An investment in a community development or business venture that serves a charitable purpose. Unlike a grant, the foundation expects its investment to be repaid, although usually not at the same rate of return that it would expect from its normal investments.

Broad, functional definition: A method of providing support to an organization, consistent with program goals involving the potential return of capital within an established time frame. In the context of this study, program-related investments include loans, loan guarantees, equity investments, asset purchases or the conversion of asset(s) to charitable use, linked deposits, and, in some cases, recoverable grants.

A loan or other investment (as distinguished from a grant) made by a foundation to another organization for a project related to the foundation's philanthropic purposes and interests.

A loan or other investment made by a private foundation to a profitmaking or nonprofit organization for a project related to the foundation's stated purpose and interests. Program-related investments are an exception to the general rule barring jeopardy investments. Often, program-related investments are made from a revolving fund; the foundation generally expects to receive its money back with limited, or below-market, interest, which then will provide additional funds for loans to other organizations. A program-related investment may involve loan guarantees, purchases of stock or other kinds of financial support.

A loan or other investment (as distinguished from a grant) made by a foundation or corporate giving program to another organization for a project related to the grantmaker's stated charitable purpose and interests. Program-related investments are often made from a revolving fund; the foundation generally expects to receive its money back with interest or some other form of return at less than current market rates, and it then becomes available for further program-related investments.