41 organizations receive support as Fund responds to community needs
Reinvestment Fund today announced $700,425 in emergency meal grant awards under the New Jersey Child Nutrition Fund (NJCNF) program to 41 organizations that are helping to make sure children and families get healthy food to eat at a time when the COVID-19 pandemic has disrupted normal channels.
The program targeted participants in the federal Child and Adult Care Food Program (CACFP) and Summer Food Service Program (SFSP) who have been working to ensure the continuity of meal services through the pandemic-related disruptions.Read More
Reinvestment Fund announced $1.2 million in grant awards to 89 childcare providers, early intervention and home visiting service organizations under the Philadelphia Emergency Fund for Stabilization of Early Education (PEFSEE) program. PEFSEE is a collaboration of the William Penn Foundation, Vanguard’s Strong Start for Kids Program™ and Reinvestment Fund to support Philadelphia childcare providers who are struggling to sustain their businesses and early learning support for families through closures caused by the COVID-19 pandemic.
The first round of awards reflects Philadelphia’s diverse landscape of early education providers serving the needs of children and families: 46% of awardees are single-site centers; 21% are multi-site providers; 12% are home-based family providers; and 12% are group providers. Of the total awardees, 85% are women-owned organizations and 71% are owned or led by people of color. The first-round awards are expected to preserve 1,387 jobs in the sector and maintain spaces for 11,766 children in licensed early learning programs.Read More
Reinvestment Fund recently closed on a loan to First Step Staffing, Inc., the nation’s largest nonprofit social enterprise staffing company. The $3 million loan is led by Reinvestment Fund, with participations from Atlanta Emerging Markets, Inc. (AEMI) and Access to Capital for Entrepreneurs (ACE).
“First Step is doing the critical work of providing economic opportunity for individuals facing challenges to employment and stability,” said Christina Szczepanski, Managing Director for the Southeast at Reinvestment Fund. “We are pleased to be able to support the sustainability and growth of this nonprofit enterprise whose efforts so closely align with our own mission to create stronger, more equitable communities.”
First Step Staffing, Inc., (FSS) is an Atlanta-based staffing agency that finds temporary employment in factories, distribution centers and hospitality businesses for men and women with significant barriers to workforce entry and re-entry. Most of FSS’s clients have recently experienced either homelessness or incarceration. Many are veterans who have faced difficulties readjusting to civilian life.Read More
Reinvestment Fund announced the launch of a new Clean Energy Fund, which will provide financing for small and mid-sized projects implementing energy efficiency, renewable energy and other clean energy technologies that otherwise have limited access to traditional capital markets. First capital for the Fund comes from a subsidiary of MetLife, Inc., one of the world’s leading financial services companies, which is providing $10 million in debt and Reinvestment Fund, which is investing $2.5 million.
The Fund has already committed its first loan to Affordable Community Energy Services Company (ACE) to perform comprehensive energy efficiency and water conservation projects for Mercy Housing in California, the nation’s largest nonprofit owner of low-income housing. The $6 million project will benefit 6,000 affordable housing units in 90 multifamily residential buildings in California.Read More
Reinvestment Fund received a $4.5 million Capital Magnet Fund award from the U.S. Department of the Treasury’s CDFI Fund. The award was part of $120 million awarded to 40 community development financial institutions and housing nonprofits. Reinvestment Fund plans to use the award to address affordable housing challenges by providing capital to housing projects serving high-need communities and relieving housing cost burdens for low-income families.Read More
Reinvestment Fund received a $70 million New Markets Tax Credit (NMTC) allocation award today as part of the 14th round of awards announced by the U.S. Department of the Treasury’s CDFI Fund. Reinvestment Fund will use its award to finance high-impact projects that drive economic opportunity in struggling communities across the nation. Reinvestment Fund is among 73 awardees who received a total of $3.5 billion in awards this round.Read More
First Step Staffing is a nonprofit social enterprise based in Atlanta. Founded in 2007, First Step’s mission is to secure sustainable income for individuals transitioning out of homelessness, including veterans, re-entering citizens, and others with significant barriers to employment. With financing from several organizations, including Reinvestment Fund, First Step is expanding to Philadelphia.
As part of this effort, First Step has acquired a portion of the Philadelphia-based division of On Time Staffing—a for-profit staffing company founded 18 years ago specializing in warehouse, packaging, and manufacturing jobs—which will now become part of First Step’s nonprofit operations. First Step will collaborate with On Time Staffing, the City of Philadelphia, and other local social service providers to transition the approximately 700 acquired staffing jobs to serve the region’s homeless and at-risk men and women. In the first 12 months of operation in Philadelphia, First Step expects to employ 500 homeless men and women in the area and grow to serve more than 1,000 by year three.Read More
Reinvestment Fund’s CEO joins leaders from some of the largest nonprofit CDFIs to urge Congress to preserve New Markets Tax Credits.
Congress passed the NMTC in 2000 as part of a bipartisan effort to stimulate investment and economic growth in low-income cities, towns and rural areas that struggle to attract the capital needed to build new businesses and create jobs. The NMTC offers private investors a tax incentive for investing in businesses or economic development projects located in the nation’s highest-need communities—and, very importantly, it leverages those investment dollars to bring in more capital from other sources.Read More
GEEARS: Georgia Early Education Alliance for Ready Students, Learn4Life, Metro Atlanta Chamber, and Reinvestment Fund today announced the launch of ATL ACCESS Map, a new tool to explore the early learning landscape in Metro Atlanta. ATL ACCESS (Atlanta Child Care and Early Learning Supply Status) Map models the supply, demand, and gaps related to child care in the region. It identifies places where care is most scarce, and where investments are most needed.
Neighborhoods across the five-county metro region, which includes Fulton, DeKalb, Clayton, Cobb, and Gwinnett, have a shortage of early care and education services. Data estimates that there are as many as 262,000 children under five in the metro region who need access to care.Read More