Like you, I have been caught up in Olympic fever. I've been particularly excited to see a local Bronx athlete so prominently featured at the London 2012 games.

Closer to home, Contact Fund continues to put one foot in front of the other actively placing capital in NYC neighborhoods. As we reported back in May, additional funds secured from our March Senior Note Raise combined with proceeds from several loan repayments provided us with the additional capital to make four new loans, a total of $1.8 million in new loan activity.  

Our two most recent loans made just last month include Greater Jamaica Development Corporation (GJDC) and Cypress Hills Local Development Corporation (Cypress Hills). The loan to GJDC will be used for lease improvements to their commercial rental property. Contact Fund's pre-development loan to Cypress Hills will help finance a new affordable housing development that includes a supermarket on the ground floor as well as a hydroponic roof garden.

We're thrilled to have made these loans, and we've found strong demand for capital from other high performing nonprofits with great ideas to create opportunity for New Yorkers. This fall we will raise an additional $1 million to fund our pipeline of prospective borrowers.  

For more information about Contact Fund's September Senior Noe Issuance, please feel free to reach out to me or Managing Director, Jen Trepinski.

Thank you for your continued interest and all best wishes for a relaxing remainder of Summer. Go Team USA!

Sincerely,

Mark Reed - Founder