The
Lowcounty Conservation Loan Fund
Overview
LTC Conservation Advisory
Services provided advisory services to the Merck Family Fund and the
Gaylord and Dorothy
Donnelley
Foundation, both of which have a history of supporting land conservation
in the Lowcountry region of South Carolina. LTCCAS was engaged to explore
the creation of a conservation revolving loan fund as a new strategy
for financing land conservation efforts in the Lowcountry. LTCCAS first
conducted a needs assessment to determine the feasiblity of such a fund,,then
assisted in the design, implementation, and initial administration of
the fund.
The Lowcounty Conservation
Loan Fund was established in the fall of 2002 with initial capitalization
from the Merck Family Fund and the Gaylord
and Dorothy Donnelley Foundation. The Fund provides interim financing
to land conservation organizations working in the Lowcountry. Loans
may be used for a variety of purposes, including land and easement
acquisition
costs, closing costs, and reimbursable expenses. The Coastal Community
Foundation of South Carolina (formerly the Community Foundation Serving
Coastal South Carolina) administers the Fund and works closely with
local, regional, and national land conservation organizations to
provide interim
financing for key conservation projects.
LTC Conservations Advisory
Services Role:
- Conducted a needs assessment
to determine the feasibility of a revolving loan fund to facilitate
land conservation in the Lowcountry;
- Interviewed multiple conservation organizations
in the region to assess transaction history, current deal flow,
and projected transaction
activities;
- Evaluated the need for interim financing
to support ongoing land conservation efforts in the Lowcountry;
- Prepared summary report based on needs assessment
and made recommendations regarding the potential creation and implementation
of a revolving
fund;
- Assisted in the design and preparation of
documents including the loan application, loan policies, and loan
guidelines;
- Assisted in finalizing loan terms including
size, interest rate, term, security and due diligence;
- Designed a prequalification process and
due diligence checklist;
- Conducted organizational due diligence
to pre-qualify potential borrowing organizations;
- Assisted in the coordination and leading
of conservation community meetings in order to obtain feedback
on the potential need, use,
and design of the loan fund and prepared necessary materials to
facilitate these meetings (agendas, memorandum of loan fund procedures,
draft
loan application);
- Trained Loan Fund Director;
- Trained/advised the Loan Advisory Board;
- Monitored the loan program and oversaw the
first loan cycle.
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