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May #2 Newsletter: 2019 Impact Report + Additional COVID-19 Funding

2019 Impact Report

While we remain focused on supporting our social enterprises and their employees during COVID-19, we want to celebrate what this community has achieved in the past year.

In 2019, REDF worked with 134 social enterprises in 30 states and the District of Columbia that employed and provided training for over 10,000 people. This combination of paid work experience, on-the-job training, and comprehensive support services works – with graduates earning good wages, staying employed, and building a path to a more stable future.

That is the power of social enterprise – a proven approach that is needed now more than ever. Read our 2019 Impact Report. 

 

$250K in Front Line Matching Grants Awarded

REDF continues to deploy emergency funding to ensure the strength of the employment social enterprise sector across the country. Last week, we awarded $250K in Front Line Matching Grants to social enterprises that have pivoted their businesses to provide essential services or work on the front lines during COVID-19. The social enterprises will leverage a $1 for $1 match for the $50K general operating grant they receive, doubling the impact of our investment. Read more.

 

$1 Million Co-Lending Partnership Announced

REDF Impact Investing Fund and Open Road Alliance are combining their expertise and resources to launch a $1 million loan partnership for employment social enterprises. REDF partners are eligible to apply for this bridge and working capital financing to address the financial challenges posed by COVID-19. Learn more.

 

Stories of Resilience – The Empowerment Plan

Detroit-based Front Line Matching Grantee The Empowerment Plan, a sewing factory that hires women who have experienced homelessness, shifted from making sleeping bag coats for those in need to sewing personal protective equipment (PPE), including thousands of isolation gowns, for frontline workers. Seamstresses working on PPE production are making 100% of their hourly earnings, plus a daily stipend. Read more inspiring stories here.

 

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