Piper Jaffray Establishes 'A Place to Call Home' Initiative, Partnering With Neighborhood Development Center, Inc.
November 01 2004 - 2:31PM
PR Newswire (US)
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/
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