Why should I invest in press freedom?
Independent newspapers are the life-blood of a free society. Yet around the world, more than 80% of people live in countries without a free press ("Freedom of the Press 2006: A Global Survey of Media Independence", Freedom House). That means more than 5 billion people can't trust the news they receive. Learning only what their government and its friends want them to know, most people have no meaningful chance to engage in the civic life of their country or have a say in its future.

FPIN offer individuals, corporations and foundations in the U.S. an opportunity to start putting that right. Media Development Loan Fund – the issuer of FPIN – has teamed up with the World Association of Newspapers to enable you to partner with some of the leading independent journalists in the developing world, to help exceptional individuals committed to truth and objectivity build their newspapers into strong and lasting businesses. Your investments will enable courageous news men and women to buy the printing presses they need to bypass government censors, to make sure their newspapers reach more readers and to develop stronger, more sustainable businesses so they can keep telling the real story.

Backed up by management training and ongoing support, MDLF financing is often the only way an independent publisher can access the capital it needs to strengthen and expand while staying free from state control and vested interests. FPIN allow you to support newspapers that hold governments to account, expose corruption and give a voice to the unheard.

What is WAN?
The World Association of Newspapers (WAN) is the global organization for the newspaper industry. It groups 72 national newspaper associations, individual newspaper executives in 102 nations, 13 news agencies, and nine regional press organizations. In all, the Association represents more than 18,000 publications on the five continents. WAN is non-governmental and non-profit. The Newspaper Association of America is a leading member, represented on the WAN Executive Committee and Board.

What is MDLF?
Media Development Loan Fund is a not-for-profit organization that provides low-cost financing to independent news outlets in countries with a history of media oppression. It also provides the management training and support borrowers need to make the most of their loans. At work in Africa, Asia, the Balkans, Latin America, Russia and the former Soviet states, MDLF seeks to secure a strong and independent press in countries struggling towards democracy.

In the past 10 years, MDLF has helped almost 50 independent media companies in nearly 20 countries finance scores of projects. It has provided more than $45 million in low-cost financing, already collecting back more than $15 million in principal repayments to be lent out again to other news companies. MDLF has written off as losses less than 3.25% of the total loaned.

Why are WAN and MDLF working together?
Under their Independent Newspaper Development Initiative, WAN and MDLF have joined forces to raise funds for an MDLF loan pool to provide financing to independent newspaper publishers in developing countries. They are also working together to make sure borrowers receive the best management training and advice possible to build their newspapers into lasting businesses.

How do Free Press Investment Notes® work?
Your money is pooled together with that of other investors in a revolving loan fund – managed by MDLF – that goes to work over and over, supporting independent newspapers all around the world.

MDLF alone is issuing FPIN. MDLF is also solely responsible for their administration and repayment.

How do I invest?
To invest, check that you are eligible to buy FPIN (see Who can buy Free Press Investment Notes®?), take a look at the prospectus and complete an investment form. You can read the prospectus here and download an investment form here. If you would like to receive these documents by mail, call the Calvert Community Investment Service Center at 1-800-239-5911 or send us an email.

Mail the completed investment form with a check to the Community Investment Service Center, P.O. Box 30084, Bethesda, MD 20824-9948.

Who can invest?
If you live in the U.S.: FPIN may be lawfully sold in over 20 states and the District of Columbia, with registration pending in many more states. Click here to find out whether this includes your state. Anyone can make a donation now. If you have any questions, call the Community Investment Service Center at 1.800.239.5911.

If you live outside the U.S.: FPIN are only available to U.S. residents. However, you may be able to invest in Voncert responsAbility Media Development, a financial product MDLF launched with Swiss private bank Vontobel that combines a fixed-interest investment with an investment in independent news media through MDLF. Find out more here.

You can also make a donation now.

Rates and terms
You can invest as much as you like, or as little as $1,000. You choose the interest rate (up to 3%) and the term of your investment (from 1 to 10 years) – it's that simple. But remember, the lower the interest rate and the longer the term you choose, the more it helps WAN and MDLF provide the support that news outlets need to make the most of their loans.

Is my investment safe?
Although FPIN are not federally insured, they benefit from credit enhancements including portfolio diversification, rigorous due diligence, portfolio monitoring and MDLF's 10 years of experience. And MDLF backs its entire portfolio with a generous loan loss provision and net assets of more than $15 million.

Who administers Free Press Investment Notes®?
FPIN are administered by Calvert Foundation, which has more than 10 years’ experience of managing community investment schemes.

How are Free Press Investment Notes® different from a charitable contribution?
With FPIN, you essentially partner with leading journalist-entrepreneurs who use the investment capital to become stronger, more effective providers of news and information. For about the same cost, your investment in FPIN has many times more impact compared to a charitable donation. When you make a $20 donation, only $20 goes to work helping people. When you invest $1,000 at 2% interest*, you might sacrifice $20 in interest but your entire $1,000 is pooled with the money of others like you to help independent newspapers strengthen and develop.
* compared to a T-bill investment of 4%.

Does investing in Free Press Investment Notes® qualify for tax benefits?
No. There are no tax benefits for FPIN holders. Tax deduction is available where capital is donated to MDLF and enters a permanent revolving loan pool. Contact MDLF for further information.

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