Economic Development & Transformation Fund Receives $1 Million Grant
To support economic development activity, the City of St. Louis and the St. Louis Development Corporation have opened the Economic Development & Transformation Fund at the St. Louis Community Foundation.
The fund will support economic development activity that will empower, develop, and transform the City of St. Louis through a vibrant, just, and growing economy where all people can thrive. The Transformation Fund will provide the opportunity for the philanthropic community to accelerate equitable economic growth by attracting public funding and local and national impact investors to the region. The St. Louis Community Foundation is responsible for the administration of the fund and will deliver the highest standard of fund stewardship.
On March 14, 2023, the Mastercard Impact Fund, with support from the Mastercard Center for Inclusive Growth, announced a $1 million grant to the Transformation Fund. Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world and administers the philanthropic Mastercard Impact Fund to produce independent research, scalable global programs and an empowered community of thinkers, leaders and doers on the frontlines of inclusive growth.
An Implementation Team will utilize funding from the Transformation Fund to build a platform, the Economic Justice Accelerator, which will connect community to funding and redevelopment opportunities that align with Mayor Tishaura O. Jones’ Economic Justice Action Plan. By 2030, the Economic Justice Accelerator will invest over $1 billion in strategically aligned projects, programs, and products supporting growth in key neighborhoods and equitable development opportunities in Downtown St. Louis.
KSDK 5 On Your Side provided coverage of the announcement:
Click here to donate to the Economic Development & Transformation Fund.