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NPX Achieves First Close With New Impact Security; Raises $800k For The Last Mile - #665
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Last December, I reported here that NPX, Inc., had developed a new concept for financing nonprofits called an “impact security.” In May, the nonprofit The Last Mile closed on $800,000 of financing using the new instrument.
How it works:
According to Princeton educated Catarina Schwab, 43, NPX’s co-founder, “The Impact Security allows a nonprofit to issue performance-based debt to investors and make required payments on the debt over time with…
The skinny
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