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In 2011, Virginia Garcia Memorial Health Center used a $1.345 million Program Related Investment from Meyer Memorial Trust to refinance an existing debt related to the construction of its McMinnville Clinic. The PRI was beneficial in lowering the overall debt burden of the organization, freeing up resources to invest back into programs and services for vulnerable people in the community.
Content Area: Health Award Date: Nov 1 2012 Grant Amount: 1500000.00 Reason For Grant: To support the construction of a residential substance abuse treatment transitional housing facility for women that will be co-located with a drug-free permanent housing complex City: Portland County: Multnomah State: OR
When Johnny – and Jill – come marching home from war they shouldn't have to sleep in the woods. They have stepped forward, volunteering to put themselves in harm's way – for us. And, no matter the risks or hardships, they have served us well. No wonder the President has said that our nation's most sacred obligation is to its Veterans.
For sectors that have financial performance benchmarks, such as community development financial institutions (CDFIs) and Federally Qualified Health Centers (FQHCs), we ask the organization to provide their most recent and historical financial benchmarks, which typically is reported on a “dashboard.”
An $800,000 PRI and $200,000 grant from MMT in 2011 allowed Clark County Food Bank to build a 22,000 sq. ft. warehouse, offices and training facility to open up many more food options in Clark county. The new warehouse and refrigerators allowed for the first ever full truck of oranges to be received, repacked and sent to hungry families. Before this facility, the food bank often had to reject available food shipments as there was no room to receive, sort or store food. From its opening in December 2011 through August 2012, CCFB was able to enlist 700 volunteers to help process approximately 250,000 extra pounds of fresh, frozen & dry food in the new building. The new space also has a repack room, allowing CCFB to break down product quantities into useable sizes for partners (instead of giving them bags of 25 to 50 pounds that had to be repacked later). Photo credit: Clark County Food Bank
Meyer Memorial Trust's grant of $169,586 and loan for $300,000 enabled Mosaic Medical to upgrade and implement Electronic Health Records (EHR) systems in each of its Federally-Qualified Health Centers in Prineville, Madras and Bend that provide primary medical care to uninsured patients and those with Medicaid or Medicare coverage.
In May 2012, Freshwater Trust finished planting thousands of native trees and shrubs along Little Butte Creek in the Ken Denman Wildlife Area near Central Point in Jackson County, Oregon. Little Butte Creek had recently been re-meandered by the Oregon Department of Fish and Wildlife (ODFW) to connect with its historic channel, but ODFW had no funds to replant the reconstructed banks. Working with the US Forest Service, Freshwater Trust selected this site to support ODFW’s prior work and to demonstrate credit generation though riparian plantings. Meyer Memorial Trust's $150,000 grant and $300,000 loan guarantee supported the infrastructure to demonstrate its "ecosystem services" program (e.g., shade from streamside trees shading water) that quantifies the temperature reduction value generated by riparian restoration as credits that can be traded or purchased by entities facing offeset or mitigation requirements. Credits are determined by Steambank, Freshwater Trust's patented web-based software platform developed with significant investments from Meyer Memorial Trust. The "ecosystem services" program is the first of its kind to use a state-approved system that can be applied to all Oregon watersheds. Photo credit: The Freshwater Trust (copyright held by The Freshwater Trust and not included in MMT's Creative Commons license of website content)
Content Area: Human Services Award Date: Feb 1 2012 Grant Amount: 500000.00 Reason For Grant: For a grant and a program-related investment to refinance the purchase and renovation of the Morrison Building that consolidates departments and programs for improved services to children and families City: Portland County: Multnomah State: OR
Seeking collateral, when possible, is a guiding principle in prudent lending and in accordance with our value of stewardship. While obtaining collateral is a tool in our due diligence, we also recognize external factors can negatively affect repayment and unexpected borrower problems may emerge. In such cases, MMT works with organizations to develop a reasonable repayment plan. We do not aggressively seek to foreclose on the loan to the harm of the nonprofit.
Content Area: Human Services Award Date: Nov 1 2011 Grant Amount: 1750000.00 Reason For Grant: To provide a grant and construction loan to build Eagle Landing, a 54-unit affordable housing complex for homeless veterans. City: Roseburg County: Douglas State: OR
Content Area: Health Award Date: Nov 1 2011 Grant Amount: 1344000.00 Reason For Grant: For a grant to help build the Cornelius Wellness Center and a program-related investment loan to refinance the McMinnville Clinic to increase access to health care for low-income, underinsured and uninsured patients. City: Hillsboro County: Washington State: Other
Content Area: Arts, Culture, Humanities Award Date: Jun 1 2011 Grant Amount: 400000.00 Reason For Grant: To help stabilize the financial condition of the organization by restructuring its loan on the Midtown Arts Center, which provides a permanent home for the Eugene Ballet and several arts organizations City: Eugene County: Lane State: OR
Meyer Memorial Trust provided a Program Related Investment loan of $500,000 to The Conservation Fund, which was used along with Oregon Lottery proceeds and grants from the Forest Legacy Program, to work with the Oregon Department of Forestry on purchasing 43,000 acres to form the state’s newest state forest. Located in central Oregon’s Klamath County, the property was selected because of immediate threats from development, its potential economic benefits and strategic importance, as well as its good value. The forest is important habitat for species such as mule deer and white-headed woodpeckers, and purchasing the property enables it to be restored back to ecological health, while supporting the forest products sector, providing public recreation opportunities, and creating a lasting legacy of environmental stewardship and community investment.
About the Photo: A microloan from Oregon Microenterprise Network enabled Andrea Moore (pictured at right, with her daughter beside her) to purchase a trailer to provide dog grooming services in Polk and Yamhill counties. MERIT (MicroEnterprise Resources, Initiatives, & Training), a nonprofit co-located at the Chemeketa Small Business Development Center in Salem, worked with her to qualify for the loan, represented here by Executive Director Marcia Bagnall (pictured at left). After she repaid the loan she received a second loan ("step" loan) from OMEN to make repairs and upgrades to her trailer. Photo credit: Valerie Plummer, Oregon Microenterprise NetworkOregon Microenterprise Network (OMEN) used a $100,000 program related investment loan from Meyer Memorial Trust to provide lending capital to low income entrepreneurs in rural Oregon. In addition, OMEN used a $36,000 grant to provide technical assistance to its member organizations to strengthen business support for microentrepreneurs. The CapitalLink loan program of Oregon Microenterprise Network meets the demand for microloan capital in areas of rural Oregon. For more information about OMEN’s CapitalLink program, see http://www.oregon-microbiz.org/programs/capitallink/.
Created by Congress in the Tax Act of 1969, a PRI (program-related investment) is a type of mission-related or social investment that foundations make to achieve their philanthropic goals. PRIs can take many forms – deposits, equity investments, guarantees and loans, to name to few. At MMT, most PRIs have been loans.