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Hundreds of affordable apartments will be preserved or newly constructed in Brooklyn     more...
Home > News > Contined Growth
Contact Fund continued to grow through the spring and summer, with five new investors joining as of April 1st, bringing our total to a round 50 individuals and foundations.  It is an honor to work with you!

Our portfolio is dynamic, with all 14 current borrowers repaying principal and interest, with the exception of Bronx Shepherds Restoration Corporation, which ran into turbulence in July.  Contact Fund is sufficiently covered in this situation, but the organization will go through some complex restructuring.  Our newest borrower, Green City Force, joined in March with exciting plans to expand its program of training youth in Brooklyn public housing for permanent employment in energy efficiency.  Since joining the portfolio, Green City has been recognized by Mayor Bloomberg as a top performing nonprofit.  Our pipeline of new potential loans is robust, and includes some cutting edge ideas that we will share once we close those transactions.

We also grew into a promising new relationship, as we sealed an alliance with SeaChange Capital Partners.  SeaChange is a nonprofit with an eye toward entrepreneurial finance for the nonprofit sector.  It operates two separate funds for supporting mergers and collaborations among nonprofits, one of which is focused on New York City.  This fund has supported over 15 combinations among NYC nonprofits.  SeaChange also has experience working with nonprofit management teams through strategic crossroads and crises.  The SeaChange team is energetic, motivated, and talented.

Joining Contact Fund via SeaChange is Heather Gershen, coming on as a vice president.  Heather is the former Director of Real Estate at Fifth Avenue Committee, a long-time Contact Fund borrower and another widely admired nonprofit.  Heather is well-known in the NYC community development and housing spheres.  Her familiarity with Contact Fund has been a major advantage in this transition, during which Shellon Fraser came on to keep things running expertly.  Thanks to Shellon, who has since moved on to the Low Income Investment Fund, and welcome Heather!