November 16, 2017 - New Orleans, LA: At its annual fundraiser, Propeller announced the launch of the Social Venture Fund, a $1mm loan fund that will provide loans between $20,000 and $100,000 to social entrepreneurs tackling social and environmental disparities in the areas of food, water, health, and education. The fund also provides loans to entrepreneurs of color located in the South Broad commercial corridor.
The Fund's design was originally supported by Medora Ventures through a consulting contract in the summer of 2015, and $500,000 in anchor funding came from Living Cities, which was committed in December 2016. The effort is part of the Washington, D.C.-based group's nationwide $37 million impact investing debt fund, called the Blended Catalyst Fund.
• $1MM loan fund for investments between $20,000-$100,000
• Loans for commercial real estate purchases, renovation costs, operations, working capital, and/or furniture, fixtures, and equipment (FF&E)
• 1-6 year terms
The Social Venture Fund is open to all New Orleans social entrepreneurs. Propeller’s Social Venture Propeller will prioritize solutions in the following areas:
• Water: Coastal restoration; urban water retention and quality; maritime industries and ports; fisheries
• Food: Access, affordability, and consumption of healthy foods for underserved communities; local, environmentally sustainable food economy; equity in the food industry
• Education: High quality early childcare facilities; transportation, chronic absenteeism, suspension/dropout rates, wraparound services in K-12; workforce development for “Opportunity Youth” aged 16-24
• Health: Access and affordability of health care for at-risk and underserved populations, including people of color, children/maternal health, the mentally ill, the homeless, incarcerated or formerly incarcerated population
• South Broad Business Initiative: Entrepreneurs of color establishing or operating brick-and-mortar businesses along the S. Broad commercial corridor (from Napoleon Ave to Tulane Ave, between S Galvez St and Jefferson Davis Pkwy)
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