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Public Radio Capital, based in Englewood, has teamed with the Calvert Foundation and the Ford Foundation to raise $15 million to expand financing for public radio stations nationwide.
The Bethesda, Md.-based Calvert Foundation has committed $3 million to the fund and The Ford Foundation of New York has pledged $1.5 million.
Further fundraising is to occur over the next six months to a year.
The fund's assets - including interest-yielding loans of $100,000 or more from accredited investors - will be managed by Public Radio Capital, a nonprofit created in 2001.
Using the new fund's assets as leverage, the group will aid noncommercial radio stations through the sale of tax-exempt bonds. They may also offer loans.
Stations will primarily use the financing to expand their geographic reach, make acquisitions or launch new programing.
"Beginning this fall, the Public Radio Fund will help public broadcasters all over the U.S. gain access to short-term capital on an affordable basis," said Marc Hand, managing director of Public Radio Capital.
The fund is expected to initially finance as many as 10 stations, with between 20 to 30 stations potentially taking part within five years.
The group has previously worked with Colorado Public Radio, helping the station bring in $6.5 million through the sale of tax-exempt bonds.
Robert Unmacht, a radio-industry consultant, said the fund will help stations expand - not subsidize struggling ones.
"It gives stations a new way to accomplish ventures that wouldn't have been possible in the past," said Unmacht.
Staff writer Will Shanley can be reached at 303-820-1260 or wshanley@denverpost.com | 