Federal Reserve: Announcing the Puerto Rico Nonprofit Leadership Development Initiative

The Puerto Rico Nonprofit Capacity Building Network, a collaboration among Enterprise Community Partners (Enterprise), NeighborWorks America (NeighborWorks) and Fundación Comunitaria de Puerto Rico (FCPR), today announced the six Puerto Rico nonprofits selected for the inaugural cohort of the Puerto Rico Leadership Development Initiative. The six nonprofits, representing all major regions across the island, will each receive a $35,000 grant, technical assistance, one-to-one staff mentoring, peer learning with other grantees and help with capacity building to ensure they are prepared to support their communities over the long term. 

The New York Fed will be supporting the development of technical assistance workshops and peer learning for grantees. The New York Fed is deeply committed to the people of Puerto Rico and to its growth and prosperity. This partnership with Enterprise, NeighborWorks and the FCPR builds upon its previous effort to support the flow of resources and build the capacity of the nonprofit sector in Puerto Rico, such as the Investment Connection Program held in Puerto Rico earlier this year. The New York Fed closely monitors and analyzes economic conditions of the Island; its banking supervisors work to strengthen the financial system so it can readily supply credit to families and businesses, while its research economists monitor and analyze local economic conditions. Its Outreach & Education team also frequently partners with local organizations in Puerto Rico to conduct programming related to economic inclusion, small businesses, CDFIs, and impact investing. The New York Fed was not involved in the grantee selection process.  

The members of the class of 2020 are: 

  •  EnterPRize, Grupo Guayacán’s flagship startup initiative where entrepreneurs learn methods and tools to successfully develop their ventures;
  •  Fundación de Desarrollo Comunal de Puerto Rico, Inc. (FUNDESCO), which transforms lives by providing housing and services that empower those in need;
  •  Habitat for Humanity of Puerto Rico, an affiliate of Habitat for Humanity International, which helps families and individuals achieve stability, self-sufficiency and attain a better future through homeownership;
  •  Instituto para el Desarrollo Socioeconómico de Vivienda de Puerto Rico, Inc.(INDESOVI de PR), which focuses on the development of affordable housing and increased socioeconomic opportunity for communities with low-to-moderate incomes in Puerto Rico; 
  •  PathStone Corporation, which provides career and employment services, education and health services, access to housing resources and community development opportunities; and
  •  Ponce Neighborhood Housing Services, which enriches the quality of life in Puerto Rico through financial literacy services and opportunities to acquire safe housing.

Additional information on the Puerto Rico Leadership Development Initiative is available here

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