In the last 20 years, The San Francisco Foundation (TSFF) has guaranteed 17 loans totaling $5.3 million. The success of the foundation’s zero-loss loan guarantees, which leveraged over $50 million, encouraged the foundation to expand its impact investing activities. In 2009, TSFF launched a formal impact investing initiative, its Program Related Investments Fund, carving out $5 million from its endowment for direct investments and loans to intermediaries. Donors are now able to participate as co-investors. As of December 2013, the PRI program has helped to provide 861 small businesses loans and 12 loans to finance energy savings improvements on affordable housing properties. TSFF participates in the Bay Area Workforce Funding Collaborative, which has raised over $10 million in grants to expand the workforce development capacity of California community colleges. It has also launched Recession Response grantmaking programs in Job Training and Creation as well as Foreclosure Responses and Neighborhood Preservation. TSFF provides technical assistance to the Implementation Committee of the Core Community Benefits Agreement (CCBA).