Crane Group has long made incredible impact in the charitable space, and I’m proud to be part of a company fueled by doing good.
But we sensed we could do even more to uplift underserved populations by marrying our business strategies and goals with our dedication to creating positive social change. So over the past few years, we’ve set out to do just that.
The practice is called social impact investing, and it’s currently a potent buzz word in my world.
It’s a broad term, with several categories beneath it. It might mean routing capital to enterprises working to address our global climate crisis. Or funding solutions to food insecurity. Or investing in companies addressing disparities in education. The list goes on.
But the common thread rests in the return: It’s not just generating financial returns — it’s generating positive social or environmental change.
Here at Crane Group, we’re digging into what social impact investing looks like for us. And we’re on to something great.
We’re starting by focusing on this key question: How do we help create wealth for minorities through our investments?
I’m thrilled to share two recent commitments we’ve made in this space, both which help answer that question.
- We’re supporting the launch of Ohio’s first Black-owned, state-chartered bank. Adelphi Bank, headed by former Fifth Third Bank president Jordan Miller, is aiming to open in the Bronzeville neighborhood of Columbus by the end of 2022. Racial inequities abound in the banking space, where nationwide, there are fewer than 20 Black-owned banks. Adelphi Bank is aiming to help meet the needs of this underserved community.
- We’re investing in a Black-led private equity firm that funds lower middle market, minority-owned businesses to intentionally reduce the racial wealth gap and increase opportunity. The firm is actively seeking investments in the Central Ohio area, and around the U.S., to create sustainable impact. More on this to come.
And we’re just getting started.
For me, this work is as exciting as it is daunting. It’s both a challenge and a virtue to be able to attack inequities from many different angles. I see so much possibility ahead.
Buzz words, by nature, come and go. But when it comes to Crane Group, I’m proud to say that investing in good is here to stay.
Do you have a social impact investment opportunity we should consider? Reach out to me at morr@cranegroup.com.