Recently, OFN member Capital Impact Partners published an article about their partnership with criminal justice reform advocate and Mission: Launch founder Teresa Hodge to support individuals with criminal records through entrepreneurship and employment.
“There are more than 40,000 barriers to reentry that are documented by the American Bar Association,” said Ron Kelly, Director of Impact Strategy at Capital Impact Partners. “There are few pathways for individuals with criminal records to earn a living and contribute to their communities, and that often leads to recidivism.”
Mission: Launch is actively working to educate those with criminal records about their finances and connect them to Community Development Financial Institutions (CDFIs) that offer small business loans. They will reopen Launchpad, part business accelerator and part financial literacy program, later this year. This 90-day course helps individuals with criminal records understand personal finance, navigate the reentry process, and develop business plans.
Even more transformational from Mission: Launch is R3 Score, an alternative background check and credit score. R3 Score takes into account multiple factors in a person’s life to assess loan risk, giving financial institutions a more accurate picture.
Read the full article to learn more.
Watch video of Teresa Hodge's conversation with OFN CEO Lisa Mensah at OFN's 2019 Small Business Finance Forum.