For Immediate Release

Lenders Approve “Social Impact Loan” for Austin-Based Disability Service Provider

Local nonprofit Easter Seals Central Texas to receive a $50,000 loan as part of impact investment

Austin, Texas, April 27, 2015

Media Contact:
Susan Savkov
512-615-6894

Evelyn Galante, Communications Manager, Greenlights
512.477.5955 x250

April 27, 2015 (Austin, TX). Easter Seals Central Texas, a nonprofit that promotes independence and creates opportunities for people with disabilities, secured an innovative $50,000 social impact loan from six local investors affiliated with Greenlights, a nonprofit that helps mission-driven people and organizations maximize their impact on the community. The loan will support the growth of Easter Seals’ new Lawn and Landscape Services, a residential and commercial landscaping business designed to create jobs for adults living with disabilities.

The loan comes after Easter Seals Central Texas completed Greenlights’ intensive business planning Accelerator in 2014. As part of the Accelerator, Easter Seals is receiving three years of free business growth consulting and mentorship, provided by Greenlights’ Social Venture Partners, plus $38,000 in Greenlights cash grants.

“For us to launch a fundraising campaign to secure this kind of funding would have taken months to get off the ground. Innovative approaches to philanthropy, such as this social impact loan, allows social businesses like ours to move at an accelerated pace,” says Tod Marvin, President and CEO of Easter Seals of Central Texas.

Members of Greenlights’ Alternative Financing Task Force, with pro-bono legal support provided by Champe Fitzhugh of Munsch Hardt Kopf & Harr, P.C. in Austin, completed the deal on April 27, 2015. Greenlights Social Venture Partner, John Thornborrow, coordinated the group of lenders, and said, “We saw an opportunity to invest in a socially conscious enterprise that achieves a small financial return, but a significant social return.  Easter Seals brought a very entrepreneurial mindset to the discussions that made it easy for us to create this new social impact structure to help them launch their business.”

The investors included a number of Austin-based individual investors and foundations, including John Thornborrow, Dan Graham, Eric Stumberg, Cavner Social Enterprises, Jen Vickers and the Austin Community Foundation.
The loan funds will be used to purchase equipment needed in the fast-growing new social enterprise business, and these funds in particular will have the potential to employ 30-40 people throughout the course of the year.

“Our goal is to reduce unemployment for people with disabilities in Central Texas by 10% by the year 2020. This loan will support our social enterprise, which not only provides jobs for people with disabilities, but is also a new direct revenue source from which we can continue to provide all of our programs and services,” says Marvin. “After participating in Greenlights’ Accelerator, our business has taken off, and the ongoing support from Greenlights has helped us grow our mission in such a successful way.”

“Easter Seals is well on their way to solving one of our community’s most challenging social problems, and they are doing so in an incredibly innovative way by leveraging creative sources of capital, new business models and private sector partnerships,” says Greenlights’ CEO Matt Kouri. “We think more nonprofits in this community should consider implementing similar programs that both enhance their services to those in need, and at the same time create sustainable sources of revenue.”

About Greenlights
Greenlights is Austin's go-to social sector resource and leader, providing mission-driven organizations and people with the tools and guidance they need to tackle complex community challenges. With support from donors, Greenlights serves more than 800 organizations and 2,500 individuals annually. Greenlights is also the Austin affiliate of Social Venture Partners international, a global network of philanthropists, entrepreneurs, and changemakers. For more information, visit greenlights.org.

About Easter Seals of Central Texas
Since 1937, Easter Seals Central Texas (ESCT) has been a leading provider of patient-centered services and support for children and adults with disabilities, their families and caregivers. We are a locally funded and locally governed non-profit organization based in Austin and currently serving 8,500 clients in 21 Central Texas counties. ESCT envisions every person having equal access and opportunities in their community. Together, we promote independence and create opportunities for people with disabilities to pursue their hopes and dreams. For more information about Easter Seals Central Texas, please visit easterseals.com/centraltx.   

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