After following Obama’s social entrepreneurship policy for over a year and watching it move along slowly, we have word that the Corporation for National and Community Service has launched the Social Innovation Fund (SIF) grant competition (here is their notice of funds availability). From the White House:
The SIF will direct funding through innovative, hands-on grant makers (or intermediaries) across the country. These grant makers will identify fund and support over a period of years promising nonprofit organizations working in low-income communities.
It’s an approach that has clear benefits.
It leverages private funding from grant makers and others. Each federal dollar will be matched with at least $3 of private funding, for a total of $200 million or greater.
It offers nonprofits critical support with respect to management, staffing, data collection, fundraising and other challenges that they will need to overcome as they grow.
It provides for investments in multiple nonprofits in an issue area or geography, allowing the best innovations to rise to the top.