDI banks, provides private-debt syndication services, runs an Impact Measurement & Management (IMM) advisory practice, and stewarded the Access Small Business Program in partnership with Goldman Sachs' Urban Investment Group.
Product overview
Calvert Impact Capital operates as a multi-product impact investing platform — not a single unified SaaS product — that builds and distributes fixed-income and private-debt investment products to channel capital from individual, institutional, and financial-advisor investors into high-impact organizations globally. Its core retail accessible security is the Community Investment Note® (fixed-income, since 1995), complemented by the asset-backed, investment-grade Cut Carbon Note® for commercial-building decarbonization, the Mission Driven Bank Fund for mission-driven banks (CDFIs/MDIs), and the Access Small Business Program (a public-private partnership with Goldman Sachs' Urban Investment Group backing community lenders via SSBCI). Institutional investors also access Syndication Services for private-debt transactions, and both internal and external clients can use its Impact Measurement & Management (IMM) Services. All investor flows are executed through Calvert's online investment platform (integrated with Dwolla for bank linking and with InspereX for brokerage distribution of the CUSIP-enabled Note). Coalition work includes Climate United (NCIF award).
Differentiator
Problem solved
Functional benefit
Brands
- Community Investment Note®: Fixed income security channeling capital to a diversified portfolio of organizations creating measurable social and environmental impact in communities around the world; accessible for as little as $20.
- Cut Carbon Note®
- Mission Driven Bank Fund
Products and services
- Community Investment Note® Accessible fixed-income security that channels capital to a diversified portfolio of organizations creating measurable social and environmental impact across affordable housing, microfinance, renewable energy, small business, community development, health, education, environmental sustainability, and sustainable agriculture. Minimum $20 for individual investors; available to institutional investors, financial advisors, and through 135+ brokerages via CUSIP.
- Cut Carbon Note® Secured, investment-grade rated, asset-backed fixed-income product (minimum $1,000) that finances sustainability upgrades for commercial buildings with the objective of reducing carbon emissions. Portfolio projected to save over 172,000 metric tonnes of carbon and $54.1M in energy costs.
- Mission Driven Bank Fund Limited-partner fund providing capital and organizational support (including a technical services program) to mission-driven banks (CDFIs and Minority Depository Institutions) that serve lower-wealth communities, rural communities, and communities of color across the United States.
- Syndication Services
Quantifiable outcome
- Mission Driven Bank Fund reached over $177 million after second close with 10 limited partners; first investments in CDFI/MDI banks with a portfolio of 7 banks
Companies that use Calvert Impact Capital
Customer profileNamed customers6 records
Segments6 records
Ideal customer profiles5 records
Calvert Impact Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature5 records
Calvert Impact Capital partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and flagship.
- UNICEF (Child-Lens Investing Community of Practice)coreCalvert Impact is one of nine pioneering investors in UNICEF's Community of Practice for Child-Lens Investing — a framework that encourages investors to integrate child-related considerations into investment decisions. Calvert was part of the original cohort of asset managers consulted by UNICEF and UNICEF USA when developing the framework.
- Cross-Border Impact Ventures, CAF, Finnfund, GAID/Incofin, Save the Children Global Ventures, Triodos Investment Management, Van Leer Foundation, VisionFundcoreCo-members with Calvert Impact in UNICEF's Community of Practice for Child-Lens Investing — a cohort of nine pioneering investors advancing peer learning, tool development, and joint action toward child-focused investing, led by UNICEF's Innovative Finance Hub in Helsinki and UNICEF USA.
- Community Preservation Corporation and Self-Help (Climate United coalition)flagshipClimate United is a coalition spearheaded by Calvert Impact alongside Community Preservation Corporation and Self-Help, awarded a nearly $7 billion (~$6.97B) grant from the EPA's National Clean Investment Fund to invest in clean energy projects across the U.S., including a $30M grant program for underserved communities and an up-to-$250M electric drayage truck program at L.A. ports.
- DwollacorePayment partner powering the bank account linking functionality on Calvert Impact's investment platform — investors open a Dwolla Access API account to fund investments, with ACH processing handled by Dwolla's financial institutional partners.
- Citibank and Opportunity Finance NetworkflagshipPost-2007 financial crisis partnership that launched the Communities at Work Fund, registered subsidiary Community Investment Partners as an SEC-Registered Investment Advisor, and fueled critical small business lending in low-income communities across the U.S.
- InspereX (formerly Incapital)flagshipMade the Community Investment Note® the first retail impact investment conveniently available through brokerages with a CUSIP — investors have now bought the Note through 135+ brokerages via this partnership, raising over $785 million through brokerage channels.
