Social Business Match Program (SBMP)

Social Business Match Program (SBMP)

Overview: A Program-Related Investment (PRI) initiative designed to help social businesses access seed capital for growth.

Geographic Scope:

Minnesota, North Dakota, South Dakota, or one of the 23 native nations sharing this geography

Business must be incorporated in, headquartered in, or primarily impacting eligible regions

Eligibility Requirements:

Social Business Definition

Must have legally declared a social corporate purpose and require directors/officers to continuously consider that purpose alongside pursuing profit. Must meet this definition in at least one way:
• Incorporate as a Public Benefit Corporation, Public Benefit LLC, or similar corporate form
• Achieve B-Corp certification through B-Lab
• Make basic adjustments to governing documents of another corporate form

Impact Focus

Recipient must be either:
• (a) Owned by, led by, or primarily impacting people from under-represented communities (women, BIPOC and other minorities, disabled persons, LGBTQ+ individuals), OR
• (b) Otherwise offer uniquely compelling strategic value proposition to development of region's social enterprise field

Financial Requirements

• By closing: Must have and regularly use double-entry accounting system (e.g., QuickBooks)
• Revenue cap: At time of application, cannot have earned more than $500,000 in revenue over any consecutive 12-month period
• Highly encouraged to have accounting system in good working order before applying (not required)

Governance Requirements

• By closing: Typically require governing board with at least 3 members meeting quarterly
• At application time: Not required to have board in place; may apply with existing governance/advisory board
• Foundation open to discussing particulars of situation

Impact Planning

• Must create logic model communicating venture's recipe for impact
• Logic model includes: inputs (ingredients), activities (what you do), outputs (evidence of completion), outcomes (results)

Charitable Purpose

• Venn must justify that PRI advances its IRS charitable purpose
• Not all social corporate purposes overlap with IRS charitable definition
• Venn evaluates this during application review
• All interested entrepreneurs encouraged to apply

Contact: Contact Venn Foundation for questions

Status: Active funding opportunity