INTERISE RECEIVES $2 MILLION UNRESTRICTED GRANT TO FUND ITS MISSION OF CREATING AN INCLUSIVE AND EQUITABLE AMERICAN ECONOMY

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Mar 19, 2024, 11:15 ET

BOSTON, March 19, 2024 /PRNewswire/ -- Interise, a nonprofit supporting the growth of minority- and women-owned small businesses, has received a $2 million grant from The Yield Giving Foundation. Established by Mackenzie Scott, the foundation, working with Lever for Change, opened applications for a $1 million grant—before doubling the award based on Interise's potential impact.

"This is an opportune moment to accelerate and magnify Interise's mission," explained CEO Darrell Byers. "Historically, only 9.4% of eligible federal contracts have gone to minority-owned businesses even though almost 20% of businesses are minority-owned. As the federal ARPA and infrastructure bills are about to distribute $3 trillion to pay for new roads, EV charger stations, and more, we can use this grant to help minority entrepreneurs navigate the red tape and maze of federal contracting so they can share proportionally in this once-in-a-generation opportunity."

Interise will use the grant to advance its ongoing research on small business growth, develop new teaching modules that help business owners address pressing challenges, partner with private corporations and nonprofit institutions that want to diversify their procurement processes, and engage civic and community organizations as hosts of Interise's signature StreetWise MBA program—all in pursuit of its mission to create an inclusive economy for all.

Interise first delivered its targeted business education programs to entrepreneurs in Boston before expanding nationwide to 81 cities. Now in its 20th year, Interise boasts close to 10,000 alumni businesses and currently offers its programs in 25 states across the country. Interise alumni businesses grow their revenue at an average rate of 36% annually and create four times the number of jobs as comparable businesses.

From May 5-7, 2024, Interise alumni, partners, and other supporters will be attending the SolveIt Conference in Chicago, where they will participate in workshops to further their education, share new research, and celebrate two decades of successes.

About Interise
Interise is a national nonprofit that works to create an inclusive economy by supporting the growth of established small businesses that are located in low- and moderate-income communities or minority-owned. We achieve our mission through bold programs that close gaps in business knowledge, know-how and networks; purposeful research that turns insights into actions; and national partnerships that create impact at local, regional, and statewide levels. Our vision of an inclusive economy is one in which all people can benefit from economic growth and prosperity—across race, place, and ethnicity. Learn more at Interise.org

About Yield Giving
Established by MacKenzie Scott to share a financial fortune created through the effort of countless people, Yield Giving is named after a belief in adding value by giving up control. To date, Yield's network of staff and advisors has yielded over $16,500,000,000 to 1,900+ non-profit teams to use as they see fit for the benefit of others. To learn more, visit www.yieldgiving.com.

About Lever for Change
Lever for Change connects donors with bold solutions to the world's biggest problems—including issues like racial inequity, gender inequality, lack of access to economic opportunity, and climate change. Using an inclusive, equitable model and due diligence process, Lever for Change creates customized challenges and other tailored funding opportunities. Top-ranked teams and challenge finalists become members of the Bold Solutions Network—a growing global network that helps secure additional funding, amplify members' impact, and accelerate social change. Founded in 2019 as a nonprofit affiliate of the John D. and Catherine T. MacArthur Foundation, Lever for Change has influenced over $1.7 billion in grants to date and provided support to more than 145 organizations. To learn more, visit www.leverforchange.org.

SOURCE Interise