California Regional Initiative for Social Enterprise (CA RISE) Disburses Second Round of Funding to Advance Economic Inclusion

SAN FRANCISCO, Dec. 20, 2024 /PRNewswire/ -- This month, the California Regional Initiative for Social Enterprise (CA RISE), the nation's first statewide investment in employment social enterprises (ESEs), distributed its second tranche of funding. A total of 61 enterprises based in 16 counties across California received funding to expand the number of job opportunities in their communities.

Employment social enterprises (ESEs) are businesses that hire, train, and support people breaking through employment barriers, such as homelessness or incarceration. Roughly 49% of employees served by the CA RISE cohort of ESEs have been justice-involved and 24% are unstably housed. California leads the nation in scaling this type of work.

Governor Newsom approved a $25 million investment to launch CA RISE, as part of the 2022-2023 state budget. CA RISE is funded through the California Office of the Small Business Advocate (CalOSBA), in collaboration with nonprofit REDF (program lead), and minority-led small business lender Lendistry (fiscal agent).

Along with funding, each business in the cohort receives capacity building support and access to a network of peers. CA RISE provides technical assistance so enterprises can grow and scale, access more capital to strengthen fundraising efforts, and navigate public funding streams.

"Employment social enterprises do more than create jobs; they serve as pathways to empowerment, providing opportunities that transform lives, strengthen communities, and drive lasting change," shared Greg Ericksen, REDF's director of government partnerships and policy. "This is why CA RISE funding is a vital catalyst in addressing homelessness across our state."

This latest funding milestone was celebrated through check presentations with 28 ESE grantees across the state. Presentations were attended by local legislators, CalOSBA leadership, former ESE participants, and ESE leaders.

"It's uplifting to know that these employment social enterprises are doing the real work of empowering our community members each and every day," said Senator Lola Smallwood-Cuevas (D-Los Angeles), who attended a check presentation for Los Angeles ESE grantee PVJobs. "By providing job training and career opportunities to our most vulnerable residents, they're transforming lives while fostering a more resilient local economy."

View the list of CA RISE grantees, locations, and funding amounts.

CONTACT:
Jaclynn Coussa, Associate Director of Marketing & Communications, REDF
[email protected] | (415) 510-6027

SOURCE California Regional Initiative for Social Enterprise (CA RISE)