The Hartford Foundation for Public Giving has announced the latest cohort of nonprofits that will participate in its Social Enterprise Accelerator.
The program, which has run since 2018, helps organizations branch out into selling a product or service that complements their mission to help them raise money. HFPG then matches any money raised up to 50% of the nonprofit’s goal.
The four new nonprofits in the latest cohort are Charter Oak Cultural Center and Ebony Horsewomen, both of which will offer venue rentals; Journey Home, which is opening a thrift store; and Our Piece of the Pie, which will offer training courses to professionals who serve young people.
HFPG says the accelerator is meeting an urgent need as nonprofits face increased demand for services, while funds from traditional grants and donations become scarcer.
So far, across four cohorts, 28 local nonprofits have gone through the accelerator program.
The four new participants have been working with the foundation since October, receiving workshops and individualized consultations on social enterprise. They then participated in a
pitch session in June, presenting their business plans to current and potential donors to generate startup capital.
“While the creative ideas these organizations have brought forward are truly exciting, we have been even more impressed by their level of commitment to developing detailed and viable business plans,” said Meher Shulman, associate director of the foundation’s nonprofit support program. “Nonprofits in Greater Hartford have an appetite for social enterprise and a need for new revenue sources; we are proud to help them meet that need.”
The participating organizations will be offered additional business plan development, implementation support and fundraising coaching over the three-year program.
The matching challenge runs through September 17.
