We will support projects that are local and place-based, and will yield a direct impact for Rhode Island, primarily in our strategic initiative areas: educational success, healthy lives, and economic security. Investments must demonstrate measurable outcomes.
Impact investing is about aligning financial investments with mission. We believe it is a powerful tool that will allow us to support larger scale and/or different kinds of projects than we typically do through our grant programs. These investments – largely loans – can build capacity in organizations and leverage other resources.
We are looking for strong partners who, most likely, will have three years of operating history, be cash flow positive or show a strong trend line towards cash flow positive, have evidence of strong collateral, have demonstrated an engaged and competent governance structure and management team, and have a track record of strong social outcomes within Rhode Island. There must be a clear path to repayment/return.
We are launching our efforts in 2017 with a loan fund. In the first year, loans will range between $200,000 and $1,000,000. Terms generally will be up to ten years.
Interested nonprofit organizations, for profit companies, and governmental entities should submit a preliminary application form
that provides basic information about the project. If your project is selected to advance, we will ask you to complete a full application and supporting materials. At that point, our team and consultants will work with you to complete our due diligence, including reviewing the business prospects and financial conditions, potential risk, and fit with the Foundation’s portfolio.
Individuals are not eligible.
The Foundation’s board of directors has created an Impact Investing Committee. The committee will vet all deals, which will be approved by the Foundation’s Board of Directors.