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Piper Jaffray Establishes 'A Place to Call Home' Initiative,
Partnering With Neighborhood Development Center, Inc.
MINNEAPOLIS, Nov. 1 /PRNewswire-FirstCall/ -- Piper Jaffray is pleased to
announce it has established its "A Place to Call Home" initiative, partnering
with the Neighborhood Development Center, Inc. (NDC), a community-based
non-profit organization that works in the low-income communities of St. Paul,
Minneapolis, surrounding suburbs and greater Minnesota. Piper Jaffray has
committed a total cash award of $500,000 and employee volunteer time over a
three-year period and kicked off the partnership with its initial grant of
$175,000.
The "A Place to Call Home" initiative was formed to make a significant impact
in a selected neighborhood by providing financial and volunteer resources to
its partner in order to help accomplish objectives that would not otherwise be
possible or as easily attained. After months of learning and reviewing options,
a steering committee of Piper Jaffray employees selected NDC as its partner in
August.
The first phase of NDC's work, done in partnership with Project for Pride in
Living and Whittier CDC, was the formation in the Midtown Phillips neighborhood
of the Mercado Central -- a thriving Latino marketplace for small business
owners, most of whom are recent immigrants. Mercado businesses collectively
employ hundreds of individuals and generate more than $4.5 million in sales per
year. This economic activity has had a significant positive effect on the local
community and has led NDC to plan a strategic expansion of its work in the
neighborhood.
Piper Jaffray will work with NDC to support this expanded scope of activity in
Midtown Phillips. Specifically, the partnership will support renovation of the
old Antiques Minnesota building across Lake Street from the Mercado Central for
use by "second-stage" entrepreneurs to expand their businesses. This project
will also include an entrepreneur training center and computer learning
facility.
"We are very excited to initiate this partnership with NDC," said Tom
Schnettler, head of Equities and Investment Banking at Piper Jaffray & Co. and
management committee chair of the partnership. "The success of NDC's work in
the Midtown Phillips neighborhood to date is very impressive. We will use our
financial investment and business expertise to assist NDC's efforts to help
local entrepreneurs expand their businesses, grow their management skills and
increase employment, all of which will have a positive impact throughout the
community."
"We are thrilled to have been selected as the partner for Piper Jaffray's 'A
Place to Call Home' initiative," said Mihailo Temali, executive director of
NDC. "But as useful as the funding from Piper Jaffray will be to our project,
the other levels of this relationship hold even more potential to move NDC's
mission ahead. Piper Jaffray is willing to work with us on everything from
technology to financial planning and from strategic thinking to rolling up
their sleeves and painting walls and planting flowers! A firm of Piper
Jaffray's size, with an initiative this generous, will provide us with unique
and invaluable resources for many years to come."
Piper Jaffray & Co. is the chief operating subsidiary of Piper Jaffray
Companies (NYSE:PJC), a focused securities firm dedicated to delivering
superior financial advice, investment products and transaction execution within
selected sectors of the financial services marketplace. The company operates
through two primary revenue-generating segments: Capital Markets and Private
Client Services. Investment Research, an independent group reporting to the
CEO, supports clients of both segments. Piper Jaffray & Co. has served
corporations, government and non-profit entities, institutional investors and
the financial advisory needs of private individuals since 1895. Headquartered
in Minneapolis, Piper Jaffray has approximately 3,000 employees in 111 offices
in 23 states across the country and in London. For more information about Piper
Jaffray, visit us online at http://www.piperjaffray.com/ .
Since 1895. Member SIPC and NYSE.
DATASOURCE: Piper Jaffray
CONTACT: Media Relations, Susan Beatty of Piper Jaffray, +1-612-303-5680
Web site: http://www.piperjaffray.com/