The Community Foundation of Puerto Rico (FCPR) had the voluntary support of students from the Notary Clinic of the Legal Assistance Clinic of the UPR School of Law for the legal process that allowed for the completion of the grant of
San Juan, Puerto Rico, September 10, 2018 | The Puerto Rico Community Foundation (PRCF) and the Notary Clinic of the Legal Aid Clinic of the University of Puerto Rico (UPR) School of Law joined forces to sign three loans totaling $795,000 from the PRCF's Community Investment Fund (CIF) to PathStone, Jóvenes de Puerto Rico en Riesgo, and the Colegio de Aprendizaje y Desarrollo Educativo Integrado, Corp. (CADEI), for their operational and programmatic strengthening.
In 2015, the FCPR established the FIC with an initial endowment of $500,000. Since then, the Fund has received contributions from Banco Popular de Puerto Rico, First Bank, Angel Ramos Foundation, Scotiabank and Banco Santander. The purpose of the FIC is to provide nonprofit organizations (NPOs) with a new alternative for accessing financing; it is currently the only instrument for this purpose on the Island. The Fund seeks to provide financing to NPOs whose projects are aimed at providing housing, generating employment and strengthening micro-loans; also as a bridge loan with guaranteed repayment sources to cover operating costs.
“Today we have succeeded in fulfilling a dual function: we support the training of professionals and, through formalized financing, we contribute to strengthening the corporate capacity of these nonprofit organizations. In this way, human capital and financial capital are put to work. We also want to emphasize that the three causes generate an incredible social impact for Puerto Ricans,” said Dr. Nelson I. Colón Tarrats, president of FCPR.
A group of students from the Notary Clinic, led by Professor Lourdes Quintana Lloréns, collaborated with the trio of organizations in the drafting of the legal documents that allowed the process that culminated with the signing of the loans on September 5. This clinic is one of 18 at the UPR School of Law. The university students are in their last year and the volunteer work they are doing is part of their academic requirements; they were: Miguel Garratón, Jean Santiago, Nicole Fernández, Yara Santiago, Lenny Reyes, Adriana Núñez, Carlos Sosa, Jomar Delgado, Desiree Vázquez and José Ocasio.
“The University of Puerto Rico School of Law's Notarial Legal Assistance Clinic kicked off this academic year by providing support to the Puerto Rico Community Foundation in the preparation of these three (3) loan contracts for these non-profit organizations,” said the dean of the School of Law, Vivian I. Neptune Rivera, who was present to support the students in their executions, having participated, under the supervision of their mentor, Quintana Lloréns, in the drafting of the contracts and promissory notes. “We appreciate the support that FCPR gives to the Notarial Clinic and the participation of these three organizations, as it benefits the formation of better notaries for Puerto Rico,” added Neptune Rivera.
For his part, Quintana Lloréns noted that “we hope that the opportunity that the FCPR has placed in our Notarial Clinic will result in more collaboration agreements with less privileged sectors”. He also indicated that “by using the services of the Notarial Clinic, the FCPR, as well as other non-profit organizations with which they make these agreements, benefit by not having to incur expenses for notarial services, which they receive free of charge through our Clinic. Likewise, the Clinic benefits by allowing the students to assist the professor in the preparation of the legal documents.
The organizations receiving the loans are very solid, such as Jóvenes de Puerto Rico en Riesgo, which for more than 20 years has been fighting school dropout rates among adolescents between the ages of 12 and 17 in San Juan, Comerío, Canóvanas, Humacao, Naguabo, Juncos, Aguadilla and, soon, Loíza. The financing granted will enable them to strengthen their operations. PathStone, which has been operating since 2002, has a small business loan program that also provides technical assistance before, during and after the financing. The financing to this organization will serve to strengthen its loan program.
In the case of CADEI, this is a bilingual elementary school that serves both the typical and atypical population, characterized by individual educational service in Moca and the western region. The funding will allow them to acquire equipment and obtain operational capital to open the doors of a new school during the current school semester. CADEI impacts more than 100 children with special needs. “The agreement represents an oxygen tank for this type of project that focuses on breaking educational stigmas, using innovative methods and specialized services. Thanks to the Fundación Comunitaria for meeting this need,” said CADEI President Christian Pagán Colón, whose institution is accessing FIC for the first time.
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About Fundación Comunitaria de Puerto Rico | The FCPR is a nonprofit organization that for more than 32 years has advised individuals, families, corporations and foundations inside and outside the island on how to channel their philanthropic concerns. The advice seeks to ensure that donors' contributions have an impact on the self-development of Puerto Ricans. In addition, the FCPR has a programmatic area for annual projects that address the current needs of our communities. The FCPR is the first foundation of its kind in Puerto Rico and the Caribbean, and today the only one in Puerto Rico.
CONTACTS
Mary Ann Gabino | Senior Vice President FCPR | R-492
Libni Sanjurjo , FCPR Communications Officer , (787) 240-0130 lsanjurjo@fcpr.org
Amarilys Ortiz , Director of Alumni, Communications and Activities , (787) 999-9608 amarilys.ortizmedina@upr.edu