Strategic Finance Lab Podcast: An Investment Fund Backing Banks Supporting Communities in Need
Listen to the Mission Driven Bank Fund's Paul Welch and Eric Heisner discuss MDBF and its community impact on the Strategic Finance Lab Podcast.
February 27, 2025

The Mission Driven Bank Fund's Paul Welch, portfolio manager of the Mission Driven Bank Fund (MDBF) and Head of Private Equity at Elizabeth Park Capital Management, and Eric Heisner, Director of Strategy at Calvert Impact and relationship manager for the fund, joined the Stategic Finance Lab podcast to discuss the fund and its community impact.
MDBF began making investments in 2024 and has raised more than $177 million so far from corporations and financial institutions.
“We have made seven investments in our first year, and we have the largest investment pipeline in the fund’s history,” said Mr. Welch. “So we’re very excited about the momentum that we see and the opportunity to make an impact at a grassroots level.”
MDBF invests in banks that provide credit and financial services to lower-wealth communities, rural communities, and communities of color across the United States.
"Our theory of change is that investing in capital and providing technical services will help build more sustainable banks and increase access to financial products and services for these under- and un-banked communities," said Mr. Heisner. "That in turn leads to wealth and asset-building opportunities for these communities."
Listen to the full episode to learn more about the origins of the fund and hear case studies from MDBF portfolio banks.
This podcast is intended for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or of any fund. This podcast should not be used as the basis for an investment decision. The fund discussed in this episode is a 506(c) private placement offering that is available only to qualified purchasers as defined under the Investment Company Act of 1940, and may only be sold in jurisdictions where it is legally permissible. Please be aware that any forward-looking statements made during this podcast are based on current expectations and assumptions and are subject to change without notice. Further, information discussed herein has been obtained from sources which we believe to be reliable, we do not guarantee its accuracy, and such information may be incomplete or condensed. The information within this podcast is subject to change without notice and we have no obligation to update you. An investment decision should be based on your customary and thorough due diligence procedures, which should include, but not be limited to, a thorough review of all relevant term sheets and other offering documents as well as consultation with legal, tax and regulatory experts.