Investing to Create Good Jobs
A growing number of foundation, nonprofit, and for-profit investors are making investments for measurable social and environmental impact as well as financial return. The ?impact investing? field includes a few investors that are investing in businesses specifically to create jobs for unemployed and underemployed residents. These investors also provide ongoing assistance to owners of the businesses to create ?good quality jobs,? which generally provide income above the minimum wage, health benefits, and training and opportunities for workers to move into positions with higher wages. Three ...
BankWork$ Gives Underemployed Residents Access to Entry-Level Banking Positions
Low-income residents facing employment barriers are obtaining entry-level job opportunities in the banking industry through a program launched 10 years ago in Los Angeles. The program, BankWork$, is undergoing a planned national replication.
Workforce Development: Engaging Employers
Leaders of a community college, the YouthBuild charter school, and a public career and technical institute speaking on a Reinventing Our Communities conference panel addressed the need to forge stronger connections between high school and postsecondary education or employment, especially for ?opportunity youth? who are neither employed nor in school
Pennsylvania Legislation Enables Municipalities to Create Land Banks
Pennsylvania municipalities have a new tool to acquire, manage, and dispose of vacant, abandoned, and tax-delinquent properties to facilitate their redevelopment and reuse. Legislation effective in December 2012 states that land banks may be created in Pennsylvania by a city, county, borough, township, or an incorporated town with a population of more than 10,000 residents, or two or more municipalities with populations of less than 10,000 residents that enter into an intergovernmental cooperation agreement (ICA). School districts may be part of an ICA.
What Makes Cities Resilient?
How older industrial cities can become resilient cities was the focus of the Federal Reserve Bank of Philadelphia?s fifth biennial Reinventing Older Communities conference, which was attended by over 430 community development leaders from nonprofits, banks, foundations, government agencies, and businesses from 24 states, the District of Columbia, Puerto Rico, and Canada.
Delaware Financial Education Program Enlists State Agencies, Nonprofits, and Businesses
Stand by Me (SBM), a four-year-old program created to educate Delaware residents about personal finance and motivate them to achieve financial goals, is currently being implemented by four state agencies, seven nonprofits, and about 50 businesses. The program, which is a joint initiative of the Delaware Department of Health and Social Services and the United Way of Delaware, has the support of Delaware Governor Jack Markell ? a longtime proponent of financial education.
Goldman Sachs Expands Small Business Initiative
In an expansion of its 10,000 Small Businesses initiative in 2013, Goldman Sachs is providing small business loan capital to the Philadelphia Industrial Development Corporation (PIDC) and Community First Fund (Community First) and is funding a 100-hour educational curriculum for small business owners at the Community College of Philadelphia (CCP).
New CDFI Community Investment Fund
The Opportunity Finance Network (OFN) and Woodforest National Bank (NB), based near Houston, TX, created a new fund in early 2017 to provide equity-equivalent investments to community development financial institutions (CDFIs) in Woodforest NB?s 17-state region, which includes Pennsylvania
Mt. Airy: A Legacy of Intentional Integration
Mt. Airy, a Philadelphia community nationally recognized for its community building and organizing efforts to create and maintain racial integration, was the subject of a tour offered as part of the Reinventing Our Communities conference in Philadelphia in September. This article summarizes some key features of these intentional integration efforts in Mt. Airy and contains current perspectives from two residents
D2D Tests Innovations on Prize-Linked Savings, Mobile Phone Applications, and Prepaid Cards for Financially Vulnerable Consumers
The Doorways to Dreams (D2D) Fund, a 15-year-old nonprofit headquartered in the Boston area, designs and develops innovations that strengthen the financial opportunity and security of financially vulnerable consumers. D2D?s innovations have included work on prize-linked savings (PLS),1 phone applications, and prepaid cards. D2D has also developed Financial Entertainment, a suite of casual video games that teach financial concepts. Cascade asked Timothy Flacke, executive director of D2D, about the organization?s latest work.