November 6, 2015 HBI Receives PRI from the 1772 Foundation
HBI is honored to be the recipient of a program-related investment (PRI) from the 1772 Foundation of Rhode Island that will be used to support pre-development work on HBI projects. The 1772 Foundation will give HBI a $400,000 low-interest loan at a fixed rate of 2% for a five-year term.
PRI-s – Program Related Investments — are a vehicle through which charitable foundations make flexible loans to public charities in order to expand the foundation’s impact, and help non-profits heighten their effectiveness. Though loans, PRI’s are typically drawn from a foundation’s principal and count toward the annual giving requirements of foundations.
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