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Kresge Foundation Employs New Funding Methods in its First Quarter Grant Awards of Nearly $43 Million
Date:5/14/2008

tribute to a more sustainable operating model, Rapson observes.

Expanding quality care for the nation's children

First Children's Finance, a community development financial institution based in Minneapolis, provides below-market rate financing, advisory services, technical assistance and business and management training for child-care facilities in eight states - Minnesota, Michigan, Iowa, North and South Dakota, Missouri, Kansas and Texas.

Kresge made a $1 million program-related investment in First Children's Finance to expand its loan pool to new geographic markets. It also awarded an additional $1 million in two growth capital grants - a $200,000 grant to support the expansion of its multi-state operations and an $800,000 grant to establish and staff a new program office in Detroit and provide it with permanent capital and loan fund reserves.

"First Children's Finance is a pioneer in strengthening the capacity of child-care providers, including the quality of care provided," Rapson says. "It is creating opportunity, assisting providers in underserved geographies and having real community impact. As a result of the 215 loans it has made to date, for example, nearly 3,000 new child-care slots and approximately 330 new full and part-time jobs have been created."

Collaborating with Edna McConnell Clark Foundation

Kresge's values-centered approach to grantmaking consists of nine values, one of which is collaboration - encouraging nonprofit organizations to work across sectors to forge multidisciplinary solutions to complex problems. So it is not surprising that it would practice this value as well.

With $6 million in growth-capital grants, Kresge is participating in the Edna McConnell Clark Foundation's Capital Aggregation Initiative, a $120 million national funding syndicate designed to provide long-term capacity-building capital to high-impact organizations with strong growth potential. Kresge's contribution provides
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SOURCE The Kresge Foundation
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