The Spartanburg County Foundation and Abundance Capital announce new projects.
On January 24, 2024 as part of a Donor Connect event, Upstate Warrior Solution and Aden Bonded Warehouses were presented as the first two local projects available for fundholder and donor investment through the venture philanthropy partnership announced in November 2023 between the Spartanburg County Foundation and Abundance Capital.
Mike Gatchell, co-founder of Abundance Capital, introduced his organization as a non-profit, Venture Philanthropy platform, helping charitable donors make impact investments in their communities, generating inclusive prosperity and creating sustainable local economies. The two projects ready for Spartanburg investment represent two different types perspectives of how Venture Philanthropy can leverage philanthropic assets to build economic opportunity.
Jack Sterling with Upstate Warrior Solution (UWS) explained how the nonprofit that serves veterans and their families has launched a fund that will be used to provide financial support to launch or expand veteran owned businesses. The UWS Board will review and select projects to receive financial support. Sterling shared that Veterans seeking to start or build small businesses meet monthly with other business owners to plan strategy, solve challenges, and move their entrepreneurial efforts forward.
The Aden Bonded Warehouses project was introduced by Simon Tuohy, Financial Officer and Development Partner with Urban Reality Partners and Michael Williamson, CEO of the Northside Development Group. Located in Spartanburg’s Northside community, the location of the Aden Bonded Warehouses project is an abandoned former textile warehouse property. Structures remaining on the property are slated for adaptive reuse and repurposing to create over 111,000 square feet of retail, education, arts, and entrepreneurial office space in a mix-used center patterned after the successful Hampton Station project in Greenville, SC. The $39 million project is expected to create over 500 construction, full, and part-time jobs to the community. Tuohy explained that only a portion of the project costs would come from venture philanthropy partners.
Gatchell reviewed the Abundance Capital model of establishing a companion donor-advised fund, called an “Angel Fund” for SCF fundholders interested in participating. Donors funds would be moved into the Angel fund and invested in donor-selected projects, some of which have the potential for returns on the initial investment. Returns would be placed back in the donor’s “Angel Fund” then either re-invested in other projects or returned to the donor’s fund at the Spartanburg County Foundation.
Those interested in participating in the Venture Philanthropy partnership with Abundance Capital may contact Mike Gatchell, or Karen Nichols, Director of Philanthropic Services for the Spartanburg County Foundation.
Click below to view the recording of the January 2024 presentation.
