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MAIN STREET LAUNCH Selected by Citi Foundation’s
Community Progress Makers Fund
to Accelerate Economic Opportunity in THE BAY aREA
$500,000 Investment in core operating support will enable Main Street Launch to address the racial wealth gap through launching an African American Entrepreneurship Institute.
April 26, 2018, Oakland: The Citi Foundation announced that Main Street Launch was selected as the recipient of a $500,000 grant as part of the 2018 Community Progress Makers Fund. The Fund is a $20 million, two-year initiative by the Citi Foundation to support high-impact community organizations that are driving economic opportunities in our communities by bringing together residents, nonprofits, businesses, and municipal agencies. Main Street Launch joins a group of 40 change agents who are playing a key role in coordinating the efforts of multiple partners toward common goals and working in new ways to address urban challenges in Chicago, Los Angeles, Miami, New York City, San Francisco Bay Area, and Washington D.C.
Through the fund, Main Street Launch will address the racial wealth gap by accelerating African American wealth creation through business ownership. The funding will allow Main Street Launch to expand its Entrepreneur-in-Residence program, support the small business ecosystem, and launch an African American Entrepreneurship Institute. The Institute will conduct research and develop a new body of knowledge around African American entrepreneurship and family business in Oakland and San Francisco.
“We launched this program in 2015 as our version of ‘venture philanthropy’ – a chance to invest in the vision and mission of these organizations who are helping positively transform their communities,” said Brandee McHale, President of the Citi Foundation. “We’re pleased with the results from our inaugural Community Progress Makers and are looking forward to implementing the lessons we’ve learned with this next, impressive group of community leaders as they scale, innovate and drive impact.”
“We are thrilled to be selected by Citi Foundation for the Community Progress Makers Fund,” said Jacob Singer, President & CEO of Main Street Launch. “This deep investment will help us expand our services and resources for supporting African American small business owners in growing their businesses, generating and retaining wealth, and creating jobs.”
“Main Street Launch has been an advocate and champion, working with us in concert, to focus on changing the lives of African American small businesses and families located in the cities of San Francisco and Oakland. Together we are innovating and fortifying the small business ecosystem that addresses racial and economic inequity,” said Frederick E. Jordan, PE, Chairman of the San Francisco African American Chamber of Commerce.
In 2016-2017, the inaugural cohort of Community Progress Makers helped more than 14,700 low-income people secure financial assets; built over 10,500 affordable housing units; strengthened more than 1,100 small businesses; and connected 1,800 young people to jobs in their communities.
Below is a full list of 2018 Community Progress Makers:
Greater Southwest Development Corporation
North Lawndale Employment Network
East LA Community Corporation
Koreatown Youth & Community Center
LISC Los Angeles
Los Angeles County Economic Development Corporation
Los Angeles LGBT Center
United Way of Greater Los Angeles
Hispanic Unity of Florida (HUF)
The Miami Foundation
United Way of Miami-Dade
Urban League of Broward County
Building Bridges Across the River
Latino Economic Development Center-LEDC
|New York City
Brooklyn Workforce Innovations
Center for NYC Neighborhoods
Cypress Hills Local Development Corporation
Green City Force
Hot Bread Kitchen
Low Income Investment Fund (LIIF)
Neighborhood Trust Financial Partners
Start Small Think Big
The HOPE Program
The POINT Community Development Corporation
San Francisco Bay Area
Enterprise Community Partners Northern CA
Jewish Vocational Service
Main Street Launch
Pacific Community Ventures
San Francisco Housing Development Corporation (SFHDC)
About Main Street Launch
Since 1979 Main Street Launch has empowered small business owners in the Bay Area, beginning in Oakland and expanding to serve San Francisco and veteran-owned businesses in California. Through our core services we help small businesses expand in size, increase their profits, and reach their goals. In the last ten years we funded 629 loans that totaled $46.5 million. Our clients have created thousands of new jobs in the Bay Area. You can learn more about our services by visiting our website: www.mainstreetlaunch.org.
About the Citi Foundation
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation’s “More than Philanthropy” approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.