Public Radio Capital, based in Englewood, has teamed with the Calvert Foundation and the Ford Foundation to raise $15 million to expand financing for public-radio stations nationwide.
The Bethesda, Md.-based Calvert Foundation has committed $3million to the fund, and the Ford Foundation of New York has pledged $1.5 million.
More fundraising is to – more... occur over the next six months to a year.
The fund's assets , including interest-yielding loans of $100,000 or more from accredited investors , will be managed by Public Radio Capital, a non-profit created in 2001.
Using the new fund's assets as leverage, the group will aid non-commercial radio stations through the sale of tax-exempt bonds. They also may offer loans.
The group helped Colorado Public Radio raise $6.5 million through the sale of tax-exempt bonds.
Stations will primarily use the financing to expand their geographic reach, make acquisitions or launch new programs.
"Beginning this fall, the Public Radio Fund will help public broadcasters all over the U.S. gain access to short-term capital on an affordable basis," said Marc Hand, managing director of Public Radio Capital.
The fund is expected to initially finance as many as 10 stations, with 20 to 30 stations potentially taking part within five years. – less – More from ZoomInfo »
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