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.
The year 2000 was a year of significant accomplishments for our organization, as we completed our own successful transition from start-up phase to full-scale investing, advising and networking services. During the course of the year we made investments in 6 portfolio companies and saw our invested portfolio provide a total of 146 jobs to low-income individuals to date.