The new Sustainable Jobs Fund(SBJ) will invest in start-up and expanding businesses in recycling, remanufacturing, reuse, and composting industries.
One of its objectives is to find jobs for former welfare recipients and people outside the mainstream economy, says David Kirkpatrick, cofounder.
“We’ll start by funding small amounts for about 20 seed investments, and the investments will get bigger as the firms grow,” explains Kirkpatrick. SBJ is being organized as a 10-year limited partnership. It will be capitalized by $10 million in investments and $5 million in low-interest loans from financial institutions, foundations, and insurance companies.
Most venture capital-funded businesses provide high-tech, white collar, suburban jobs. SJF will focus funding on businesses that provide inner city, blue collar jobs. Kirkpatrick said, “The fund will create 1500-plus jobs and help make recycling markets stronger.”
[sorry this link is no longer available]
Loading...