Heard on the Street – here’s what we were reading last week:
Impact investing: A $250 billion game-changer for finance: As millennial investors make more of their investment decisions based on social, political, and environmental values, banks and asset managers are thinking more and more about how to cater to investors that want a measurable social or environmental return.
Detroit’s Entrepreneurs of Color Fund nearly triples to $18 million: The Entrepreneurs of Color Fund, originally started by JPMorgan Chase & Co., will triple in size to $18 million with new investments from the Ralph C. Wilson Jr. Foundation, Fifth Third Bank, and the Kresge Foundation. The fund has lent $4.5 million in working capital to 43 small businesses in Detroit since its launch in 2015.
Job Training Programs Shouldn’t Overlook Small Businesses: Workforce development programs have historically focused on large businesses, but smaller businesses drive economic growth and represent an opportunity to have a greater impact on workforce. The author highlights the Business Support Services at the Brooklyn Navy Yard, a Next Street client, as an example of a program that helps small businesses develop better hiring practices.
The Working Class That Wasn’t: “A new brief by the Center of American Progress, a liberal think tank, lays out the demographics of workers without college degrees—and how they have changed over time. A fact that may come as a surprise to some: those employed in the industrial sector—in factory, construction, or mining jobs—didn’t make up the bulk of this group even in the early 20th century.”
CDFIs & Impact Investing: An Industry Review: In a white paper published last week, LISC analyzes the CDFI industry in terms of its involvement with the so-called “social impact investing” field. “As public and other financing pools shift or dwindle, it is more important than ever for CDFIs to create wide-ranging public-private partnerships and diversify funding streams.”