Equal Opportunity for Families

Though Massachusetts consistently tops the nation in key education and employment indicators, a closer look at the data reveals varying economic outcomes by race. Black and Latino students lag white students in post-secondary education attainment and employment in high-quality jobs. Systemic barriers to entering and advancing in the US labor market have created historic levels of economic insecurity, where workers in low-income jobs struggle to move into higher-wage jobs.

In Greater Boston, the median net worth for white households is a quarter million dollars. For Black households, it is just $8. Lack of access to career pathways that allow for wealth building are a strong driver of the racial wealth gap. Inequality also often starts early, with a family’s access to quality child care varying based on income. Lack of affordable childcare options can impact not only childrens’ learning and development, but also parents’ ability to maintain stable employment.

Given the high cost of care, lower-income families are less likely to send their children to formal childcare, which can impact not only children’s learning and development, but also parents’ ability to maintain stable employment. Consequently, children who are most in need of quality early learning are least likely to receive it, further depressing the earning potential of their parents, particularly mothers of color.

What You’ll Support: Organizations expanding access to high quality childcare and increasing access to employment opportunities for low and middle-income people – essential infrastructure required to provide equal opportunity for all families.

Ascendus

What will my DAF funds support?

Lending to licensed childcare providers in Greater Boston to increase the availability of affordable, quality childcare. Funds will allow Ascendus to expand the number of childcare providers it can support, innovate with new products, or serve providers that are traditionally deemed as higher risk for greater impact.

  • Ascendus is a national, non-profit Community Development Financial Institution (CDFI) that seeks to provide low-to-moderate income (LMI) business owners with access to capital and financial education. They seek to serve three main demographic groups: women, Latinx, and Black entrepreneurs.

  • Ascendus considers financial inclusion to be its guiding star and seeks to provide improved financial health and upward mobility to all. Over the course of its 30-year lifespan, Ascendus has refined its lending strategies to directly fight against income and wealth inequalities, especially among women, Latinx, and Black entrepreneurs. This has included intentionally working in ZIP codes and focusing on sectors (home-based childcare, restaurants, and ridesharing) that have a disproportionate share of these demographic groups. Based on research and documented capital gaps for these entrepreneurs, Ascendus has also rolled out new products in recent years (e.g., a line of credit) to better respond to the needs of its target population.

    • 85% of borrowers are entrepreneurs of color

    • 91% of loans to low- to- moderate income households

    • 36% of loans to immigrants

    • 100 jobs created and 170 jobs maintained in Greater Boston in 2022

    • 100% on-time payment track record to its investors

    • TD Bank

    • Citizens Bank

    • JP Morgan Chase

    • Restaurant Workers Community Foundation

    • US Economic Development Administration

Ascendus In Action | Evelyn (East Boston, MA)

Evelyn worked as a teacher in Colombia for eight years before coming to the USA. When she opened her daycare, she initially secured a license for six kids. She wanted to expand, but needed space to do so. As a new immigrant, she didn’t have a lot of credit, and she found constant rejection looking for capital. Ascendus was the first place that didn’t close the door for her immediately. She used her first Ascendus loan of $21,000 to find a bigger space that required three months of rent upfront. Because of the larger space, she was able to extend her license to 10 kids. Evelyn’s business is a staple in her community, where over half of the population is of Hispanic background.

JFF Ventures Fund I

What will my DAF funds support?

JFF Ventures Fund I, an evergreen fund investing in promising entrepreneurs who are developing technology solutions to train and upskill low-income and low- and middle-skill adults, connect them to employment opportunities, and provide them with wraparound services to improve economic mobility. Funds will be used to invest in companies as venture debt, equity, or recoverable grants.

  • JFF Ventures Fund I is an impact fund investing in early-stage technology companies that help low-to-middle-wage earners find, secure, and prepare for jobs that lead to economic advancement. The fund makes investments primarily structured as equity investments, though its portfolio also includes debt and recoverable grants.

  • JFF Ventures Fund I has an explicit focus on supporting diverse entrepreneurs building solutions that help adults in low-to-middle wage jobs achieve economic advancement. In sourcing portfolio companies, JFF Ventures Fund I focuses on identifying founders with lived experience that informs their product and company and integrates impact into every step of its diligence process. 70% of its portfolio companies have an underrepresented founder (female or person of color).

    • JFF Ventures Fund I’s portfolio companies have reached over 15 million lives in 2021.

    • Since its founding in 2017, JFF Ventures Fund I’s portfolio companies have provided over 2,000,000 credentials and / or certifications and placed 10,000+ individuals in employment.

    • For every $1 invested by JFF Ventures Fund I, it has catalyzed $13 in new investment

    • 70% of its portfolio companies have an underrepresented founder

  • JFF Ventures Fund I’s fund model assumes an average ~2X gross return overall on equity investments, which would result in sufficient project inflows to repay investors.

    • Casey Foundation

    • Deutsche Bank

    • ECMC Foundation

    • ImpactAssets

    • Quality Jobs Fund

    • Rockefeller Foundation

    • Strada Education Networks

    • Walmart Foundation

JFF Ventures In Action | CareAcademy (Boston, MA)

Founded in Boston in 2013, CareAcademy provides curated online education to direct care workers, creating pathways to high-demand roles in allied health. With funding from JFF Ventures and others, CareAcademy conducted test pilots for their online course modules and validated new models of educating and certifying frontline home care workers for career advancement. CareAcademy’s customers include A Place At Home, a senior care business with locations in Massachusetts. “These issues require quality, in-depth training,” explained A Place At Home representative, “We didn’t see a whole lot of thorough, quality training out there until we found CareAcademy.”

LEGAL AND PROGRAM DISCLAIMER: This website displays information about opportunities to deploy your donor advised fund assets via recoverable grants. The opportunities presented are not investments. Unless otherwise noted, investments and impact-first investments for the purposes of this website refer only to impact-driven recoverable grant opportunities in the DAF context and include capital with the possibility of principal return but do not include investment capital in pursuit of profit. DAF assets described and utilized pursuant to the descriptions in this site will be used exclusively for charitable purposes. Any return of capital, up to the principal amount of the initial disbursement, will be redeployed exclusively for additional charitable impact. This site is premised on this understanding of investments and impact-first investing from DAFs. 

Information on opportunities is provided for informational purposes only and does not constitute an invitation, offer or solicitation to engage in any investment activity including to buy or sell any security or investment product. All information is provided for informational purposes only and does not constitute, and should not be construed as, investment advice or a recommendation to buy, sell or otherwise transact in any security or investment, including, but not limited to recoverable grants.

While the Boston Foundation and Social Finance have taken reasonable care to ensure that the information contained on this website is accurate, current and complete, the information on this website is provided “as is.” Social Finance makes no warranty, expressed or implied, regarding the accuracy, validity or completeness of the information on this website and disclaims all other warranties. Donors are advised to conduct their own due diligence and investigation. Any person who acts upon or changes his or her investment position in reliance on the information contained on this website does so entirely at his or her own risk.