New fund's aim: financing public radio stations across U.S.

Joanne Kelley, Rocky Mountain News

Published August 10, 2006 at midnight

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Three nonprofit groups announced the creation of a Denver- based investment fund aimed at financing public radio stations nationwide.

The Calvert Foundation, the Ford Foundation and Denver-based Public Radio Capital formed the Public Radio Fund, which hopes to raise $15 million in the next six to 12 months, the groups said.

The biggest initial commitment comes from Calvert, a "socially responsible" investment foundation that supports affordable housing and other types of community programs. The suburban Washington, D.C.-based Calvert has committed $3 million, while the New York- based Ford Foundation kicked in $1.5 million.

The fund allows institutional and accredited individual investors to invest $100,000 or more.

The money is expected to allow for the financing of an estimated five to 10 stations but could allow 20 to 30 stations to obtain financing in the next three to five years.

"The Public Radio Fund will help public broadcasters all over the U.S. gain access to capital on an affordable basis, and move more quickly and aggressively when an opportunity to compete for a valuable channel comes on the market," said Marc Hand, managing director of Public Radio Capital.

kelleyj@RockyMountainNews.com or 303-954-5068

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