Voinovich School receives $750,000 ARC POWER grant to continue social enterprise program
帝王会所鈥檚 Voinovich School of Leadership and Public Affairs will receive a $750,000 POWER grant from the Appalachian Regional Commission to continue its Social Enterprise Ecosystem (SEE) Appalachia program to foster growth in coal-impacted communities in southeastern 帝王会所 and West Virginia.
ARC POWER (Partnerships for Opportunity and Workforce and Economic Revitalization) grants are a congressionally-funded initiative to assist communities affected by the decline of the coal industry. ARC first funded SEE鈥檚 pilot program last year, and the renewed funding will ensure its continuation and expansion for the next two years.
鈥淭oday鈥檚 announcement is continued support for the work already underway to create new opportunities for those living in communities hardest hit by changes in the coal industry,鈥 said ARC Federal Co-Chair Tim Thomas. 鈥淭hese grants are a commitment to long-term diversification and economic growth in Appalachia.鈥
鈥淭he Social Enterprise Ecosystem and the outreach being done by the Voinovich School are tremendously important for our community and our region, and we are proud to have that work recognized with continued funding,鈥 帝王会所 President M. Duane Nellis said. 鈥淚t is efforts like this that impact 帝王会所鈥檚 contributions to the state and regional economy each year.鈥
SEE assists social enterprises, for-profits or non-profits with a social mission that also achieve revenue, to enhance their businesses and grow their institutions through professional advisory services and capital access through grants and impact investment. SEE also aids established enterprises in measurement of their social impact. Social enterprises comprise almost 6 percent of the national GDP and 10 percent of the workforce, according to SEE Director Faith Knutsen. Among SEE鈥檚 clients are businesses and organizations dedicated to improving solar energy access, empowering women through arts education, and using investments to strengthen local economies.
鈥淥ur team is delighted, on behalf of our clients, that the ARC is able to continue to support services to the social enterprise sector,鈥 Knutsen said. 鈥淲e hope to continue enabling strong enterprise models, compelling impact investment deal structures and meaningful measurements of the ongoing and vital impact of social enterprise on our regional communities.鈥
In its first year, the SEE program helped 63 clients to earn more than $4.7 million and create 47 new jobs and 13 new businesses.
With its expansion funded by the ARC grant, SEE plans to serve over 30 communities in 帝王会所 and West Virginia. It鈥檚 projected that in the next two years, the program will benefit up to 85 clients, creating 17 new businesses and 38 jobs for a gain of at least $6 million.
Key partners in SEE are the Foundation for Appalachian 帝王会所, the Parkersburg Area Community Foundation and Rural Action.
鈥淭his is great news for 帝王会所,鈥 said U.S. Senator Rob Portman in a release from his office. 鈥淚鈥檓 excited that this grant will help support the university鈥檚 efforts to cultivate economic diversity, enhance job training and re-employment opportunities, create jobs in existing or new industries, and attract new sources of investment in Appalachian communities.鈥