MacKenzie Scott, one of the richest women in the world, donated tens of millions this week to local groups including the Reinvestment Fund and Community First Fund, two organizations in the Philadelphia area dedicated to empowering people’s economy and dedicate to businesses in low-income areas

Scott, the ex-wife of Jeff Bezos, Amazon’s CEO, announced to recipients on Wednesday the culmination of a plan being devised in 2019 to give away most of her fortune, which Fortune estimates at $ 609 billion She announced $ 1 billion gifts in July and $ 4 billion this week

Scott did not say how much each group received, and the money was given out for use with no restrictions

The investigator reported Wednesday that Scott gave Lincoln University $ 20 million, the largest single donor gift to the 167-year-old historically black university. A number of other historically black universities also received money, including Delaware State University / p>

Easter Seals Southeastern Pennsylvania, the Greater Philadelphia YMCA, and the United Way of Greater Philadelphia and Southern New Jersey were also among the recipients listed on Scott’s Post

But the $ 20 million Reinvestment Fund and the $ 10 million Community First Fund were among the region’s big winners

“This is an exciting and unexpected opportunity,” said Elizabeth Frantz, Director and Philadelphia Market Leader, Reinvestment Fund. “We are grateful that we can use the money for the communities we serve and care about.” / P>

The Reinvestment Fund provides resources for communities that have traditionally been excluded from access to financial institutions such as banks

Yonina Gray, a spokeswoman for the fund, said the award was unlike many other grants that must be used for specific programs within an institution. She called the unqualified nature of the money a plus

Gray said the Reinvestment Fund was first approached in October that an anonymous donor was meeting with the organization. It found out about Scott’s award just before Thanksgiving.

The Reinvestment Fund plans to use the money for early childhood education, facilitate access to fresh food in low-income areas, and support historically black colleges

Gray said the organization learned a lot about helping small businesses hurt during the COVID-19 shutdown and hopes to apply those lessons in future programs funded by Scott’s gift

Dan Betancourt, President and CEO of the Community First Fund, said Scott’s $ 10 million donation came as a surprise Betancourt said there was no application process, just one nomination He said he did not know who was nominating Community First have

The Community First Fund helps businesses and individuals in low-income communities through credit, economic development and other support In July, the Community First Fund joined the nonprofit FINANTA in Kensington

Community First plans to set up a credit union The first office opens in Lancaster, a second in Philadelphia, most likely in Kensington or Hunting Park The credit union would serve people on below-median incomes

“We’re focusing on families that weren’t part of the mainstream banking system,” said Betancourt

A political center is also planned, which will, among other things, study wealth inequality, study bias in the banking system and educate government officials on these issues

Betancourt said Community First would use most of the money on a $ 50 million campaign to raise funds to small businesses in the area, with a focus on Kensington, west and south Philadelphia, an average loan for small businesses Company totals 100$ 000 and up to $ 2 million for a community organization. Interest is fixed below market rates. Many entrepreneurs in underserved communities face interest rates of 12% to 15% in the open market

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MacKenzie Scott, Jeff Bezos

World News – FI – MacKenzie Scott to give $ 30 million in Amazon wealth to two Philly institutions serving low-income communities

Source: https://www.inquirer.com/business/mackenzie-scott-amazon-bezos-donations-lincoln-university-community-20201217.html