PROPEL Fund deploys $25 million to promote health, equity and economic growth in underserved communities
2024年7月9日 - 3:00AM
ビジネスワイヤ(英語)
Broadstreet Impact Services announced today that it has fully
deployed the $25 million PROPEL Fund to finance economic
development projects that promote health, wealth and opportunity,
particularly for people of color.
PROPEL, which stands for Providing Real Opportunities for
Progress by Edwards Lifesciences, was capitalized by the company as
part of its $100 million commitment to mission-driven investments.
Edwards’ Social Impact Investment Fund was created to expand access
to capital in underserved communities by advancing racial equity
through economic development, especially in predominantly Black and
underserved communities in the United States. The fund invests in
community development entities providing debt financing to
businesses, nonprofits, and projects that primarily serve
economically vulnerable communities.
PROPEL’s investments are expected to support health services for
50,000 people — most of whom have low incomes and might not
otherwise have access to care — while fueling nearly 400 jobs. All
told, PROPEL’s $25 million investment is advancing $87 million in
development activity in such diverse locales as the Bronx,
Jacksonville, Oakland, Philadelphia, San Antonio and Tampa.
“The PROPEL Fund illustrates how an investor can include a
values-based approach in its investment portfolio,” noted Kevin
Boes, CEO of Broadstreet, which designs and manages impact
investing funds and catalytic capital transactions. “They can
support creative capital structures that meet their goals for both
financial performance and community impact.”
PROPEL leverages Broadstreet’s expertise in utilizing the
federal New Markets Tax Credit (NMTC) program, which is designed to
stimulate investment and economic growth in low-income urban and
rural areas lacking access to capital. The program enhances
Edwards’ ability to drive measurable, meaningful improvements in
communities across the country.
“At Edwards, we are focused on creating community and enhancing
quality of life. A significant way to do that is by increasing
capital in underserved areas – this is how real change can occur,”
said Scott Ullem, chief financial officer of Edwards. “PROPEL has
been instrumental in helping us achieve this goal.”
PROPEL has invested in:
- Autism Community Network (San Antonio, Texas):
Development of a new facility to expand the organization’s
diagnostic, therapeutic, and interventional services for children
with autism and their families. Located in a community with a 23.5
percent poverty rate, ACN is one of only a handful of providers in
the county that provides autism services to people who qualify for
Medicaid.
- Bronx Community Health Network (Bronx, N.Y.): Building a
new health facility to offer integrated medical, behavioral and
oral health services as well as pharmacy, education, outreach, care
coordination and chronic disease management services, all under one
roof. More than 75 percent of the network’s current patients have
incomes below 200 percent of the federal poverty level, and the new
facility will support 27,000 more patient visits a year than does
the network’s existing space.
- College Park (Jacksonville, Fla.): Revitalizing a
deteriorating shopping center to provide health, education, job
training and grocery services to a community where low incomes and
low food access significantly impact the well-being of residents.
Without the NMTC investment, the developer would not have been able
to include the grocery store or offer below-market rents to local
entrepreneurs, which are vital to its strategy to spur jobs,
economic activity, and community-based wealth-building.
- Native American Health Center (Oakland, Calif.):
Redeveloping a vacant lot into a five-story building that includes
affordable housing, a cultural community center and a community
health center focused on dental care. The dental clinic will
support 20,000 more patient visits per year than is possible in
NAHC’s existing space. It will serve a community where 39 percent
of the population lives below the poverty line.
- PATH Center (Philadelphia, Pa.): Renovating PATH’s
former headquarters building so it can offer expanded services for
people with intellectual disabilities. The upgraded space means
services, like PATH’s Adult Day Program, can be consolidated and
offer clients comprehensive support in one place. Clients are all
Medicaid-funded, and many live with elderly parents and caregivers
who need additional support.
- Skills Center Collaborative (Tampa, Fla.): Expanding a
newly acquired facility to house local nonprofits offering
education and employment services, increasing the local capacity to
serve 3,000 people. The project is located in a severely distressed
census tract, with more than 39 percent of residents living in
poverty. Expanded access to skills training is expected to help
alleviate the area’s labor gaps, so that more people can access
quality jobs and employers can find the workers they need to
grow.
“The impact of these investments is clear,” Boes said. “Through
PROPEL, Edwards is improving health, revitalizing blighted land,
fueling good jobs and strengthening local economies. They are
supporting a better quality of life for tens of thousands of
people.”
More information on Edwards’ Social Impact Investment Fund can
be found here:
https://www.edwards.com/newsroom/news/2021-08-02-edwards-lifesciences-initiates-100-million-social-impact-investment-fund-to-advance-racial-equity
About Broadstreet Impact Services
Broadstreet is an impact financial services company, offering
both fund management and fund administration services. We work with
innovative investors to fuel social and economic impact throughout
the country. We manage or administer 36 multi-asset funds, 92
single-asset entities, and $2.0 billion of capital—all of which
drive equity and opportunity alongside financial performance. Over
20 years, we have developed a client base that values our
customizable services platform, fund development experience, impact
focus, collaborative partnership approach, and deep engagement with
the community investing ecosystem. Join us at
www.broadstreetimpact.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240708810708/en/
Broadstreet Impact Services Ariel Hargrave, 773-904-4355
ahargrave@broadstreetimpact.com