E49 Corporation received a $57,000 grant to build out their accelerator programs for social purpose entrepreneurs and small business owners and supporting underserved entrepreneurs.
Put on a six-week accelerator with 22 participants representing 19 different companies or ideas. As a result, two of these companies increased their local hiring and several others began generating revenue.
Grant funding went toward outreach to underserved entrepreneurs through business training, mentor matching, and provision of co-working space.
During this quarter, E49 Corporation hosted another accelerator with 23 entrepreneurs and granted 32 co-working memberships.
E49 Corp. documented company success stories. One company, Catrina’s Popcorn (www.catrinaspopcorn.com), received some press coverage for its social impact helping survivors of sex trafficking.
Partnered with another company, Real Estate with Purpose, on Compassion Village around bringing local churches together to house tiny home villages for homeless individuals.
Another company, Castle Services, has touted being able to hire 20 new employees as a result of what they learned.
# of Social Enterprise Businesses Started/Accelerated
# of Social Enterprises now focused on solving Homelessness or in the Promise Zone
With the RAILS grant funding, E49 Corporation was able to host accelerator programs for 45 participants representing 43 companies and support outreach to underserved entrepreneurs. Because of this opportunity, E49 was able to shape these programs to better fit the needs of the communities it aimed to serve going forward. They were able to locate incubator programs in areas of the city that are traditionally underserved and have begun scaling their offices into the Del Paso and South Sacramento areas. They have also been able to recognize the needs of local social entrepreneurs who are typically overlooked by VC funding and have begun working with the Small Business Association to support these ventures.