Program-related Investments
The Dearfield Fund’s program helps first-time Black homeowners like Natalie Gentry (above) with down-payment assistance. The Colorado Trust made a $1M program-related investment in this initiative in 2021. Photo by Joe Mahoney / Special to The Colorado Trust
Since 2015, The Colorado Trust has used program-related investments (PRIs) as a tool to advance its mission and deepen its impact across Colorado.
Overview
Since 2015, The Colorado Trust has used Program-Related Investments (PRIs) as a tool to advance its mission and deepen its impact across Colorado. PRIs are flexible, mission-driven financial instruments designed to support organizations and initiatives aligned with the foundation’s strategic priorities. PRIs can be below-market loans, equity investments, loan guarantees and more.
Rather than seeking significant financial returns, PRIs are focused on achieving mission-related outcomes. Investments are directed toward efforts that promote health equity and community well-being, including affordable housing, capital infrastructure, economic opportunity, and financial inclusion.
PRIs help fill capital gaps where conventional financing is out of reach, particularly for nonprofit and for-profit entities working on high-impact projects. These investments can also unlock additional resources by blending philanthropic, private and traditional capital, enabling more sustainable, long-term solutions across the state.
Colorado Trust PRI examples and highlights include:
- Contributions to Community Development Financial Institutions (CDFIs)
- Equity investments in mission-aligned startup ventures, including one serving women entrepreneurs of color
- Loan guarantees that reduce lending risk for underserved borrowers
- Support for mobile home parks to transition to resident ownership
- Initiatives that assist first-time Black homeowners in accessing affordable mortgages
- Capital and infrastructure projects that include affordable housing, community health centers, early childhood education facilities and more.
Through its PRI program, The Colorado Trust is helping to catalyze lasting, equitable change for communities throughout Colorado.
Colorado Trust PRIs by the numbers
- More than two dozen PRIs have been deployed since 2015.
- Over $32 million has been invested, making The Colorado Trust the second-largest philanthropic provider of PRIs in Colorado.
- Approximately $3 million across five PRIs has supported projects in rural communities, with a continued commitment to expanding rural investment in the years ahead.
- At least 43,000 Coloradans have directly benefited from projects funded through PRIs.
- More than 500 small businesses and entrepreneurs have received capital and support.
- Nearly 4,000 affordable housing units have been created or preserved through PRI-supported efforts.
What’s next
At the end of 2024, The Colorado Trust Board of Trustees approved a five-year expansion for the PRI initiative, ensuring The Colorado Trust will continue to grow its portfolio of such investments in the years to come. Several PRIs have already been successfully repaid, allowing even more PRIs to be made with this recycled capital.
Select PRIs are profiled in the stories linked below, or click any of the names in the Investee section to learn more about projects The Colorado Trust has supported to date.
Investees
Boys & Girls Clubs of the San Luis Valley
Support in the form of a bridge loan to continue construction of a new early childhood learning center adjacent to the organization’s existing facility in Alamosa. Once complete, the center is expected to create 23 new full-time positions and provide high-quality early childhood education services for 160 children annually.
For more information, visit the organization’s website.
Investment amount: $1,000,000
Calvert Foundation
This subordinate loan to the Calvert Foundation helped underwrite a $10 million credit facility for the Urban Land Conservancy (ULC) in Denver. The ULC is using the facility to acquire and develop urban properties in underserved Denver communities. Properties include a Capitol Hill-area office building, to preserve affordable office space primarily used by nonprofit organizations serving poor and minority populations; and a mixed-use site in Elyria-Swansea along the North Metro rail line, to provide affordable housing and economic development in the area.
For more information, visit the organization’s website.
Investment amount: $800,000
Cleo Parker Robinson Dance
General operating support.
For more information, visit the organization’s website.
Investment amount: $500,000
Clínica Tepeyac
Support for expansion of services.
For more information, visit the organization’s website.
Investment amount: $1,000,000
Colorado Enterprise Fund, LLC
Support for the development of a grocery store in the Chambers Place shopping center in the Montbello neighborhood of Denver.
