Ford Foundation and RIIF Invest in Appalachia's Local Economy
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Ford Foundation and RIIF Join Forces
Plans for $6 million in investments are set to attract new sources of capital to create tailored funding solutions for small businesses. This initiative aims to promote good jobs and wealth-building opportunities for American families, significantly impacting the local economy.
Focus on Economic Growth in Appalachia
Today, the Ford Foundation, in partnership with the REDF Impact Investing Fund (RIIF), revealed an initiative designed to provide vital funding to locally-owned businesses. With a focus on the economic development priorities of the Appalachian Regional Commission, this $6 million investment is geared towards driving economic growth and creating job opportunities throughout the region.
Prioritizing Small Businesses
The investment aims to prioritize small businesses, which are crucial as they employ nearly half of the workforce in Appalachia. The goal is to enhance wealth retention within local economies while focusing on businesses in emerging industries. With significant potential in solar and wind investments, there is an exciting opportunity for growth in these sectors.
Innovative Financing Solutions
This initiative sets itself apart from traditional community and economic development funding vehicles by offering customizable financing solutions that directly meet the specific needs of small businesses. Options may include affordable loans, preferred equity, and revenue-based financing. The initiative also seeks to attract other private sector investors, such as banks and corporations, to fuel impactful investments that produce financial returns while aiding local communities.
RIIF Capital's Role in Managing Investments
All investments will be managed by RIIF Capital LLC, a wholly-owned subsidiary of the REDF Impact Investing Fund. They will collaborate closely with local stakeholders to ensure the successful allocation and impact of these investments.
Vision for a Stronger Future
"Appalachia is home to some of the most resilient communities in our nation's history. We are optimistic that these new investments will energize local initiatives aimed at creating a stronger, more prosperous future for families living in this vital part of America," stated Ford Foundation director of Mission Investments, Roy Swan. He emphasized the need for collaboration among public, private, and philanthropic partners to improve the social and economic landscape of the area.
Community Voices on Economic Solutions
CEO of RIIF, Carrie McKellogg, expressed excitement about working alongside resourceful business leaders in Appalachia, believing they hold the keys to sustainable economic development. She noted that additional flexible financing can significantly support local business growth.
Past Investments and Continued Commitment
The current initiative follows more than $14 million in grants and investments made by the Ford Foundation over the past decade. Recent contributions, including a $10 million investment aimed at job creation and a $2 million grant to support small business opportunities, further exemplify the Foundation's long-standing commitment to fostering growth in Appalachia.
Collaborating for Enhanced Impact
Brandon Dennison, Executive President and Founder of Coalfield Development, reaffirmed the importance of this initiative for enhancing opportunities in the region. He indicated that combining the compassion of a charity with effective business practices is necessary for diversifying the Appalachian economy. This initiative represents a significant step in supporting social enterprises within the region.
Engaging Young Firms
Recognizing that young firms are vital to the heartland economy, the initiative aims to provide resources and funding to underserved businesses. Katie Milligan, Director of Workforce and Entrepreneurship at Heartland Forward, expressed her admiration for the commitment shown by partners to nurture workforce growth and propel existing companies forward.
About Ford Foundation
The Ford Foundation is an independent, nonprofit organization with assets currently valued at $16 billion. For over 85 years, it has collaborated with inspiring individuals committed to social change globally. The foundation's mission emphasizes strengthening democratic values, reducing poverty and injustice, and enhancing human achievement.
About REDF Impact Investing Fund
RIIF provides essential financing and capacity-building assistance to businesses focused on job creation and training for people overcoming employment barriers. As a certified nonprofit Community Development Financial Institution (CDFI), RIIF aims to stimulate job growth for overlooked talent across the country.
Frequently Asked Questions
What is the main goal of the Ford Foundation and RIIF partnership?
The partnership aims to provide $6 million in funding to support small businesses in Appalachia, promoting economic growth and job creation.
How will the investments be managed?
RIIF Capital LLC, a subsidiary of the REDF Impact Investing Fund, will manage the investments in collaboration with local stakeholders.
What types of funding options are available for businesses?
Businesses can access various financing solutions, including affordable loans, preferred equity, and revenue-based financing tailored to their needs.
Why is support for small businesses crucial in Appalachia?
Small businesses employ nearly half of Appalachia's workforce and play a vital role in retaining wealth within local economies.
How does this initiative align with the Ford Foundation's mission?
This initiative reinforces the Ford Foundation's commitment to social change by fostering economic opportunity, reducing poverty, and addressing injustice in underinvested regions.
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