Hartford Foundation Program Boosts Nonprofits’ Earned Income Potential

Four Organizations Raise More Than $270,000 to Fuel Social Enterprises

Nonprofit organizations across Greater Hartford continue to face an increased demand for services while they struggle to raise adequate revenue. Some are working to meet this challenge through social enterprise: selling a product or service that complements their mission and supports the financial sustainability of the organization.

To support these efforts, the Hartford Foundation for Public Giving launched the Social Enterprise Accelerator in partnership with No Margin, No Mission, a national consulting firm dedicated to helping nonprofits increase their entrepreneurial capacity, revenue, and mission impact. The first cohort of ten nonprofits was launched in 2018; the second cohort of six nonprofits was launched in 2021; a third cohort of eight nonprofits was launched in 2023; and a fourth cohort of four is currently engaged in the process. Collectively, the 28 organizations have generated more than $16 million in revenue to date from their ventures.

In June, the Foundation announced a matching challenge: 100 percent of every dollar of startup or growth capital raised by the four nonprofits in the current cohort (up to $30,000 per organization) would be matched by the Foundation. The four organizations raised sufficient dollars by the deadline to make them eligible for more than $101,000 in matching grants from the Foundation. 

Each organization held a “Fast Pitch” session at which they presented their business plans to current and potential donors and made a direct ask for financial support toward startup capital needs. The matching challenge officially ended in October. However, the four organizations are continuing to raise capital for their ventures.

“The enthusiasm and effort that area nonprofit organizations have brought to the Social Enterprise Accelerator program has exceeded our expectations,” said Associate Director of the Hartford Foundation’s Nonprofit Support Program, Meher Shulman. “While the creative ideas these organizations have been building are truly exciting, we are even more impressed by their level of commitment to developing detailed and viable business plans. 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 four nonprofit organizations and their social enterprises are:

• Charter Oak Cultural Center – has raised $71,000 in startup capital (includes $30,000 in Hartford Foundation matching funds) to support Bien Venue, venue rentals in the building’s historic sanctuary, galleries, classrooms, and other spaces. Bookings may be enhanced with arts and cultural programs, workshops and community engagement activities.
   
• Ebony Horsewomen - has raised $23,000 in startup capital (includes $11,531 in Hartford Foundation matching funds) to support Black Boots Venue Rentals, at the Mary Fields Museum, Conference Center, and Tent Pavilion.  Events may be enhanced with optional equine experiences, including horseback riding, hayrides, sleigh rides, and more.
   
• Journey Home – has raised $114,000 in startup capital (includes $30,000 in Hartford Foundation matching funds) to support Home for Good, a thrift store offering high-quality, gently-used household items and furniture at deeply discounted prices.
   
• Our Piece of the Pie (OPP) - has raised $63,500 in startup capital (includes $30,000 in Hartford Foundation matching funds) to support OPPU, empowering youth-serving social service professionals and providers through comprehensive training and development programs.

 The Hartford Foundation for Public Giving is the community foundation for Hartford and 28 surrounding towns. Through partnerships, the Foundation seeks to strengthen communities in Greater Hartford by putting philanthropy in action to dismantle structural racism and achieve equity in social and economic mobility. Made possible by the gifts of generous individuals, families and organizations, the Foundation has awarded grants of more than $1 billion since its founding in 1925. For more information, visit www.hfpg.org or call 860-548-1888.