2004 was a growth year for Pacific Community Ventures (PCV) marked by expansion of our services and investments throughout California. Over the past six years, Pacific Community Ventures has seen powerful results from its unique model for community development that utilizes the tools of business for social change. Our two private equity funds provide a rare source of capital for small to medium-sized companies whose growth has the potential to create significant economic gains for low-income communities across California. In 2004, we committed over $2 million to two new portfolio businesses (New Key Financial and Beacon Fire & Safety). Our current financed portfolio reflects nearly $10 million of investment in eight active companies. Through our nonprofit services, Pacific Community Ventures has matched nearly 60 small businesses with over 75 volunteer business advisors since 1999. PCV’s volunteer advisors guide small business managers through the company development process, providing high-level advice and insights along the way. Our efforts must be as dynamic as the markets and communities we serve, and this mindset is clearly reflected in our actions over the last year.