Meet the new, improved, $15 million-strong Fund for Quality - Generocity Philly

Funding

Mar. 14, 2016 2:32 pm

Meet the new, improved, $15 million-strong Fund for Quality

William Penn Foundation pumped triple its initial investment into the fund, which works with high-quality childcare providers.

Children at a Fund for Quality-funded facility.

(Courtesy photo)

The Fund for Quality, Reinvestment Fund and William Penn Foundation‘s initiative to support high-quality childcare providers, just got suped up with a big new bank roll and a five-year plan.

Earlier this year, Reinvestment Fund was in the process of seeking out additional funds to launch another round of grantmaking. Last week, they found $15 million by way of a WPF grant and allocated $7.65 million in loan capital from its own 850-member network of investors.

That’s a lot of coin considering the initial pool of capital, which was capitalized in 2014 with $4.6 million from WPF and $1.5 million in loan capital from Reinvestment Fund. The first iteration of the fund was able to support the expansion of 17 early childhood education centers.

Now with nearly quadruple the capital it started out with, the Fund has an opportunity to hone the way it executes its mission.

“We’ve been able to refine the program design, and we now have a five-year timeline to complete the work – which is really important, particularly in the development world,” said Bevin Parker-Cerkez, director of early childhood education lending at Reinvestment Fund.

The mission remains unaltered — Reinvestment Fund and operating partner Public Health Management Corporation (PHMC) will still support high-quality local childcare providers through strategic planning consulting and grants that will help them expand their services to more low-income children across the city.

“The Fund for Quality has made a significant impact on expanding quality pre-K throughout Philadelphia. This investment helps providers enhance facilities, enroll more students, and grow businesses,” said Mayor Jim Kenney in a release. His administration, he said, is committed to expanding access high-quality childcare (something to the tune of 6,500 new seats) through partnerships with philanthropy and the private sector.

Now, the Fund can do what it does better. Its new five year plan aims to help create an additional 1,500 seats at high-quality childcare centers by January 2021. According to Parker-Cerkez, the Fund will open up an application round sometime this spring and identify the next cohort of grantees by autumn 2016.

From our Partners

-30-
LEAVE A COMMENT

From our Partners

‘Each of us cannot tackle poverty alone’

Peep Hopeworks ‘N Camden youth’s heat maps of the country’s biggest donors

SPONSORED

Generocity Philly

Nonprofits and startups can win up to $360K at the WeWork Creator Awards

1315 Walnut Street, Suite 1300, Philadelphia, PA 19128

Bread & Roses Community Fund

Project Manager

Apply Now
415 E. Athens Ave., Ardmore, PA

St. Paul's Lutheran Church, Ardmore, PA

Part-Time Controller

Apply Now
Philadelphia

Sustainable Business Network of Greater Philadelphia

Manager, Membership Growth and Stewardship

Apply Now

There’s now a way to easily search for arts ed programs in Philly

After an assist from an Eagles player, Philly FUNDamentals is upping its fundraising goal

Home visits from education experts are improving outcomes for Philly kids in poverty

SPONSORED

Generocity Philly

12 Philly immigrants who are ready to mobilize

Bryn Mawr

ElderNet of Lower Merion and Narberth

Executive Director

Apply Now
Radnor, PA (Philadelphia suburbs)

The Association for Frontotemporal Degeneration

Development Manager

Apply Now
Philadelphia, PA

Episcopal Community Services of the Diocese of PA

Financial Specialist

Apply Now

Sign-up for daily news updates from Generocity