REDF, a San Francisco-based nonprofit, will receive a $7 Million grant from the federal Social Innovation Fund program.
The unprecedented social enterprise investment will extend the reach of REDF’s evidence-based workforce development program to underserved people across the United States.
- The grant represents the largest U.S. government investment to this point in social enterprise to assist those facing the greatest employment barriers and brings total funding since 2010 to $22 million.
- An additional $7 million will be raised from private sources to match the federal grant.
- Independent research has shown that every $1 spent by social enterprises returns $2.23 in benefits to society.
- One year after starting work, the income of people employed by these social enterprises increased 268%, income from government benefits dropped from 71% to 24% and housing stability tripled.