We are thrilled to announce EverGift has teamed up with Social Enterprise Greenhouse (SEG) to bring hard-to-find loan capital to high impact social entrepreneurs. Based in Providence, Rhode Island, SEG is a nonprofit network of business and community leaders that donate expertise, time, and money to help social entrepreneurs achieve positive social change.
Social Enterprise Greenhouse has a social enterprise portfolio of over 160 ventures based in Rhode Island and surrounding regions. The annual SEG Accelerator has graduated 58 ventures, 25 of which are scaling, and 49 operational. SEG also has a 100% repayment rate to their 4-year-old loan fund , which has granted 4 loans to scaling social enterprises.
One example of SEG’s Accelerator and loan program successfully promoting positive social change is the participation of Solar Sister beginning in 2011. Solar Sister eradicates energy poverty by empowering women with economic opportunity creating a deliberately woman-centered direct sales network to bring the breakthrough potential of clean energy technology to the most remote communities in rural Africa. In 2010, Solar Sister trained 10 entrepreneurs in rural Uganda. The following year, Solar Sister participated in the SEG Accelerator program, and in 2013, Solar Sister received a $20k loan from SEG to increase capacity. Five years later, Solar Sister has grown into the world’s leading social enterprise advancing a gender inclusive and market-driven solution to energy poverty. Solar Sister has trained more than 1,500 Solar Sister Entrepreneurs across Uganda, Tanzania, and Nigeria and built an award-winning last mile distribution business impacting the lives of more than 250,000. Since gaining such traction, Founder and CEO, Katherine Lucey, was recently awarded Social Entrepreneur of the year by the prestigious Schwab Foundation for Social Entrepreneurship.
Social Enterprise Greenhouse has borrowed $25,000 from EverGift to lend to high-impact social enterprises with potential for impact like Solar Sister. SEG and EverGift share the vision that social enterprises are uniquely positioned to catalyze sustainable social change globally. These funds will help social enterprises make our shared vision a reality. In addition, EverGift’s loan has been matched by a grant from Kim and Frohman Anderson, a family dedicated to local social impact, thereby amplifying our impact!
Find out more about Social Enterprise Greenhouse