Our Mission & Vision
PCI works to improve the lives of our most vulnerable neighbors by investing capital and expertise in communities to generate opportunities.
We invest in community assets that contribute to the health and well-being of all residents, especially those with low-incomes and those that have been historically marginalized by systemic racism. We focus investments where we can have significant impact:
- Housing that is affordable and equitable and that connects residents to jobs, schools, services and community assets that enable them to thrive and be healthy
- Quality community services such as healthcare, education, childcare and social services that remove barriers to opportunity
- Income and wealth creating jobs and businesses, owned by people of color, located in communities of color, that keep dollars circulating within the neighborhood
- Economic development projects that enhance the quality of life for existing residents in rapidly changing neighborhoods.
Partnering to Create a Platform For Change
Established in 1999 as the result of state legislation (Chapter 259 of the Massachusetts Acts of 1998), a consortium of Massachusetts-based property and casualty insurance companies established The Property and Casualty Initiative, LLC (PCI) as a state-wide community loan fund. For over 20 years we have managed this impact fund with a clear strategy to create measurable, positive social impact across the Commonwealth of Massachusetts and to provide consistent financial returns to our investors.
Focused, Flexible Funding
We are solution-oriented and specialize in filling financial gaps for borrowers and partners. We are creative in underwriting and structuring our loans to meet our borrowers' needs as well as the requirements of participating lenders so that important community development projects can move forward. We are able to be problem solvers due to our unique structure and origin, which affords us more flexibility than commercial lenders and the ability to deliver financing terms and conditions that support purposeful projects.Learn more about our lending approach
Acquisition, Predevelopment, Construction, Mini-Permanent and Bridge loans. We can also create a customized loan to meet your specific needs. Learn more about our lending approach.
Our founding legislation defines eligible lending as affordable housing, community services, economic development and small business loans. Our mission, vision and values further guide our lending criteria. We only lend to projects and organizations in Massachusetts. We lend to both non-profit and for-profit entities.
PCI oversight is provided by its Board of Managers and the Commonwealth of Massachusetts Division of Insurance.
Yes. PCI's minimum loan amount is $50,000 and its maximum is $15,000,000.
PCI keeps its interest rates at or below the current market rate. The type of loan and the level of risk will influence the interest rate.
PCI accepts applications anytime. The loan application evaluation process can take as little time as two weeks if all the information PCI needs is provided. Final loan approval occurs at monthly Investment Committee meetings. The time from loan approval to closing depends on the complexity of the deal.
No. PCI will accept a subordinate position in a transaction with adequate cash flow to service senior debt along with PCI's debt.
Yes. PCI participates with other lenders, both public and private, as the originating lead lender and a participating lender.