The Philadelphia Foundation has created a fund designed to bolster the Black-led nonprofits that serve the region's Black communities.The Black Community Leaders Fund will build on a $1 million contribution from Facebook, which selected the foundation as one of 20 regional partners in its $20 million Supporting Black Communities initiative.
Black-led nonprofits in Philadelphia have less access to financial networks than white-led organizations, according to a report by the Philadelphia African American Leadership Forum and partly funded by the Philadelphia Foundation.
The fund will be increased to $5 million through additional private, foundation and corporate gifts, the foundation said. It will provide select nonprofits with support needed to strengthen their leadership, operations, finances and infrastructure.
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TechSoup is tapping impact investors to raise capital to fund initiatives that enable the nonprofit organization to grow and strengthen its work.