We are pleased to announce a new Program-Related Investment (PRI) in the Grow Bay Area Fund, a new partnership with Grow America Fund, which will invest up to $4 million to stabilize and build the employment base of economically hard-hit Bay Area communities. The loan fund infuses capital into communities with a focus on creating stability and growth for businesses that employ local residents.
The Foundation’s $500,000 loan green lighted the full $4 million Grow Bay Area Fund, leveraging the Foundation’s investment eight times over. Grow Bay Area Fund plans to make loans to local businesses with the goal of creating and sustaining an estimated 240 local jobs.
Grow America Fund and The San Francisco Foundation partnered on this project to bring Grow America Fund’s long-standing, successful national business model to the Bay Area. The Foundation’s regional expertise coupled with the low-interest capital our Program-Related Investment Fund can offer these catalytic projects, made this an ideal partnership to create transformative impact in Bay Area communities.
This is the second time the Program-Related Investment Fund has been deployed pooling funds from donors of the Foundation alongside the Foundation’s funding. We are look forward to sharing more about the impact of this work as the loans are made into the community.