IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers
ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
Nonprofit Finance Fund
Firm Overview
As one of the nation's leading CDFIs, Nonprofit Finance Fund provides a continuum of financing, consulting and advocacy services to nonprofits and funders nationwide. We have expertise in structuring philanthropic capital and program-related investments, managing capital for guided investment in programs, and providing advice and research to help maximize the impact of the grants.
Years of Operation: 10 years or more
% of Capital from Top 3 Investors: Less than 25%
NFF's mission is to serve as a community development financial institution for nonprofit organizations and other enterprises with a social mission. We believe these organizations are critical to the health, viability, and vitality of communities, particularly those with significant numbers of low and moderate-income residents. Our goal is to invest money, either as a sole lender or in partnership with other financing institutions (banks, CDFIs, foundations etc.), to help mission-driven organizations meet their capital needs for growth and maintenance of their financial health while they continue to provide high-quality programs and services to their clients.
Investment Example
In January 2012, NFF provided financing to YPI Charter Schools. Our loan was $750,000 working capital line of credit (to increase access to capital and replace existing, smaller bank line of credit. This loan helped YPI retain 58 full time employees. NFF's loan will allow two schools in Los Angeles to keep their doors open and continue to make payroll because of delayed funding from the California Department of Education (as a result of the state of California's budget deficit problems). Given the CDE payment deferrals, charter schools are now expected to operate with only 65% of budgeted annual state revenues during the course of the fiscal year. The two schools, Bert Corona Charter School in Pacoima, and Monsenor Oscar Romero Charter School in the Pico Union area of LA, serve a combined 594 students, 90% of which qualify for Free/Reduced Lunch. YPI Charter Schools is affiliated with Youth Policy Institute, a larger nonprofit organization that provides vocational training and technology services for low-income families in Los Angeles.
In the absence of NFF financing, YPI Charter Schools would have had to resort to using very expensive factoring options (annualized interest costs above 30%) to maintain operations or to start laying off staff. In February 2012, Nonprofit Finance Fund, in conjunction with a New Markets Tax Credit financing from Enterprise Community Investment and JPMorgan Chase Bank, provided debt financing of $7,934,117 to Asian Health Services (AHS) for the creation of a new community health center in Oakland, CA. AHS is a California nonprofit public benefit corporation that seeks to ensure equal access to health care services regardless of income, insurance status, language or culture.
Leadership and Team
Antony Bugg-Levine – CEO/President More Info
Antony Bugg-Levine is the CEO of Nonprofit Finance Fund, a national nonprofit and financial intermediary dedicated to mobilizing and deploying resources effectively to build a just and vibrant society. In this role, Mr. Bugg-Levine oversees more than $225 million of capital under management and a national consulting practice, and works with a range of philanthropic, private sector and government partners to develop and implement innovative approaches to financing social change. Mr. Bugg-Levine writes and speaks regularly on the evolution of the social sector and the emergence of the global impact investing industry. He is the co-author of Impact Investing: Transforming How We Make Money While Making a Difference |
Elizabeth Ortiz – COO/CFO More Info
Elizabeth Hall Ortiz joined NFF as Chief Operating Officer in August 2004. In 2010 she assumed the additional responsibilities of CFO. A 13-year veteran of Citibank, N.A., a member of Citigroup, Ms. Ortiz brings to NFF a broad range of operational and management experience in both retail and private banking, strategic planning and financial control. In addition, as Citibank's Director of CRA & Fair Lending, Ms. Ortiz was responsible for the coordination of Citibank's activities in low- and moderate-income communities across the United States and in Puerto Rico. |
Leon Wilson – Executive Vice-President More Info
Leon Wilson joined NFF in 2006 as Managing Director of Advisory Services. In 2009 he was appointed Executive Vice President of NFF. He is responsible for the business areas of NFF. This includes day to day responsibility for Consulting and Lending as well as the regional offices of NFF. He has extensive experience in financial management. Prior to joining NFF, Mr. Wilson was Executive Vice President of Bank of America responsible for its mid-market asset management division, and the Bank of America endowment/foundation portfolio. |
Craig Reigel – Managing Director Capital Partners More Info
Craig Reigel is Managing Director, NFF Capital Partners. He joined NFF after serving as a project based consultant to the nascent Capital Partners business for over a year. The core of his work is attracting essential patient capital to high potential nonprofits, improving the allocation of capital within the sector. Mr. Reigel comes to NFF with a long history of solving the dilemmas of growth in diverse environments. He has been a consultant to for-profit industry leaders, both with Bain & Company and independently, advising on a variety of strategic, operational, and organizational issues. In seven years as a principal in Datagraph Systems, Inc. he has taken a small business delivering performance management tools literally from the basement to international success. |
Norah McVeigh – Managing Director Financial Services More Info
Norah McVeigh is responsible for NFF's financial products which include loans, New Market Tax Credits, credit enhancement and asset-building products. She oversees product quality, and manages NFF's credit processes and its $60 million loan portfolio,$150 million NMTC product and other financial product portfolios. She is also responsible for the capitalization of the loan fund, raising capital and managing investor relations. She also works across the organization to develop new products and key partnerships. Before joining NFF in 1993, she was Associate Director and a Loan Specialist for the Housing Development Fund in Stamford, Connecticut. Previously, she worked for International Voluntary Services, where, among other positions, she administered a program in Ecuador that provided assistance to rural communities. Ms. McVeigh holds a Masters in Public and Private Management from The Yale School of Management and a BS from Georgetown University. |
Kristin Giantris – Vice-President More Info
Kristin Giantris is Vice President for National Strategic Initiatives and directs the business development and relationship management efforts for a number of strategic, national partnerships and innovative financing and funding initiatives. Kristin’s professional experience combines 20 years of economic development and debt financing in both the nonprofit and for profit sectors. Prior to joining NFF, Kristin was a Vice President at Citigroup Global Markets in debt origination and came to Citigroup after an initial career in the nonprofit sector, working for an international nonprofit organization, Volunteers in Overseas Cooperative Assistance. |
Financial Performance
Impact Performance
Percentage of Total Assets Under
Management that are Impact Investments: |
100%
|
Our target market is composed of mission-oriented organizations. As part of our due diligence, our underwriters explore how an organization's business model and activities support both the repayment of debt and the advancement of the organization's mission.
NFF's underwriting philosophy and practice over the last three decades has been based upon capitalizing social sector organizations for the long-term. We are not in the business of project-financing or asset-based lending whereby we look to the deal or the collateral for repayment. Rather, our capital—including real estate loans—is oriented toward financing enterprises (both nonprofit and for-profit social benefit organizations) that have programs that support low and moderate income communities and families during the term of our loan and into the future.
Impact Tracking and Monitoring
Learn More
70 West 36th Street
11th Floor
New York, NY 10018
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