George Gund Foundation Trustees approved program-related investments (PRIs) to the Manufacturing Advocacy and Growth Network (MAGNET) and the Cleveland International Film Festival (CIFF) at their November meeting.
CIFF, faced with a shift in the film industry from 35mm print projection to digital cinema projection, will receive a $500,000 loan to purchase new digital projection equipment for use in the Festival’s home at Tower City Cinemas.
MAGNET will receive a loan of up to $350,000 to expand its fee-for-service PRISM (Partnership for Regional Innovation Services to Manufacturers) program that offers technical assistance to local companies on everything from supply chain management to product pricing. Several other foundations participating in the Fund for Our Economic Future are also expected to provide loans for the project which will allow MAGNET to hire staff and consultants to ramp up its successful pilot program.
PRIs are investments made by foundations to support charitable activities that involve the potential return of capital within an established timeframe. MAGNET will use fees paid by companies for consulting services to repay its PRI. The Film Festival’s loan will be repaid with savings from equipment rental as well as fees Tower City Cinemas will pay CIFF to use the equipment at other times of the year.