REDF Announces New Nationwide Portfolio
It is with great excitement that REDF announces a new portfolio including 22 of some of the most innovative and effective social enterprises in the country.
These social enterprises were selected to receive REDF’s financial assistance and advisory services after a nationwide competition that drew over two hundred applicants from 36 states that serve numerous target populations, represent a diversity of industries and business lines, and provide a range of supportive services and real work experience to their employees.
With exceptional track records and potential for growth, these social enterprises come to REDF with many strengths, including committed, experienced leadership; financial stability and operational excellence; a history of impact; a geography that aligns with REDF’s priorities; a willingness to participate in a rigorous program evaluation; and the potential to dramatically increase the number of people they employ and serve.
REDF’s 2016 portfolio is fueled by support from our generous funders, and the federal Social Innovation Fund (SIF), which has committed an unprecedented $14.5 million to date – the largest federal investment ever in U.S. employment-focused social enterprises that prioritize jobs and workforce preparation while also leveraging tens of millions of dollars in private sector support. This new portfolio will become part of a national cohort, and collectively will receive nearly $7 million in grants over a two-year period, with a potential total award of $17 million over five years.
REDF will partner closely with these social enterprises, providing financial and operational advisory services that will allow them to strengthen their business, scale their impact, and help tens of thousands more people transform their lives and futures.
This national competition also revealed dozens of other outstanding social enterprises that, with the right kind of investment, partnerships, and advisory services, are poised to employ even more people. Seeing the depth and potential to impact many more people’s lives firsthand has reinforced REDF’s determination to accelerate and catalyze growth of the broader field. In addition to partnering with the new portfolio, REDF will provide targeted investments and advisory services, establish multi-sector partnerships, build the evidence base, advance supportive public policies, and develop the next generation of social enterprise leaders. The social enterprises listed below our new nationwide portfolio advanced to the finalist stage due to the strength of their applications and potential for greater impact. REDF will continue to follow and learn from these high-value contributors to this growing field, and will actively seek ways to partner with them.
Click here to read the press release.
REDF’s New Nationwide Portfolio
Chrysalis: Los Angeles, Pacoima, Santa Monica
Center for Employment Opportunities: Oakland, Los Angeles, San Bernardino, San Diego and multiple states.
Coalition for Responsible Community Development: Los Angeles
Community Housing Partnership: San Francisco
Conservation Corps North Bay: Novato, Cotati, San Rafael
Goodwill of Silicon Valley: Santa Clara County
Homeboy Industries: Los Angeles
Juma Ventures: San Francisco, Oakland, Santa Clara and multiple states
Goodwill Central Texas: Austin
Hope Works: Seattle, WA
Tech Dump, EMERGE, Better Futures Minnesota: Minneapolis, MN
Chicago Botanic Garden: Chicago, IL
Daybreak: Dayton, OH
Kitchens for Good: San Diego, CA
New Door Ventures: San Francisco, CA
Civicorps: Oakland, CA
Click here to review previous SIF announcement and background material.