To Our Partners
As Leo Tolstoy wrote in the first line of his novel Anna Karenina: “Happy families are all alike; every unhappy family is unhappy in its own way.” In our experience, the same can be said for economic turmoil.
As Leo Tolstoy wrote in the first line of his novel Anna Karenina: “Happy families are all alike; every unhappy family is unhappy in its own way.” In our experience, the same can be said for economic turmoil.
Since our founding in 1985, BlueHub Capital has weathered three economic downturns variously driven by banking and housing crises, 9/11 and the collapse of the dot com bubble and, of course, the Great Recession. We came out of each in a stronger position, and we expect to do the same as we navigate through our fourth economic upheaval.
While the particulars of each economic disruption are different, the lessons are the same. Traditional lenders become more conservative, and we need to help fill the gap; so, now is the time when our type of capital is most needed. A strong balance sheet and good lending practices are the best way for us to meet the challenges of a roiling economy and, most importantly, to continue to assist the low-income communities we serve. Inflation, rising interest rates and a potential downturn are challenges for all of us — and, particularly, for low-income communities. Fortunately, BlueHub is well-positioned to meet those challenges.
The partnerships we have forged across the financial, community development, mortgage, energy and immigration industries are key to the work we do. They span the people and organizations that invest in us, those that invest with us and those in which we invest. To honor these critical partnerships, we have made them central to this year’s annual report.
Together with our partners, BlueHub is tackling some of the most pressing issues of our day: access to housing, climate resiliency and immigration.
Throughout BlueHub’s nearly four decades of work, our continued growth has come not only from expanding our existing business lines but also from developing new business lines that meet the changing needs of the communities we serve. OPA, for example, provides immigrants with 1% loans for their US citizenship application fees. As of the end of March 2023, we’ve issued more than 460 loans to future citizens across the country with thousands more to come. OPA is gaining momentum and raising funds to support long-term financial sustainability and to serve the millions of immigrants already eligible for citizenship. To further support — and organize — the community, we have a robust online presence featuring videos, educational materials and seminal research shared across our website and social media channels.
While BlueHub remains a lean, efficient organization, we are building out our senior management team as we look ahead to our next phase of growth. In 2021, we welcomed Lubna Maria Elia as our Chief Administrative Officer; she oversees human resources, talent management, inclusive excellence initiatives and administration. In 2023, Brenda Loya joined BlueHub as our Chief Operating Officer to increase efficiency and collaboration across the business lines. Our entire team is committed to expanding our impact and propelling us into our next chapter.
2022 was a year in which we all adjusted to the “new normal.” Global tumult and a fractured nation created daily stress in our businesses and in all our lives. Going forward, our clear and unchanging mission provides the path to continue to build healthy communities where low-income people live and work. And the strength of our organization provides the means to pursue that mission.
We are effective, in large part, because of partners like you who share our mission and our commitment. We look forward to continuing to work with you. Thank you for your trust and collaboration.
Warmest regards,
Elyse D. Cherry
CEO, BlueHub Capital
