AVANCE, Social Finance Exploring Innovative Future
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PRESS RELEASE: Thu 11/13/2014
AVANCE, a longtime W.K. Kellogg Foundation grantee, has been selected as one of four nonprofit organizations from across the country to partner with Social Finance to explore the potential for Pay for Success Financing.
“Pay for Success models can enable organizations like AVANCE to scale and become sustainable and give us a line of sight into our future,” said AVANCE President and CEO Rick Noriega.
Social Finance’s mission is to mobilize investment capital to drive social progress. With the AVANCE partnership, the hope is it will materialize into a project that can be financed through social impact bonds, which work to solve social problems and have a large return on investment for communities.
“After 40 years, we still strive for innovative ways to impact more families,” said Noriega. “Through this collaboration, we aim to learn where we need to strengthen our program in order to more effectively strengthen our communities.”
The selected nonprofits were required to have undergone a rigorous economic and strategic analysis to prepare them to seek outcomes-based funding, influence
public policy and bolster programmatic outcomes.