For more information, visit the organization’s website.
Investment amount: $1,000,000
Enterprise Community Loan Fund, Inc.
In partnership with other foundations, support for the Regional Transit Oriented Development Fund, an investment program that finances properties within a half mile of fixed-rail stations; and/or a quarter mile within high-frequency bus stops. The purpose of the fund is to preserve existing affordable housing, as well as develop new affordable housing and supportive commercial uses, within close proximity to public transportation.
For more information, visit the organization’s website.
Investment amount: $875,000
First Southwest Community Fund
Support for the Rural Women-Led Business Fund, which is designed to give access to funding for women-led/femme-identifying entrepreneurs and small businesses in rural Colorado through loans, education, and technical assistance. The fund will have a focus on serving women of color in rural Colorado, especially the San Luis Valley.
For more information, visit the organization’s website.
Investment amount: $300,000
First Southwest Community Fund
Support for the Fortaleza Business Fund, which is designed to give access to funding for entrepreneurship and small businesses run or managed by undocumented people in rural Colorado through loans, education and technical assistance.
For more information, visit the organization’s website.
Investment amount: $250,000
Impact Charitable
Support for the Colorado Housing Accelerator Initiative.
For more information, visit the organization’s website.
Investment amount: $5,000,000
Impact Charitable
Support for the Sistahbiz Loan Fund, providing resources to Black women entrepreneurs.
For more information, visit the organization’s website.
Investment amount: $300,000
Impact Charitable
Support for the construction of Clara Brown Commons, a mixed-use affordable housing complex and community center in Denver.
For more information, visit the organization’s website.
Investment amount: $750,000
Impact Charitable
Support for The Dearfield Fund.
For more information, visit the organization’s website.
Investment amount: $1,000,000
indieDwell Colorado
General operating support.
Investment amount: $6,500,000
Mi Casa BackOffice Solutions
Support for increased staffing, website development, equipment and training.
For more information, visit the organization’s website.
Investment amount: $58,000
Montbello Organizing Committee
Support for the development of the FreshLo Hub in the Montbello neighborhood of Denver, which includes a grocery store, office space for local BIPOC-owned businesses, affordable housing units and a community center.
For more information, visit the organization’s website.
Investment amount: $1,000,000
Pueblo Community Health Center Inc.
Support for expansion of services into Pueblo’s Eastside neighborhood.
For more information, visit the organization’s website.
Investment amount: $1,000,000
ROC USA LLC
Support for the Colorado Resident-Owned Communities Capital Acquisition Pool.
For more information, visit the organization’s website.
Investment amount: $3,750,000
Senior Housing Options, Inc.
Funding to help redevelop a senior housing facility in downtown Denver that provides 111 apartment units, all of which are Section 8 housing and predominantly serve low-income Coloradans with disabilities.
For more information, visit the organization’s website.
Investment amount: $650,000
Solvista Health
Support for the creation of a new regional assessment center.
For more information, visit the organization’s website.
Investment amount: $750,000
The Center for African American Health
Support for services and infrastructure expansion and updates.
For more information, visit the organization’s website.
Investment amount: $1,000,000
The Savings Collaborative
Support for the LaMedichi Savings Club, a community-led program driving upward economic mobility for low-income populations in Colorado’s mountain towns.
For more information, visit the organization’s website.
Investment amount: $900,000
Urban Land Conservancy
Support for the Metro Denver Impact Facility, which will be used to acquire and develop urban properties in underserved Denver communities. The fund’s purpose is to support the creation and preservation of affordable housing, community facilities and affordable commercial space.
For more information, visit the organization’s website.
Investment amount: $1,500,000
Urban Land Conservancy
Support for redeveloping a former school campus in the Park Hill neighborhood of Denver as part of the larger East Colfax redevelopment project.
For more information, visit the organization’s website.
Investment amount: $1,000,000
Program-Related Investment Stories
Check out the stories below about some of The Colorado Trust’s program-related investments and the advancement of their mission-driven work.
