The Max M. & Marjorie S. Fisher Foundation is seeking applications for low-interest concessionary loans from social enterprises based in and serving southeast Michigan. To date, the Foundation has been introduced to potential investment opportunities primarily through its existing network of partner foundations, other grant-making organizations, and community partners. Through this RFA, the Foundation seeks to learn about and potentially partner with a new set of for-impact organizations through impact investing. The goal of the RFA is to expand the Foundation’s impact investing pipeline, while supporting early-stage and established social enterprises, ultimately gaining increased learning and impact with regards to social enterprise development. Respondents should note that unlike grants, an impact investment is expected to be repaid. In this case, the Foundation is offering only low interest, flexible loans, not equity investments.
Applicants may be 501c3 organizations with a social enterprise model, or mission-driven businesses. In both cases, applicants must seek to make social impacts and generate financial returns. Applicants may request loans and exact terms may vary depending on the proposed use of funds. Eligible applicants are those that:
- Align with the Foundation’s mission, impact investing vision, and at least one of its long-term impact priorities.
- Attempt to enhance existing work or pilot new ideas.
- Are based in and primarily serve southeast Michigan (Livingston, Macomb, Monroe, Oakland, St. Clair, Washtenaw, and Wayne counties)
- Seek flexible, low-cost debt capital with a term no longer than 5 years. While the Foundation anticipates most applicants will seek between $150,000-$300,000 loans, it is open to requests of any size up to $500,000.
- Demonstrate an obvious community benefit and a tangible connection to and partnership with the community served.
- Have a demonstrated ability to repay the loan within the proposed term.