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Kendeda Fund invests $24 million in helping nonprofits transition small businesses to employee ownership

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One of the grant recipients, Evergreen Cooperative, has launched a network of worker-owned businesses in Cleveland. [photo: Evergreen Cooperative]
The Kendeda Fund this week announced it will mark more than $24 million in new grants to ‚Äúsignificantly expand democratic employee ownership‚ÄĚ across the U.S., including the eventual creation of worker cooperatives.

The announcement marks one of the fund’s largest investments and is expected to empower thousands of workers who have traditionally lacked economic stability and wealth-building opportunities, the press release said.

Over a period of five years, the Kendeda Fund will provide grants to four mission-driven organizations to lead the effort: The Fund for Employee Ownership (at the Evergreen Cooperative Corporation), the ICA Group, Nexus Community Partners and Project Equity.

According to an article published by Crain’s Cleveland Business, Kandeda‚Äôs goal is to enable more than 100 business transitions from private ownership to employee ownership.

In Kendeda‚Äôs press release, Fund Advisor Diane Ives called small businesses the ‚Äúbackbone‚ÄĚ of their local economies. ‚ÄúThey ensure that communities are vibrant, retaining the wealth they generate, and are resourceful in hard times.‚ÄĚ

Read the full press release: https://www.businesswire.com/news/home/20190826005064/en/Kendeda-Fund-Announces-24-Million-New-Grants

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