SVP Philadelphia, in association with United Way of Greater Philadelphia and Southern New Jersey, launches 2022 investment cycle for nonprofit organizations working to reduce intergenerational poverty
Philadelphia, PA (February 9, 2022) - Social Venture Partners Philadelphia (SVP Philadelphia), announced today the launch of its 2022 Investment Cycle to support nonprofit organizations addressing intergenerational poverty in Philadelphia. Having officially launched in Philadelphia last year, SVP aims to invest in, work alongside, learn from, and amplify community-driven poverty alleviation efforts. With support from the SVP network, nonprofit leaders addressing poverty will grow advocates and gain access to resources necessary to sustain lasting change.
In the 2022 Investment Cycle, SVP Philadelphia will provide $100,000 in unrestricted grant funding to up to three organizations over the next three years, totaling $300,000. Through its growing network of donors (called “SVP Partners”), organizations will also be provided with skills-based volunteers, who can offer their professional expertise, connections, and other forms of social capital. Using a trust-based investment approach, SVP Philadelphia commits to transparent relationships, simplified paperwork, and capacity building support to help organizations scale their impact.
“At SVP Philadelphia, we are committed to understanding the barriers that make eradicating poverty so complex,” said Jen Gleason, Managing Director of SVP Philadelphia. “Our model is designed for SVP Partners to not only invest our time and resources, but to learn as much as we can from the wisdom of the leaders on the ground, and to become champions for their work.”
To be eligible for the 2022 Investment Cycle, among other requirements, 501c3 nonprofit or fiscally sponsored organizations must self-identify as being led by and serving Black, Indigenous, and people of color (BIPOC), and employ a full-time Executive Director with a Board of Directors. “We have chosen to invest our resources in this way because we know that BIPOC Philadelphians are disproportionately impacted by poverty, and organizations led by BIPOC leaders have traditionally received less philanthropic funding than their white counterparts,” said Gleason.
Additionally, organizations must have a geographic focus in the city of Philadelphia and a yearly operating budget of less than $2 million. SVP seeks to invest in organizations working on systems-level change, which they define to be activities that seek to reform laws, policies, regulations, and/or institutional practices impacting Philadelphia communities experiencing poverty and change narratives around an issue, build coalitions, or create alternatives to inequitable systems. All organizations whose missions address poverty are eligible to apply for funding, however, SVP will prioritize organizations whose focus is on housing, education, criminal justice reform, and economic security.
What makes SVP Philadelphia unique from many other funders is our commitment to supporting organizations beyond the check,” said Shahrukh Tarapore, Chief Technology Officer at Archetype and Chair of SVP’s Investment and Capacity Building Committee. “The unrestricted funding is essential for organizations, but what often gets overlooked is how game-changing it can be for nonprofit leaders to have advocates who can help them think through challenges, introduce them to potential partners and funders, or help execute on strategic projects when staff capacity is limited. Nonprofit leaders know the issues in their communities – and they know how to solve them. SVP is at the ready to help them access the resources necessary to get it done.”
“Poverty continues to be our city’s biggest challenge, and leaders across the region are constantly looking for ways to better connect to this work; to wrap their hands around solutions and opportunities to tackle this issue,” said Bill Golderer, CEO & President of United Way of Greater Philadelphia and Southern New Jersey. “With SVP Philadelphia, United Way of Greater Philadelphia and Southern New Jersey is able to foster a community of leaders - of all backgrounds, of all industries - to advance United Way’s mission of fighting poverty through opportunity. SVP Philadelphia is making connections between social impact organizations and individuals who are ready and willing to give their time and their dollars, and share their networks, all for the shared goal of investing in collaborative solutions to address inequalities and reduce intergenerational poverty in Philadelphia.”
Applications are due March 25th. To learn more about this opportunity, attend an informational webinar on February 22.