Nearly 5 million Californians—over 13% of the state’s population—have incomes below the federal poverty level. In 2005, more than half the jobs in the California economy provided full-time, year-round wages that were insufficient to support an adequate standard of living. And, while the state’s unemployment rate is down, the jobs being created tend to pay lower wages than jobs lost. Within this economic context, Pacific Community Ventures (PCV), California’s first community development venture capital organization, has pioneered and demonstrated an approach to economic development that provides competitive financial returns to investors as it creates quality jobs and an economic climate for growth likely to generate future investment opportunities in underserved markets and low and moderate income (LMI) communities.
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