Kendeda Fund Invests $24 Million in Employee Ownership
The Kendeda Fund, a national grant-making foundation, announced on August 26 that it would invest $24 million in four nonprofit organizations that support employee ownership. The four organizations receiving grants are the Fund for Employee Ownership (housed at the Evergreen Cooperative Corporation in Cleveland), the ICA Group, Nexus Community Partners, and Project Equity.
The set of grants, which cover project activity through 2023, is among the largest in the foundation's history. Diane Ives, the Kendeda Fund advisor overseeing the grants, said, "There are different ways to democratize companies and empower workers. The Kendeda Fund chose to focus on employee-owned cooperatives because they offer an accessible governance structure for small- and medium-sized businesses at risk of closure when the owners retire."
The Kendeda Fund is "a private Atlanta-based grant maker that supports the dignity of individuals and the sustainability of communities through investments in transformative leaders and ideas."