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Note #8069 from PCUSA NEWS to PRESBYNEWS:

Credit where credit's due
04019
January 13, 2004

Credit where credit's due

Christian lending agency topped new-investment goal for '03

by Evan Silverstein

LOUISVILLE - Oikocredit USA, an international Christian credit organization,
handily surpassed its 2003 new-investment goal of $1 million, thanks to
members and congregations of the Presbyterian Church (USA) and other
faith-based investors.

Oikocredit said it received $1,247,000 in new investments in 2003 from
churches, denominations and individuals. The money will be used to provide
low-cost loans to cooperatives and microcredit banks in Asia, Africa and
Latin America.

Eighty-six percent of the money came from church members and religious
groups, including participants in the PC(USA)'s "Investing in Hope" program.

Oikocredit, known as "the bank of the unbankables," was established by the
World Council of Churches in 1975. It fights poverty by making credit
available to poor people in developing countries who are without collateral
or assets.

The PC(USA) is the second-largest denominational investor in Oikocredit USA;
the largest is the Church of Sweden. PC(USA) entities, including the
Presbyterian Church (USA) Foundation, Presbyterian Women and the Presbyterian
Hunger Program, hold investments totaling nearly $2 million.

Many PC(USA) members and congregations have invested in Oikocredit during its
29 years in business. East Liberty Presbyterian Church in Pittsburgh, PA, is
the largest congregational investor, with a holding of $500,000, said the
Rev. Gary Cook, the coordinator of the Hunger Program. He also is the chair
of Oikocredit's board of directors.

"We often think of gifts and grants as the way to help people living in
poverty, but often credit is what is most needed," Cook said. "With the loans
available through Oikocredit, poor people can develop the means to support
themselves, their families and their communities."

Last year was the first for which Oikocredit USA set a new-investment goal.
It had not received as much as $1 million in a single year in more than a
decade.

Oikocredit USA, launched in 1980, is affiliated with the worldwide Oikocredit
organization, which took in new investments of about $16.5 million last year.

Oikocredit, the largest private organization of its kind, lends to more than
400 cooperatives and microcredit institutions in 67 countries. Recipients use
the loans to finance income-generating projects.

The United Nations has designated 2005 as the "International Year on
Microcredit."

Oikocredit USA has established a goal of $1.5 million for 2004.

Potential investors can reach Oikocredit USA by mail at PO Box 11000,
Washington, DC 20008, or by email at office.us@oikocredit.org. For
information about the PC(USA) "Investing in Hope" program, visit
www.pcusa.org/oikocredit or contact Melanie Hardison by telephone (toll-free)
at (888) 728-7228, ext. 5626, or by email at mhardiso@ctr.pcusa.org.

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