| Notes |
The transaction benefits from a guarantee provided by Bloomberg Philanthropies. The foundation provided a $7.2 million grant to MDRC to guarantee a portion of the loan, thus reducing Goldman Sachs’ risk. However, the grant is paid over time in such a way that at any given time, there is Goldman Sachs capital at risk in the transaction. Any unused portion of the guarantee fund will remain with MDRC to support future efforts of this sort. Figure 2 depicts the flow of funds among the parties. |