2009 was a big year of change for Pacific Community Ventures, and for America. Our founders, Bud and Penelope, made the decision to step down as the leaders of PCV after 10 years. Bud stepped down as Chairman of our board, and in his place Bill Pace took over. And Penelope handed over the reigns of PCV President to Beth Sirull. Bud and Penelope continued to serve on our Board of Directors and we benefit from their wisdom.
In the broader economy, the recession was in full-swing, and a newly inaugurated Barack Obama was looking to keep hope alive among America’s working people. At PCV, we were working to stay the course in tumultuous times — while the average private employer cut jobs by 4% in 2009, PCV small businesses all grew by at least 3%. Also in 2009, PCV InSight evaluated the social impact of nearly $1.3 billion in equity investments in small businesses. With funding from the Rockefeller Foundation and the Annie E. Casey Foundation, we also began researching and publicizing practices and policies that help investors put more resources to work – more effectively – in lower income communities.