- State Small Business Credit Initiative (SSBCI) participating state programs (New York Forward Loan Fund 2, NJ Capital Access Fund, Nevada Battle Born Growth Microloan, Washington Small Business Flex Fund 2)flagshipState-level partners in the Access Small Business Program launched June 2024 — public-private partnership leveraging SSBCI to bring access to capital and technical assistance to historically underbanked small businesses and access to capital markets for community lenders.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
Calvert Impact Capital competitors and assessment
Company assessmentDirect peers
- BlueOrchard Finance: Leading global impact investment manager founded in 2001 by a UN initiative, disbursing $8B+ to 562+ institutions across 90 emerging/frontier countries. Long-standing Calvert portfolio partner since 2004; directly comparable as a global private debt and impact investment manager serving institutional and retail impact investors.
- Kiva: Crowdfunding nonprofit enabling individual lenders to make microloans starting at $25 to borrowers in 77+ countries. Directly comparable to Calvert's Community Investment Note® as a democratized impact investment product with low minimums and global mission-driven borrowers.
- RSF Social Finance: Nonprofit impact financial services organization offering socially responsible loans, investments, and donor services. Directly comparable as a nonprofit impact investment intermediary offering fixed-income notes to impact-aligned investors.
- ImpactAssets: Impact investing donor advised fund (DAF) and nonprofit that was actually spun out from Calvert Foundation as the Calvert Giving Fund in 2010. Closely comparable in mission, structure, and product set as a donor advised fund and impact investment platform.
- Opportunity Finance Network: National network of CDFIs and mission-driven lenders; co-partner with Citibank on Communities at Work Fund with Calvert. Directly comparable as ecosystem-builder and lender-network actor in the CDFI impact investing space.
- Self-Help: Mission-driven CDFI providing responsible financial services; co-coalition partner with Calvert on Climate United. Comparable as a mission-driven CDFI and Climate United coalition peer serving underserved communities across the U.S.
- Triodos Investment Management: European impact investment manager and co-member with Calvert in UNICEF's Child-Lens Investing Community of Practice. Directly comparable as a global institutional impact investment manager with multi-fund private debt offerings.
- Community Preservation Corporation: Mission-driven CDFI focused on affordable housing and co-coalition partner with Calvert on Climate United. Comparable as a CDFI peer and Climate United coalition partner investing in clean energy and affordable housing.
- responsAbility Investments: Swiss impact asset manager focused on financial inclusion and climate finance; Calvert Impact committed to responsAbility's $460M Asia Climate Strategy fund. Comparable as a global institutional impact investment manager with similar emerging markets and climate mandates.
Emerging players
- Beneficial State Bank: Certified B Corp and CDFI bank serving mission-driven communities; addresses similar end-borrowers as Calvert's Mission Driven Bank Fund portfolio. Comparable as a beneficiary/investee and ecosystem peer in the CDFI/MDI banking space.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Calvert Impact Capital social profiles
Digital presenceCalvert Impact Capital compliance and trust
Trust signalCompliance4 records
Calvert Impact Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Calvert Impact Capital leadership team
Management profileNumber of profiles
Profiles13 records
Calvert Impact Capital subsidiaries and ownership
Company hierarchySubsidiaries1 record
Calvert Impact Capital funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Calvert Impact Capital M&A and investment
M&A and investmentM&A
Investments14 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Calvert Impact Capital
What does Calvert Impact Capital do?
Calvert Impact Capital is a 501(c)(3) nonprofit impact investment firm that issues fixed-income securities — primarily the Community Investment Note® (CUSIP-enabled, accessible at $20 minimum) and the Cut Carbon Note® (asset-backed, investment-grade rated) — to channel capital from individual, institutional, and financial-advisor investors into a diversified portfolio of high-impact community-based organizations across 100+ countries. It also operates the Mission Driven Bank Fund for CDFI/MDI banks, provides private-debt syndication services, runs an Impact Measurement & Management (IMM) advisory practice, and stewarded the Access Small Business Program in partnership with Goldman Sachs' Urban Investment Group.
Is Calvert Impact Capital a public or private company?
Calvert Impact Capital is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Calvert Impact Capital founded?
Calvert Impact Capital was founded in 1995. It employs 11 to 50 people.
Where is Calvert Impact Capital based?
Calvert Impact Capital is headquartered in Bethesda, United States, in the North America region.
How does Calvert Impact Capital make money?
Five revenue lines are on record. Community Investment Note® Sales are the primary driver. The others are cut Carbon Note® Issuances, mission Driven Bank Fund Capital Deployment, syndication & Structuring Services and impact Measurement & Management (IMM) Services.
Who are Calvert Impact Capital's main competitors?
Direct peers on record are BlueOrchard Finance, Kiva, RSF Social Finance, ImpactAssets, Opportunity Finance Network, Self-Help, Triodos Investment Management, Community Preservation Corporation and responsAbility Investments. Beneficial State Bank is listed as an emerging player.
Does Calvert Impact Capital have an API?
No public API is recorded for Calvert Impact Capital.
What industry is Calvert Impact Capital in?
Calvert Impact Capital's product category is Impact Investment Management. Its primary akta.pro industry code is FSAAALAG, Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure), with a secondary code of FSAAALAC, Impact Investing (Intentional, Measurable Social/Environmental Outcomes). Its NAICS code is 525990 and its SIC code is 6211.