SOCIAL IMPACT LOAN AWARDED TO
EASTER SEALS CENTRAL TEXAS
Easter Seals Central Texas, a nonprofit that promotes independence and creates opportunities for people with disabilities, secured a $50,000 social impact loan from six local investors affiliated with Mission Capital.
Loan Awarded to Help Reduce Unemployment for People with Disabilities by 10%
On April 27, 2015, Members of Mission Capital’s Alternative Financing Task Force completed the deal, with pro-bono legal support provided by Champe Fitzhugh of Munsch Hardt Kopf & Harr, P.C.
Social Venture Partner John Thornborrow coordinated the group of lenders and said the deal was “an opportunity to invest in a socially conscious enterprise that achieves a small financial return, and a significant social return. Easter Seals brought a very entrepreneurial mindset to the discussions that made it easy for us to create this new social impact structure to help them launch their business.”
The loan, which will support the growth of Easter Seals’ new Lawn and Landscape Services, comes after Easter Seals Central Texas completed Mission Capital’s intensive Accelerator in 2014. As part of the Accelerator, Easter Seals is receiving three years of free business growth consulting and mentorship, provided by Mission Capital’s Social Venture Partners, plus $38,000 in a cash grant from Mission Capital.
“For us to launch a fundraising campaign to secure this kind of funding would have taken months to get off the ground. Innovative approaches to philanthropy, such as this social impact loan, allows social businesses like ours to move at an accelerated pace,” says Tod Marvin, President & CEO of Easter Seals of Central Texas.
“Our goal is to reduce unemployment for people with disabilities in Central Texas by 10% by the year 2020. This loan will support our social enterprise, which not only provides jobs for people with disabilities, but is also a new direct revenue source from which we can continue to provide all of our programs and services,” says Marvin. “After participating in Mission Capital’s Accelerator, our business has taken off, and the ongoing support from Mission Capital has helped us grow our mission in such a successful way.”
The investors included a number of Austin-based individual investors and foundations, including John Thornborrow, Dan Graham, Eric Stumberg, Cavner Social Enterprises, Jen Vickers and the Austin Community Foundation.
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