wfn.org | Baptist Peace Fellowship Approves Economic Self Development Partnerships

[George Conklin <gconklin@wfn.org>]

14 June 2000
For more information contact:
Ken Sehested, Executive Director, or LeDayne McLeese Polaski, Managing
Director
Phone: 704/521-6051; Fax: 704/521-6053
E-mail: bpfna@bpfna.org
Web: www.bpfna.org
FOR IMMEDIATE RELEASE

Baptist Peace Fellowship Board Approves "Gleaner's Project: Creating
partnerships with the poor for economic self-development"

Meeting 1-3 June 2000 at First Baptist Church, Seattle, Washington, the
Baptist Peace Fellowship of North America (BPFNA) board of directors
approved plans for establishing the "Gleaner's Project," an initiative to
create partnerships with the poor for economic self-development.

The Project will work in conjunction with Oikocredit (formerly known as the
Ecumenical Development Cooperative Society) and other community development
organizations that provide loans to poor communities. Oikocredit, a
faith-based, non-profit agency formed in 1975 by the World Council of
Churches, was formed as a vehicle for providing affordable loans to finance
cooperatives and small businesses shunned by traditional lending agencies.

Part of the plan includes establishing a "Founders' Club" for the loan
project, with a goal of attracting $200,000 in capital by the end of 2000.
"We are not getting into the business of finance," said Ken Sehested,
executive director of the BPFNA. "Rather, we are a educational agent,
informing people in our network (individuals and local congregations) on how
they can leverage a small portion of their assets to promote economic
justice both here in North America and abroad."

Sehested said Oikocredit was chosen as the principle partner in this project
because of its long history of success and expertise in the area of loans to
cooperatives and microenterprise ventures.

At this stage the Gleaner's Project is focusing on the "contingency" funds
which most individuals and congregations have on hand in case of
emergencies. "Most people don't see their emergency funds as long-term
investments designed to provide for retirement," Sehested said. "What they
need is to be able to access those funds on short notice, along with a
degree of security." In its history, no investor with Oikocredit has lost a
penny of investment.

Those choosing to invest via the Gleaner's Project do two things with their
money, according to Sehested. "First, we remove it from control of large
financial institutions whose interests are not those of the poor who often
have to pay exorbitant interest rates on loans. Second, we put that money to
work providing affordable loans to those working to stimulate economic
activity and create wealth in areas of greatest need."

The name of the fund comes from references in Scripture from ancient
Israel's legal code: "And when you reap the harvest of your land, you shall
not reap from your field to its very border, nor shall you gather the
gleanings after your harvest; you shall leave them for the poor and the
stranger: I am the Lord your God" (Leviticus 23:22).

"There's an interesting connection in this text," Sehested said. "The
mandate to maintain structural arrangements whereby the poor may eat is not
optional, is not a form of charity. And this mandate is directly tied to the
authority of God. By implication, the failure to do so is a form of
atheism."

Will the Gleaner's Project be successful, particularly given the low rate of
return? (Investors may choose 0%-2% on minimum investments of $1,000; up to
4% on $25,000 or more.)

"We think they will," Sehested said. "Hundreds of Christian communions
worldwide, including the American Baptist Churches USA, have already
provided capital for Oikocredit's use. And we already have $75,000 pledged
toward the Project by individuals and congregations in our network. Many
people are concerned about the values inherent in corporate capitalism but
haven't known how to respond. This is something most people in North America
can do."

Sehested also noted that this initiative represents part of the BPFNA's
commitment to "Jubilee 2000," the global, ecumenical effort focused on
convincing developed countries to forgive debt owed by poorer nations.
"The biblical vision of jubilee, as stated in Leviticus 25 and referenced by
Jesus in Luke 4:19, is a key indicator of the direct link between spiritual
and social renewal," said Sehested. "What we do with our money cannot be
segregated from what we believe about God."

BPFNA Advisory Committee member Andy Loving, a long-time social justice
advocate and professional financial consultant, is volunteering his time to
manage the Gleaner's Project.

Those interested in receiving a brochure explaining the Gleaner's Project
can contact the BPFNA: 4800 Wedgewood Dr., Charlotte, NC 28210;
704/521-6051; bpfna@bpfna.org.
# # #
Founded in 1984, the BPFNA is a network linking Baptists involved in justice
and peace issues throughout North America. Its board of directors is
composed of members affiliated with numerous Baptist conventions and
racial/ethnic groups in Canada, the U.S., Puerto Rico and Mexico, plus
representatives from Baptist convention peace and justice offices. The
organization has no official sponsorship of any convention. Its primary
purpose is to encourage greater Baptist involvement‹at local, national and
international levels‹in justice and peace concerns and to help clarify
understanding of such involvement as essential to Christian discipleship.