About
Justine PETERSEN (legally the Justine Petersen Housing and Reinvestment Corporation) is a St. Louis, Missouri not-for-profit that connects institutional resources with the needs of low- to moderate-income individuals and families, helping them build assets and create enduring change. The organization carries forward the legacy of Justine M. Petersen, a pioneer who melded the disciplines of social work and banking to open financial access to underserved populations. Today it is one of the country's most active nonprofit micro-lenders and credit-building organizations, working from its headquarters at 1023 N. Grand Blvd in St. Louis.
Mission
In the organization's own words: "Our mission is to connect institutional resources with the needs of low-to moderate-income individuals and families, helping them to build assets and create enduring change." Its core service areas are credit building and financial education, homeownership preparation and retention, and micro-enterprise lending and training.
What they do
- Credit building and financial education, helping clients establish and improve credit as a foundation for asset building
- Homeownership preparation and retention services for first-time and at-risk homeowners
- Micro-enterprise lending and training for small business owners, including a dedicated contractor loan program
- Farm-To-Home and GREENCUBATOR initiatives that extend its lending and asset-building model into food, farming, and green business
- Lending through its affiliated community development financial institution (CDFI), Great Rivers Community Capital, which files its own separate financial reports
Scale and impact
According to figures published on its website, since inception Justine PETERSEN has originated over 20,000 loans totaling 351 million dollars to small businesses, creating or saving more than 28,000 jobs. That lending includes 309 million dollars in micro-enterprise loans and 41 million dollars in contractor loans.
Financials
Per ProPublica Nonprofit Explorer (EIN 43-1769074), the organization reported total revenue of about 15.0 million dollars, expenses of about 11.8 million dollars, and total assets of about 74.0 million dollars for fiscal year 2023. In fiscal year 2022 it reported about 9.3 million dollars in revenue and 8.4 million dollars in expenses. The IRS has recognized the corporation as a 501(c)(3) tax-exempt organization since 1998. The organization posts its Form 990s, consolidated audits, and annual reports on its website.
Governance
Justine PETERSEN is governed by a board of directors and managed by senior staff across departments covering credit building, small business lending, housing, compliance, finance, and real estate development.