New Roots Fund
New Roots Fund
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About this organization
Mission
The New Roots Fund, formed in 2011, is associated with the Diocese of Olympia, a local-affiliate for the Episcopal Migration Ministries which is a contractor with the Department of State for refugee resettlement. New Roots, although associated with the Diocese, has a separate 501c3 non-profit tax status. The New Roots Fund mission is to provide business technical assistance and business capital to refugees and immigrants.
About
OVERALL PROGRAM. In 2018 New Roots Fund provided business and technical assistance to immigrant and refugee communities in the Puget Sound area. Nearly 90% of enrollees lived in low-income census tracts. During the program year, New Roots Fund made multiple business loans to entrepreneurs living in targeted census tracts between Everett and Tacoma. Since 2003, New Roots Fund personnel have helped over 480 refugees with their business plans and disbursed 576 loans. Participants in the programs of the New Roots Fund have access to Individual Development Accounts (IDAs), which are matched savings accounts that allow entrepreneurs to save, and have their savings matched on a one-to-one basis as means of capitalizing a business. FUNDING SOURCES and RESULTS. [1] ORR Microenterprise/Federal $248,467. 52 loans totaling $123,421 disbursed. 1,220 hours of business training pre and post loan. [2]ORR IDA Program/Federal $245,177. 85 IDA's obligate $281,500 in Matching Funds. 61 assets purchased for a total of $216,000. [3] Community Block Grant Funds/King County. $60,000. 60 individuals trained in business development. 12 businesses started.
Interesting data from their 2020 990 filing
The purpose of the non-profit is outlined in the filing as “The new roots fund, formed in 2011, is associated with the diocese of olympia, a local-affiliate for the episcopal migration ministries which is a contractor with the department of state for refugee resettlement. new roots, although associated with the diocese, has a separate 501c3 non-profit tax status. the new roots fund mission is to provide business technical assistance and business capital to refugees and immigrants.”.
When discussing its operations, they were defined as: “The new roots fund, formed in 2011, is associated with the diocese of olympia, a local-affiliate for the episcopal migration ministries which is a contractor with the department of state for refugee resettlement. new roots, although associated with the diocese, has a separate 501c3 non-profit tax status. the new roots fund mission is to provide business technical assistance and business capital to refugees and immigrants.”.
- The state where the non-profit operates has been legally reported as WA.
- The filing indicates that the non-profit's address in 2020 is located at New Roots Fund, Seattle, WA, 98144.
- The non-profit has reported 0 employees on their form as of 2020.
- Is not a private foundation.
- Expenses are between $100,000 and $250,000.
- Revenue is between $250,000 and $500,000.
- Revenue less expenses is $45,126.
- The organization has 5 independent voting members.
- The organization was formed in 2012.
- The organization pays $0 in salary, compensation, and benefits to its employees.
- The organization pays $5,630 in fundraising expenses.
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