RIIF Closes Two New Loans

REDF Impact Investing Fund has recently invested in two new mission-driven businesses! With 13 loans closed to-date and over $2.4M invested, RIIF is expanding its footprint and accelerating the growth of social enterprises. 

With its sights set on expanding in the Northeast, a $200K working capital loan to Working Fields, a Vermont-based, mission-driven staffing agency, will help fund two new positions and the start-up costs of their latest location.

Founded in 2016, Working Fields specifically works to employ individuals recovering from substance use disorder and people who have been formerly incarcerated. Their model is to transform the traditional staffing model with recovery coaching to help individuals build a meaningful life that includes employment, and to create a community of recovery friendly workplaces that treat people in recovery or with past convictions in a supportive and equitable manner. 

Communications with RIIF were clear and consistent, and we knew exactly what to expect at every step along the way.

REDF Accelerator alumni and current Growth Portfolio grantee Neighborhood Industries, whose reach extends beyond its Fresno base throughout San Joaquin Valley and Central Coast, believes in using the workplace to help people who are impacted by steep employment barriers cultivate the skills needed to effectively and successfully navigate the modern day workforce.

In June, Neighborhood Industries’ warehouse was lost in a fire. A $75k bridge loan from RIIF, paired with a $75k bridge loan from Open Road Alliance, which specializes in quickly providing short-term bridge loans to impact-first companies, allows Neighborhood Industries to continue making payroll to 15 employees directly affected by the fire as they get their new location up-and-running.

Loan Snapshots

Location: South Burlington, VT
Investment: $200K working loan
Industry: Alternative staffing
Impact: Scale to 10 locations, employ 300 temporary associates and several full-time employees
Learn more!

Location: Fresno, CA
Investment: $75k bridge loan
Industry: Retail and Recycling
Impact: Continue making payroll to 15 employees directly impacted by the fire
Read more!

RIIF Introduces Line of Credit Product

Based on feedback from employment social enterprises, we’re now offering a line of credit product to qualified borrowers who experience cash flow gaps due to delays or timing mismatches with government contracts, or other receivables, and when expenses such as payroll must be paid. Lines of credit allow organizations to borrow on an as-needed basis up to a certain limit, rather than taking out a fixed term loan.

Inquire with Emilie Linick (elinick@redf.org) to learn more!