Crowdfunding Campaign at Halfway Mark for Crowdfunding Campaign
reSET, the Social Enterprise Trust, takes supporting social enterprise to a whole new level with investment fund.
Hartford Conn.– On August 1st reSET, the Social Enterprise Trust launched a first-of-its-kind crowdfunding campaign, an Internet-based popular approach to fundraising, designed to raise money for the Social Enterprise Investment Fund (the SEIF). The SEIF is a progressive investment fund which provides loans to social enterprises.
Social enterprises are businesses whose goals are to generate profits and solve social problems. These businesses are innovative, market supported, self-sustaining and mission driven. reSET is a Hartford-based nonprofit organization whose mission is to promote, preserve and protect social enterprise, and to help entrepreneurs leverage the power of business to create public good.
Donors have a unique opportunity to expand the impact of gifts to the SEIF through not one but two matching gift opportunities. Every donation made through the end of August will be matched 50% by CT Next, a statewide network dedicated to strengthening Connecticut’s entrepreneurial community. In addition, a group of private investors will also match gifts to the SEIF dollar-for-dollar, up to $25,000.
Donations are welcomed in any amount. To donate to the SEIF, visit www.startsomegood.com/seif. By contributing to the SEIF, donors become partners in advancing social enterprise in the state, and become part of a movement to use the power of the free market to solve social problems.
James Woulfe, Public Policy & Impact Investing Specialist at reSET, said the fund was created to meet the needs of social entrepreneurs. “The SEIF is designed to be more “patient,” and accommodating of the demands of managing a double bottom line: both purpose and profit” said Woulfe. “We realized by starting an investment fund that we could increase the competitive advantage for social enterprises in search of financial support.”
The SEIF is structured to operate as an “evergreen fund.” When companies repay their loans, funds are redistributed in the form of loans- to other social ventures. The SEIF will provide social entrepreneurs with access to funding from both reSET donors and impact investors. A minimum of ten social enterprises will receive financial support through the SEIF on an annual basis.
The addition of the SEIF to the services provided by reSET was a big step forward for the organization according to CEO Kate Emery. “We are designing the process to be straightforward and uncomplicated, so that social entrepreneurs will have ready access to the resources they need to start and grow their businesses.”
Since becoming fully operational a year ago, reSET has helped launch and grow 11 social enterprises, associated with 20 jobs. Two of those businesses are working to become regional in scale and one to become national in scale. reSET has also opened an incubator and community co-working space at 99 Pratt Street in downtown Hartford. The space focuses on social enterprise, but also welcomes freelancers, visiting business people and small businesses.
Contact Information:
Meryl Willett
Community Builder
Phone: 860-560-9120 ext. 204
MWillett@www.socialenterprisetrust.org
Address:
1429 Park Street, Suite 114, Hartford, CT 06106
Phone:
(860) 560-9120
Social Enterprise Trust, Inc is a not-for-profit organization recognized as tax-exempt under Internal Revenue Code section 501 (c)(3). .