The Corporation of Enterprise Development (CFED), a national nonprofit based in Washington, DC, is dedicated to expanding economic opportunity for low-income families and communities. Their impact is achieved through their “think-do-invest” approach grounded in public policy, community practice and private markets:
- Think: CFED explores ideas and practices that enable families and communities to participate in the mainstream economy
- Do: They gather investors, local businesses and policymakers to demonstrate how programs would work for communities nationwide
- Invest: They onboard investors and policy advocates eager to see the large scale implementation of programs that could bring about positive social and economic change
The 1:1 Fund: Among the most recently implemented programs is the 1:1 Fund, CFED’s newest social enterprise. The 1:1 Fund is a creative approach to enlisting donor support and creating economic opportunity for American’s youth. The program is led by Carl Rist out of Durham’s CFED office. Carl previously served as the director of CFED’s Saving for Education, Entrepreneurship and Downpayment (SEED) initiative, bringing innovative matched savings programs to children and youth in low-income families. The 1:1 Fund, on the other hand, is an online savings portal that harnesses the power of technology, state-of-the-art marketing and data management, enabling donors to help students save money. Simply put, it’s an opportunity for anyone to match their donation with that of a student to help them realize their dreams.
How does it work? For every dollar a student saves, their donor matches the same amount, penny for penny. Research shows that a student with a savings account is four times more likely to go to college, seven times more likely if the account is in their own name! The dreams of too many students remain dreams simply because of the lack of support and access to funding. The 1:1 Fund presents a solution to this problem.
Think about it, then do it… invest! Here’s a link to the 1:1 Fund, the CFED website and their social links: