A new fund from the Philadelphia Foundation aims to raise $5 million and will offer grants to Black-led nonprofits that work to enrich the lives of predominantly Black communities.
The Black Community Leaders Fund will launch with $1.8 million, which includes a $1 million contribution from Facebook. The tech giant has committed $20 million to 20 organizations around the country as part of an effort to support Black communities and selected Philadelphia Foundation as one of its recipients.
Established more than a century ago, Philadelphia Foundation has long been focused on supporting the region’s Black communities through scholarships, volunteerism and supporting local nonprofits. Through its new Black Community Leaders Fund, the organization aims to provide support to strengthen leadership, operations and finances, and help build infrastructure “to weather unexpected adversity.”
While Facebook’s gift kickstarted the fund, the Philadelphia Foundation is contributing $500,000 from its discretionary funds and $100,000 from its S. Albert Fund. An additional $200,000 in support from the Barra Foundation – a Wayne innovation investor established in 1963 – will be made over the course of two years.
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SOURCE: Philadelphia Business Journal, Lisa Dukart