BACKGROUND
The Public Radio Fund (the “Fund) was established by Public Media Company (prev. “Public Radio Capital”) and was active between 2007 and 2018. The Fund was originally created with initial program related investments from the Ford Foundation, Calvert Foundation and Nonprofit Finance Fund. In the subsequent years, the Fund grew by more than $5.5 million through investments from foundations and individual investors. Loans from the Fund were used by public radio and television stations and independent content producers for working capital needs and equipment purchases.
The Fund received loans totaling $8,855,000 from a total of 28 foundations and individual investors.
IMPACT
During the life of the Fund a total of $8.9 million was committed in lending to 9 public broadcasting organizations and 2 program producers (eTown and The Working Group).
Loans to 9 public broadcasters helped preserve, strengthen or expand the total public radio/TV local programming by an estimated 21,000 hours on an annual basis
As a result of a total of $6.4 million committed to lending by the Fund, 5 borrowers leveraged an additional $24.1 million in bank loans
5 borrowers hired a total of 9 full-time employees while 6 borrowers either retained or reduced their staff level
6 out of 7 borrowers that reported audience results experienced a gain in weekly listeners/viewers during the term of the loan, resulting with an increase of 316,000 radio listeners and 129,000 TV viewers for public broadcasting