We are pleased to report that Pacific Community Ventures had a very good year in 2005. We celebrated an outstanding Double Bottom Line success of our equity investment model. We experienced tremendous growth in both the scope and reach of our Business Advisory Service. And we expanded significantly our Workforce Development programs. In summary, 2005 was a year of growth and high impact.
Companies financed by PCV are committed to hiring individuals from LMI communities. Between April 2000 and December 2004, PCV financed portfolio companies employed a cumulative total of 1,173 designated employees. Throughout the course of 2004, 543 designated employees worked in the eight active PCV financed businesses in a range of skilled and semi-skilled positions. Designated employee positions include but are not limited to jobs such as driver, butcher, bag sewer, shipping/receiving clerk, sprinkler fitter and administrator.
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 … Read More
PCV is a double bottom line investor, working to achieve social as well as financial returns on its investments. PCV believes that clear, ongoing measurement is critical to articulating the impact of its work. As there are no “industry standards” for measuring and reporting on social return, PCV has developed its own standards and methodology for measuring the impact of its investments.
2003 was a particularly exciting and active year at Pacific Community Ventures. We deployed $4 million to four growing companies. One of these investments was in our first Southern California portfolio business. Located near Los Angeles, Radiovisa is a producer and national syndicator of Spanish language radio programs and services targeting Hispanics of Mexican origin. During 2003, our business advisory services continued to thrive. We established new partnerships and conducted numerous forums and roundtables. Additionally, this year, we expanded our measurement and analysis of our social impact. With help from BTW Consultants and our portfolio businesses, we conducted our first portfolio business employee survey and heard directly from employees about their perspectives and experiences.
In the last twenty years, the United States has lost over 3 million manufacturing jobs — 56,000 in June 2003 alone. For those workers who still have jobs, many are not being paid enough to live. The value of the current minimum wage, $5.15, is 21% less than it was in 1979. In the context of these economic conditions, the need for bold and innovative action has never been clearer.
In 1999, Pacific Community Ventures (formerly known as Silicon Valley Community Ventures) became the first community development venture capital organization in California. Pacific Community Ventures (PCV) seeks to strengthen companies in traditionally overlooked areas to help develop the communities around them. They do this primarily by working with companies that provide good jobs with marketable skills to residents of low- to moderate-income (LMI) communities.
Businesses in the PCV portfolio achieved notable successes throughout 2002, including follow-on financings, new management, major new contracts and significant industry recognition. Our service offerings continue to play a strong role in supporting the vitality of our portfolio. Both on a one-on-one basis, and through PCV Business Roundtables and CEO forums, our network of experienced business advisors has provided critical perspectives and strategic advice.
In 1999, Silicon Valley Community Ventures (SVCV) brought together the principles of “venture capital” and “community develop” to create the first community development venture capital fund in California. SVCV’s goal is to strengthen businesses in low-income neighborhoods of the San Francisco Bay Area in order to help develop the communities around them.
Like everyone across the nation, SVCV was profoundly affected by the events of September 11. Our organization’s offsite had already been scheduled for early October, and for that we were grateful, as it seemed everything we had been sure of was suddenly less certain. The economic downturn in the Bay Area has of course created challenges, and world events have magnified every issue.