Program-related investments (PRIs) are typically low-interest loans. Like grants, they are IRS-approved charitable expenditures that foundations can use to achieve their programmatic goals. Unlike grants, PRIs have below-market rates of return, and are meant to be repaid. This allows the Foundation to recycle the funds and achieve greater impact over time with those dollars. PRIs must meet the same charitable purpose tests as grants.
This will support the the expansion of the Southwest Rides program, turning it into an operating business that will employ and teach youth through a bike shop in Southwest Detroit.
P3 Enterprise, 2014
To support the start-up of a new aquaponic produce growing facility in Brightmoor. P3 is an incubator of a socially conscientious business resulting in employment, economic empowerment, community transformation, and revitalized lives. A job is a determinate of the quality of life for a family. The solution is to create jobs for the chronically unemployed returning citizen population, and create opportunities for youth to gain meaningful work experience.
To help the school in the North End neighborhood finance its $3 million purchase of the YouthVille building.
American Promise Schools, 2013
To support the start up of a new nonprofit charter management company that will help existing schools turnaround.