Program-Related Investments Fiscal Year 1998 Approvals

Program-Related Investments (PRI's) are usually loans, although they may also be loan guarantees or equity investments. The primary purpose of these investments is to help meet the credit needs of organizations in low-income communities that lack capital to finance important projects. The distinguishing feature of PRI's is that unlike grants, they are recoverable.

PRI's help recipients close credit gaps, leverage additional financing from other public and private sources, and accumulate assets. In this way, the Foundation's PRI's help build strong, sustainable development organizations.

Since the Foundation's reorganization in fiscal 1997, its program-related investments have been made within the Assets program's Economic Development unit.

• Accion International (Somerville, Mass.)
  $2,000,000
  To create an intermediary that will offer financial securities backed by microfinance loan portfolios.

• Blackfeet National Bank (Browning, Mont.)
  $1,000,000
  For expansion into Montana reservation communities.

• DVCRF Ventures. L.P. (Philadelphia)
  $2,000,000
  For a venture capital fund that promotes economic development and job creation.

• Housing Assistance Council (Washington, D.C.)
  $2,000,000
  For a rural housing loan fund that promotes home ownership for low-income families.

• Independent Care System (New York)
  $1,200,000
  To help establish a health care program for the long-term disabled that creates good jobs for low-income women.

• North Carolina Minority Support Center (Raleigh)
  $1,000,000
  To expand the center's Capital Support Loan Fund, which helps community development credit unions.

• Northland Foundation (Duluth, Minn.)
  $2,000,000
  For a loan fund that links small-business financing and individual asset development.

• Rural Development and Finance Corporation (San Antonio)
  $1,800,000
  To support enterprise development among Native Americans.

Total, Program-Related Investments
$13,000,000

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