In Episode 70 of the Investing in Impact podcast, I speak with Zoila Jennings, Impact Investment Lead at the Robert Wood Johnson Foundation, on poverty alleviation and systems change through targeted community financing.

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Sound Bites

• "The limit does not exist in philathropy. With banks, they're highly regulated, and it does limit what they can do in terms of flexible financing."
• "We're a systems level investor. So I don't say, oh, I'm focused on housing or small business. On the community development side, I say, where is the capital now going and where are places that we should really pilot, test, bring in other investors to join."

About Zoila

Zoila Jennings joined the Robert Wood Johnson Foundation in 2021, bringing her career focus on social justice and poverty alleviation—through targeted community financing—to her role as an impact investments officer.

Prior to this, Zoila served as a senior relationship manager with U.S. Bank, the fifth largest commercial bank in the United States, as part of its Community Development Corporation.

In this position, she sourced, structured, and underwrote loans and equity investments for Community Development Financial Institutions (CDFIs).

She also developed and executed investment initiatives aimed at addressing racial inequities, including a $25 million fund to support women of color microbusiness owners and the first CDFI-issued racial equity bond for targeted investments in underserved communities of color.

Before joining U.S. Bank, Zoila spent a decade at JPMorgan Chase in New York, taking on various roles, including vice president for Community Development-New Markets Tax Credits.

Here, she utilized tax equity to structure community development transactions. As a credit underwriter, she managed a credit portfolio that encompassed lending, from small working capital lines to large syndicated tax-exempt debt obligations, to nonprofit hospitals, higher education institutions, and social services agencies.

In other roles, she founded a consulting firm specializing in credit underwriting, loan structuring, and financial due diligence for loans and investments benefiting low-income communities.

Zoila holds an MBA from Kellogg School of Management and a BS in Business Economics with a concentration in Catholic Studies from Fordham University.

The Robert Wood Johnson Foundation

RWJF is a leading national philanthropy dedicated to taking bold leaps to transform health in our lifetime. To get there, we must work to dismantle structural racism and other barriers to health.

Through funding, convening, advocacy, and evidence-building, we work side-by-side with communities, practitioners, and institutions to achieve health equity faster and pave the way, together, to a future where health is no longer a privilege, but a right.

About RWJF Impact Investments

To see that everyone in the U.S. has the opportunity to live their healthiest life possible, capital must flow equitably to communities that have faced a lack of investment through the impact of generations of racist policies and structural racism.

The Robert Wood Johnson Foundation (RWJF) is a leading national philanthropy dedicated to taking bold leaps to transform health in our lifetime.

The organization makes impact investments—deposits, loans, equity investments, and guarantees—and partner with public and private sector investors to bring more capital to these communities.

RWJF's Strategies

RWJF's impact investments focus on three key areas:

Advancing Racial Equity

RWJF is committed to reducing the racial wealth gap by increasing and preserving Black and Brown homeownership.

Homeownership is a crucial lever for strengthening financial wellbeing and fostering intergenerational wealth transfer.

By focusing on this area, RWJF aims to create lasting financial stability and equity for communities of color.

Strengthening the Community Development Finance System

The foundation works to bolster the community development finance system, particularly in communities that have historically experienced a lack of investment.

This includes communities with low incomes and communities of color. Strengthening this system is vital for ensuring that these communities have the financial tools and resources needed for sustainable development and growth.

Program-Directed Investments

RWJF complements its grantmaking efforts with program-linked investments. These investments are designed to enhance specific areas such as a community's water infrastructure.

By aligning investments with program goals, RWJF ensures a comprehensive approach to improving community conditions and health outcomes.