Social Ventures Fund, LLC Makes First Investment in Roosevelt Coffee Roasters
During the August 7 presentation at SocialVentures’ annual Positioned to Prosper event, Allen Proctor announced that Social Ventures Fund has made its first investment in Roosevelt Coffee Roasters. Social Ventures Fund, LLC lent $50,000 to Roosevelt Coffee, LLC. Kenny Sipes, Founder of The Roosevelt Coffeehouse, came to the stage to talk about his new business and to tell attendees how critical capital is to the potential of our community.
“We are grateful as an entity creating social impact in the areas of unclean water, hunger, and human trafficking to have the support and financial backing of the Social Ventures fund,” said Kenny Sipes, Founder, The Roosevelt Coffeehouse. “The past three years of momentum at The Roosevelt Coffeehouse led us to a position to make this request and succeed in getting its approval.”
Roosevelt Coffee LLC is a for-profit C-corporation wholly owned by Redeeming Injustice Foundation, a 501c3 that is also owner of The Roosevelt Coffeehouse, also a 501c3. The loan will fund purchase of equipment, lease of space in Franklinton, and operating expenses for the first three months (July through September 2018) promotional launch of the roaster. The roaster will provide roasted beans to the coffeehouse and sell wholesale and retail roasted beans in Central Ohio under the Roosevelt brand.
In 2017, SocialVentures completed its first closing of Social Ventures Fund, LLC, a member-based private fund for accredited individuals, companies, and foundations to invest in local growth stage social enterprises. The fund is managed by SocialVentures, a 501c3 nonprofit organization, and is the first fund of its kind in Central Ohio.Social Ventures Fund remains open to new investors through January 2019. Contact SocialVentures by sending an email to firstname.lastname@example.org for more information.