INDIANAPOLIS--(BUSINESS WIRE)--Elevance Health Foundation, the philanthropic arm of Elevance Health, today announces a $10 million commitment to launch a new impact investing program to create positive social impact through investment opportunities beyond its existing grant portfolio. The new program will provide loans to small businesses, social enterprises, and entrepreneurs that support health equity in under-resourced communities. Through loans with interest rates below Prime rates, these partners will address social needs including access to care, food insecurity, and health disparities.
The Foundation will leverage these investments to provide access to inclusive and affordable financing to purpose-driven businesses that may not have access to traditional banking and whose growth can advance health equity. More accessible and impact-aligned capital across business stages can enable a wider range of businesses, including minority/women-owned ones, to scale impact in their communities.
“Through impact investing, the Elevance Health Foundation will work toward advancing whole health by extending beyond its current grant-making commitments to provide loans to small businesses, as well as social enterprises, owned or led by historically marginalized populations,” said Shantanu Agrawal, M.D., Chief Health Officer of Elevance Health. “We will use a health equity lens to develop partnerships, operations, measurement of impact with local enterprises, and overall share our purpose-driven approach to community investments.”
The Foundation will make investments in states across the country, prioritizing communities where it can meaningfully advance health equity. In 2024, the Foundation will focus on the following states, with opportunities to expand in the future:
- California
- Florida
- Georgia
- Indiana
- Nevada
- Missouri
- Texas
The Foundation is launching this initiative in partnership with Mission Driven Finance, a Certified B Corporation in California, that mobilizes capital to increase inclusive and equitable access to education, health, and wealth. Mission Driven Finance is co-founded and co-owned by a woman of color and features an intentionally diverse team.
“The ‘mission’ in our name is to help businesses and community organizations grow their impact with access to sufficient, affordable capital, so that they can create more inclusive economic opportunity and health equity,” said Lauren Grattan, co-founder and chief community officer at Mission Driven Finance. “Partnering with Elevance Health Foundation enables us to accelerate the flow of capital across the U.S. where it normally doesn’t, but should.”
As part of the Foundation’s $10 million commitment, Mission Driven Finance will be managing an $8 million fund for this initiative. Plans for the remaining $2 million will be announced at a later date.
To learn more about impactful partnerships and receive updates from Mission Driven Finance on this initiative, please visit their website.
ABOUT ELEVANCE HEALTH FOUNDATION
Elevance Health Foundation is the philanthropic arm of Elevance Health Inc. The Foundation works to advance health equity by focusing on improving the health of the socially vulnerable through partnerships and programs in our communities with an emphasis on maternal child health; substance use disorder; and food as medicine. Through its key areas of focus, the Foundation also strategically aligns with Elevance Health’s focus on community health and becoming a lifetime, trusted health partner that is fueled by its purpose to improve the health of humanity. To learn more about Elevance Health Foundation, please visit www.elevancehealth.foundation or follow us @ElevanceFND on X and Elevance Health Foundation on Facebook.
ABOUT MISSION DRIVEN FINANCE
Mission Driven Finance is an impact asset management firm dedicated to building a financial system that ensures good businesses have access to sufficient, affordable capital. Built from the ground up with a single purpose—to make it easy to invest in your community—all of their funds and structured products are designed to close financial gaps that will close opportunity gaps. They work with local and national investors to help them create the impact they want and work with businesses and community partners to help them get the capital they need. Mission Driven Finance was launched in 2016 in San Diego, CA, and is a Certified B Corporation. In 2024, Mission Driven Finance was selected again for ImpactAssets’ IA 50 Fund Manager list, a category for experienced impact fund managers with a minimum three-year track record. Learn more at missiondrivenfinance.com.
