PCG Named As Finalist for $2.75 Million Award!

For Immediate Release

Contact - Hilary Mughloo
mughlooh@pcgloanfund.org
202.689.8935 ext. 24

PARTNERS FOR THE COMMON GOOD CHOSEN AS FINALIST FOR WACHOVIA WELLS FARGO NEXT AWARDS FOR OPPORTUNITY FINANCE

Washington, DC based national organization vies for millions in financing in the awards program for industry innovation and responsible lending.

Washington DC, August 10, 2010—The nation’s largest and most prestigious awards program for community development financial institutions (CDFIs) announced today that Partners for the Common Good (PCG) is a finalist for an award of $2.75 million in the highly competitive 2010 Wachovia Wells Fargo NEXT Awards for Opportunity Finance. Awardees will be announced prior to an awards celebration on Wednesday, November 3, at Opportunity Finance Network’s (OFN’s) 26th Annual Conference in San Francisco, CA.

“The finalists for this year’s Wachovia Wells Fargo NEXT Awards for Opportunity Finance each demonstrate excellence and proven expertise serving important opportunity markets. These inspiring organizations have delivered real results for low-wealth and low-income communities and exemplify how CDFIs can drive economic recovery and growth in those markets,” said Mark Pinsky, President and CEO of the Philadelphia-based Opportunity Finance Network, the leading national network of high-performance CDFIs.

PCG’s mission is to advance economic justice and opportunity by partnering with organizations that provide access to capital for low-income people and communities. PCG operates as a loan participation network connecting CDFIs to each other and to new capital sources. PCG’s goal is to create a network that delivers capital to borrowers when and where it is needed most. From 2002-2009, PCG originated nearly 100 loans in 25 states and 14 countries totaling more than $22 million. Since 2004 PCG has originated nearly $15 million in participation loans, which have leveraged over $56 million from local CDFI Lending Partners and over $102 million from banks and other sources.

“We are extremely honored to be selected as a finalist for this prestigious award,” said Jeannine Jacokes, CEO of Partners for the Common Good. “The Wachovia Wells Fargo NEXT Award is critically important because it highlights performance and features innovations within the CDFI sector.”

Read PCG's full press release here!
For the full OFN press release go here.