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Program Related Investments
A PRI is made through a Barberton nonprofit organization to help satisfy
the mission of the Foundation. Most of these investments are loans,
related to either economic or neighborhood development. Federal
regulations list three characteristics that distinguish PRIs from
traditional foundation investments:
- The Foundation's mission is the primary motivation.
- Generating income is not a significant motivation.
- PRIs cannot be made with intent to influence legislation or a political election.
The investments intentionally receives a lower rate of return, in return
for the benefits they bring to the community. The Foundation has FOUR
PRI programs:
- Business Linked Deposit Loan Program created in 2005, The Foundation and
the Barberton Community Development Corporation (BCDC) collaborate with
local banks to offer eligible businesses the opportunity to expand and
improve their business and increase local employment opportunities;
- The Home Improvement Loan Program (HILP), developed in 1999, has
produced nearly $5 million in improvements to single-family,
owner-occupied homes in Barberton;
- The Barberton Community Development Corporation Program (BCDC Program)
has assisted 12 companies move to or expand in Barberton. This has
resulted in 630 jobs created or retained with an annual payroll of $12.1
million. More than $12.6 million in plants and equipment has been
invested. The benefits to the schools and city ... nearly $250,000 in
both annual city income and property tax revenues;
- The Neighborhood Conservation Services Program (NCS Program) which
assists first-time homebuyers and with home improvements.
For information on the Home Improvement Program , contact the Foundation
at (330) 745-5995 or any of following banks:
First Merit (330) 753-7590 or (330) 745-2070
Fifth Third (330) 745-8516
U.S. Bank (330) 745-9013 or (330) 745-5278
Chase (330) 972-1910
For information about the BCDC or Business Linked Deposit Program,
contact Larry Lallo at (330) 745-3070, or log onto www.bcdc.org.
For information about NCS, contact Jay Gardner at (330) 753-8500 or log
onto www.barbertonncs.org.
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