Daily Archives: 06/10/2009

(Community Matters) Yesterday Ken Gladish (pres & ceo Austin Community Foundation) hosted a gathering of philanthrophists, money managers and investors including Janet Harman, Dick Rathgeber, Andy White, Chris Earthman, Jolynn Free, Eric Harslem, Hal Peterson, Paul Lagree, Rebecca Powers, Carl Stuart & Linda Brucker where PeopleFund’s Margo Weisz presented on PeopleInvest.

PeopleFund is offering 3 & 5 year notes paying up to 3% & quantifiable community impact (jobs, wealth & affordable housing creation in low & moderate income communities). The notes are backed by the PF’s very strong balance sheeet and cash flow. For those investors willing to exchange 1% of rate, PF will provide a JP Morgan guarantee (in the form of a letter of credit). The notes are available in minimum denominations of $10,000.

Proceeds of these notes become part of PeopleFund’s lending base. They make loans of up to $250,000 to entrepreneurs creating jobs & wealth in low & moderate income communities. PF underwrites the credits rigorously for financial soundness & community impact, add intellectual capital (mentorships & consulting) as well as the financial capital. Even though the organization only loans to those businesses which won’t fully qualify for traditional bank financing, their historical loan loss is about 4%, while reserves are in excess of 7%. Over 15 years history & financial performance confirms the organization solid performance & financial base. financial statements here.

(Community Matters) The two dissident NY Senate Democrats

Espada [Sen. Pedro Espada Jr.] has sided with Republicans in the past and threatened Smith’s leadership as soon as it began in January.

He still has two pending election violation cases, but has pledged to resolve them.

In one case, he and his campaign committees owe the state $13,000 in fines for not filing contribution records related to his 2008 election campaign. In the other, he was ordered by a court in December to pay the New York City Campaign Finance Board $60,000 in fines related to his 2001 campaign for Bronx borough president.

Separately, state Attorney General Andrew Cuomo has announced he is investigating managers at the Soundview Health Center, founded by Espada. Cuomo is looking into allegations that state funds earmarked for programs designed to serve impoverished women, children and people with HIV and AIDS were instead diverted to finance political campaigns.

Monserrate [Hiram Monserrate of Queens], the other dissident, is charged with slashing his girlfriend’s face with a piece of broken glass. He has maintained his innocence and called his prosecution politically motivated. A conviction on the felony assault charge could cost him his Senate seat and put him in jail for up to seven years.

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