Several nonprofit organizations in the Hartford area are set to benefit from over $101,000 in matching funds aimed at bolstering their missions. The Hartford Foundation for Public Giving has partnered with No Margin, No Mission, a national consulting firm, to launch the “social enterprise accelerator.” This initiative is designed to enhance the entrepreneurial capabilities and mission impact of local nonprofits.
In June 2023, the foundation initiated a matching challenge, pledging to match 100% of the funds raised by four participating nonprofits, up to $30,000 per organization. The challenge concluded in October, with all four organizations successfully raising the necessary funds to qualify for matching grants.
Details of the Fundraising Efforts
The participating organizations conducted “fast pitch” sessions, where they presented their business plans to current and prospective donors. These sessions were pivotal in securing financial support for their startup capital needs.
The four nonprofits involved are:
– **Charter Oak Cultural Center**: Raised $71,000, including $30,000 from the Hartford Foundation. These funds will support rentals at the center’s sanctuary, galleries, and classrooms, with enhancements through arts and cultural programs.
– **Ebony Horsewomen**: Secured $23,000, with $11,531 in matching funds. This money will support Black Boots Venue Rentals at the Mary Fields Museum, providing events with optional equine experiences such as horseback riding and hayrides.
– **Journey Home**: Raised $114,000, including $30,000 from the foundation. This funding will support their Home for Good program, which will operate a thrift store offering high-quality, gently-used household items at discounted prices.
– **Our Piece of the Pie**: Collected $63,500, with $30,000 in matching funds. The organization focuses on providing social service professionals to area youth through comprehensive training and development programs.
Meher Shulman, associate director of the Hartford Foundation’s Nonprofit Support Program, expressed enthusiasm about the initiative, stating, “The enthusiasm and effort that area nonprofit organizations have brought to the ‘Social Enterprise Accelerator’ program has exceeded our expectations.” He emphasized the commitment of these organizations to develop detailed and viable business plans, highlighting the increasing appetite for social entrepreneurship in Greater Hartford.
Looking Ahead
The matching challenge has not only provided financial resources but has also fostered a sense of community and collaboration among Hartford nonprofits. As they continue to innovate and seek new revenue sources, the foundation remains committed to supporting their missions.
The Hartford Foundation for Public Giving’s efforts reflect a growing trend towards social enterprise, where nonprofits are encouraged to adopt entrepreneurial strategies to enhance their sustainability. This initiative is a significant step toward empowering local organizations to make a more substantial impact in their communities.
For further inquiries, Stephen Underwood can be contacted at [email protected].