Etsy recently announced two significant updates in its work aimed at uplifting communities, promoting meaningful change, and supporting creative entrepreneurs in 2023 and beyond. These initiatives further Etsy’s mission to Keep Commerce Human and advance their goals of running a long-term sustainable business.
Firstly, Etsy is expanding the Etsy Uplift Fund, which was launched in 2021 to support nonprofits that work to lower barriers to entrepreneurship and create opportunities for economically disenfranchised communities. In 2022, U.S. buyers’ contributions enabled Etsy to distribute approximately $2.5 million in grants. In 2023, Etsy aims to deepen its impact by partnering with four organizations that connect creative entrepreneurs with resources and tools to help their businesses succeed.
Etsy will work with Grameen America to provide digital business education training and financial services to entrepreneurs, including small makers of handcrafted products. Together, they aim to expand access to e-commerce knowledge and tools for hundreds of creative entrepreneurs across the U.S. over the next two years. Etsy will also partner with AltCap to provide microloans for artists and creative entrepreneurs in America’s Heartland, particularly in Kansas, Missouri, and Texas.
Additionally, through partners Hello Alice and the Global Entrepreneurship Network (GEN), microbusiness owners can apply for grants between $5,000 and $25,000 via the Small Business Growth Fund. The first round of applications for this program is open through April 21, 2023.
Secondly, Etsy is introducing a $30 million Impact Investment Fund, allocating part of its cash holdings to foster economic empowerment and promote sustainability. Etsy has partnered with ImpactAssets Capital Partners to create a portfolio driving meaningful positive impact. Etsy has deposited $30 million for this program at City First Bank, one of the largest Black-led Minority Depository Institutions in the nation, known for combating historic inequities and supporting entrepreneurs from marginalized and low-income communities.
Etsy’s first set of fund allocations will be directed toward Grameen America, which provides capital, training, and support to aspiring women business owners from low-income and marginalized communities. Etsy will also invest in Greenbacker Capital Management, an investment firm focusing on renewable energy technology.
This article, "Etsy Announces New Impact Initiatives to Support Creative Entrepreneurs" was first published on Small Business Trends
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Small Business Editor, Khareem Sudlow
