Chrysalis is proud to be included in the new portfolio of the venture philanthropy organization REDF, backed by the federal government’s Social Innovation Fund. To select the grantees, REDF held a rigorous national competition for social enterprises to receive grants of at least $100,000 annually for up to five years. More than 200 social enterprises from across 36 states submitted proposals, but only 22 were selected. REDF has more than 18 years of experience providing funding and capacity building to employment-focused social enterprises in California. This is the first year the organization is expanding nationally to serve seven new cities, while growing the strong base of social enterprises in California.
Last year, an independent study by Mathematica Policy Research of seven social enterprises funded by REDF showed the impact of these businesses:
- Every $1 social enterprises spend returns $2.23 in benefits to society.
- One year after starting work in a social enterprise, the income of people employed increased 268%, income from government benefits dropped from 71% to 24%, and housing stability tripled.
- Before being hired by the social enterprise, 25% of participants had never had a job and 85% did not have stable housing the year prior; 70% had been convicted of a crime.
- Six months after transitioning out of social enterprise employment, two-thirds were still gainfully employed.
Chrysalis is excited to be a part of this amazing group of social enterprises!
Learn more about REDF’s National Portfolio, click here or on the logo below.
