April 6, 2022
We believe the impact of our double-bottom line investment efforts are meaningful and can make a difference within capital-starved communities. And we work hard to define, track and ultimately verify the economic performance of the small businesses in which we invest.
We work closely with companies to annually examine and advance access to competitive wages, health and wellness programs, wealth accumulation opportunities, job accessibility, minority and women ownership and targeted hiring programs.
Today, the 2021 year-end results are in, and our portfolio companies’ ability to drive and deliver economic advancement for underserved and overlooked areas is evident and energizing.
Responses from 189 of our portfolio companies reveal that job growth remains robust with 14,229 jobs supported and 3,770 projected to be created within the next 12 months. Our average company full-time wage remains more than 10-percent higher than the national average at $59,713, and job quality and accessibility continue to be driving forces among our portfolio companies.
MedRhythms: Expanding Job Opportunity
A recent $4 million investment in medical technology company, MedRhythms, for example, has helped the company expand its team and key corporate functions as it commercializes its flagship product for chronic stroke survivors. MedRhythms currently has 12 full-time employees and expects to grow to as many as 40 by the end of 2024. For an area like Portland, Maine, this kind of industry growth can help reinvigorate the state’s rapidly aging workforce by attracting top tech talent from out of state and inspiring younger Maine natives to stay in state for exciting industry jobs with good pay and broad benefits.
Power Gen Components: Prioritizing Job Accessibility
Our portfolio companies prioritize not only the quantity of jobs created, but also the degree to which these jobs are accessible to workers of all backgrounds, including those with a high school degree or equivalent. In Las Vegas, Power Gen Components not only offers accessible jobs, but also provides robust training programs that allow employees to grow with the company and advance in their careers. For example, Cesar Zavalza, a second-generation Power Gen employee, started at the company as a machinist. Now, twelve years later, he’s completed his schooling and remains at Power Gen as an engineer.
Further Examining Impact
Overall, our portfolio companies are making immense contributions to producing positive impact within their communities.
When we take an overall look at the survey numbers, the contributions are clear:
• 96% of companies offer jobs accessible to those without a college degree
• 96% of employees receive health benefits
• 95% of employees have access to wealth creation programs such as a 401(k)
• 74% of employees have access to training
• 11% of companies report that wages allowed new employees to replace one or more public assistance programs.
Pursuing Partnerships that Produce Impact
As the country continues to recover from two years of unprecedented health and economic hardship, we know the road back to work starts with small businesses that can create and retain high-quality, accessible jobs in the areas that need them most. We can continue channeling capital into these areas in part through our public-private partnerships and participation in initiatives such as the federal New Markets Tax Credit (NMTC) program and other similar state-level tools that pair public policy, capital and incentives with the innovation, efficiency and expertise of the private sector.
Our public-private partnerships paired with our trusted network of like-mined investors interested in lifting local economies make positive impact possible for our portfolio companies and the communities and customers they serve.
Want to dive deeper into the numbers? Download our infographic here.
