Short Term Loans Aid 11 Public Media Organizations – Public Radio Fund
CLIENT(S)Delaware First Media, Denver Educational Broadcasting – KUVO, eTown, KOCE Public TV Foundation, Marfa Public Radio, North Texas Broadcasting-KERA, Radio Bilingue, The Working Group, Wasatch Public Media, WFCR Foundation, WXEL Public Broadcasting Corp
ADDITIONAL PARTICIPANT(S)Calvert Foundation, Calvert Giving Fund, Ford Foundation, Hull Family Foundation, ImpactAssets, Nonprofit Finance Fund, NPR, Inc., Trillium Investors (14), Woodcock Foundation and additional individual philanthropic investors.
TOPIC(S)Acquisition Loans, Bridge Financing, Short Term Loans
The Public Radio Fund, established in 2007, has utilized investment funds from Calvert Social Investment Foundation, Ford Foundation, Hull Family Foundation, Nonprofit Finance Fund, NPR, Inc., Woodcock Foundation, Impact Assets and other individual investors to lend $9,088,000 to 11 different public media organizations.
Loans from the Fund have ranged from $105,000 to $2.50 million, and have aided organizations in a variety of ways including: acquiring a new station, smoothing out cash flows, purchasing a new building, and completing a studio. When actively lending in 2011 and 2012, the Fund was recognized as one of the top 50 impact investment funds by ImpactAssets. In an effort to focus on the needs of existing clients, the fund is not currently accepting new applications.
“The loan program has been extremely helpful for Radio Bilingüe to maintain its stability these past three years. I want to thank PRF for the opportunity and service it provided to Radio Bilingüe. It truly helped us to maintain our national news and information services — like Línea Abierta and Noticiero Latino — and to take further risks in reaching new Latino audiences in the Southwest.”
Founder and Executive Director