Tuesday, August 11, 2015
Bank of America and JPMorgan Work to Find Social Enterprise Solutions to Break Down Employment Barriers
Today, REDF announced that it has received a federal grant from the Social Innovation Fund (SIF) program, totaling $7 million over the next two years which it will match with $7 million in private funding. These funds will mobilize public and private support to invest in social enterprise solutions to create jobs for those facing the greatest employment barriers, like young people who are disconnected from school or work, people who've been in prison or experienced homelessness and those who live with mental health disabilities.
The Social Innovation Fund is a powerful approach to transforming lives and communities, an approach that positions the federal government to be a catalyst for impact – mobilizing private resources to find and grow community solutions with evidence of results. As part of the SIF program, REDF must match the federal funds dollar-for-dollar and again by the organizations they select to receive grants. To date, REDF has received Social Innovation Fund matching investments from private funders including Bank of America, the Kresge, Weingart, Annie E. Casey, Woodcock, California Wellness, F.B. Heron, Kellogg, San Francisco and California Community Foundations, The California Endowment, JP Morgan Chase, and many other foundations and individual donors....