Greenline Ventures closes second small business fund
January 24, 2019
Our friends at Greenline Ventures just announced the closing of their second Small Business Capital Fund (SBCF II), which will provide loans to small businesses creating positive economic and social outcomes in their communities.
In addition to investing in the fund ourselves, we brought in additional investors to complete the debt capital raise for the $25 million fund.
Greenline Ventures is a financial services company that specializes in capital markets solutions for economic development activities nationwide. Their mission is to improve the flow of capital into underserved communities and motivate market rate capital to invest in community priorities. Greenline's impact objectives for SBCF II include job creation, training programs, enhanced benefits packages, minority or women-ownership, reductions in environmental impacts and other forms of assistance to low-income workers.
Our investment in this fund serves as an example of our small business strategy of investing in financial intermediaries with track records of successful and responsible lending in underserved communities. Small businesses in the U.S. struggle to access capital for operations and growth, particularly since the 2007-2008 Great Recession. This problem is magnified for small businesses working in and employing people from low-income communities and minority, veteran, and/or women owned businesses. In these challenging times it is vital that we continue investing much-needed capital to local businesses that are creating jobs and fostering growth.
Think Broccoli (pictured above) is one of those local businesses. They are a minority-owned urban social enterprise that organizes social impact campaigns and events to help mobilize and educate impacted communities. Through its first Small Business Capital Fund, Greenline made a time sensitive working capital loan to the Baltimore-based enterprise to execute its festivals, conferences, volunteer opportunities and other community events.
We are excited to continue supporting Greenline and look forward to seeing how this investment helps business owners across the U.S.