The “Force for Good Fund,” a project of Community Ventures with support from LIFT Economy, invests in women and people of color-owned businesses that are creating an outsized positive impact on society and the environment
SAN FRANCISCO, June 18, 2018 (GLOBE NEWSWIRE) — Amalgamated Bank and New Resource Bank are excited to announce that we have made a charitable donation to the Force for Good Fund (http://www.lifteconomy.com/forceforgood).
This $1.1M fund will nurture, grow, and launch women and people of color-owned, “Best for the World” B Corporations (i.e., companies that score in the top 10% of B Corps worldwide). The fund is designed to demonstrate that a more diverse and inclusive economy is possible–where enterprises can provide needed goods and services while creating outsized beneficial impact for people and planet.
The Force for Good Fund is important because it is incredibly difficult for early-stage, socially and environmentally responsible businesses run by women and people of color to access capital.
“We are incredibly excited about this project,” said Jenny Kassan, President of Community Ventures (the non-profit that hosts the Force for Good Fund). “We believe that this is an innovative opportunity to support female entrepreneurs with the guidance, access to capital, and connections they need in order to be successful,” said Kassan.
This mirrors the causes that New Resource and Amalgamated Banks believe are important to support.
“We believe that a bank should use its resources, money, and influence to help move the community and society forward. We are proud to contribute to the Force for Good Fund and support these inspiring small businesses with access to capital and resources they need that they may not be able to get traditionally,” says Keith Mestrich, CEO of Amalgamated Bank.
Amalgamated Bank is a socially responsible bank with nearly a 100-year history supporting forward-thinking organizations, companies, and individuals across the country. They are an advocate for those working to make the world more just, compassionate and sustainable. Amalgamated is the country’s largest certified B Corp bank and a proud member of the Global Alliance for Banking on Values. Amalgamated Bank acquired New Resource Bank in May 2018.
The Force for Good Fund initially raised over $400,000 from 100 investors during an investment crowdfunding campaign in the Fall of 2016. This fundraising campaign was conducted under a new federal crowdfunding exemption created under the JOBS Act. An additional $600,000 was raised from accredited investors by the end of July 2017.
LIFT Economy, another Best for the World B Corp, has partnered with Community Ventures to help manage the Force for Good Fund, vet prospective investees, and provide technical assistance to entrepreneurs who are successfully admitted to the program. Ryan Honeyman, Partner at LIFT Economy and author of The B Corp Handbook, said, “Our ultimate goal is to create an economy that works for the benefit of all life. We don’t believe this is possible without more women and people of color in charge.”
Some of the Force for Good Fund’s early investees include Spotlight: Girls (http://www.spotlightgirls.com), whose mission is to educate, inspire, and activate girls and women to take center stage; The Town Kitchen (http://www.thetownkitchen.com), which delivers chef-crafted meals and employs underserved youth in Oakland, CA; and Community Services Unlimited (http://www.csuinc.org), South Los Angeles’s first organic produce market and local food hub.
To learn more about the Force for Good Fund, visit:
About Community Ventures:
Community Ventures is a 501(c)3 nonprofit organization that was set up to put the principles of social and environmental sustainability into practice on multiple fronts. Community Ventures helps states, counties, cities, towns, and neighborhoods achieve greater economic prosperity through self-reliance, ownership, and empowerment. Learn more at http://www.c-ventures.org.
About LIFT Economy:
LIFT Economy is an impact consulting firm whose mission is to create, model, and share a locally self-reliant economy that works for the benefit of all life. Learn more at http://www.lifteconomy.com.
About Amalgamated Bank:
For nearly a century, Amalgamated has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. As an advocate for those working to make the world more just, compassionate and sustainable, the bank’s extensive experience, financial knowledge and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated is the country’s largest certified B Corp bank and a proud member of the Global Alliance for Banking on Values. Amalgamated Bank does not just have a mission—it is on a mission: to support those who support others, to invest in progressive and impactful causes and to advocate true financial opportunity for all.