FCN Foundation Pay it Forward Loans
FCN Foundation is a grant-making foundation focusing on seed grants to individual social change makers with foster care/adoption histories (Alumni/Adoptees) across the nation. While our grant funding is meant for purely charitable efforts, we also offer loans to startup social change enterprises that are designed to make a profit while simultaneously helping people and the planet.
Here’s how our “Pay it Forward” loans for social entrepreneurs work:
● We offer $1000, zero-interest loans to social entrepreneurs working on triple bottom line solutions (People, Planet & Profit).
● Payback begins only when it is viable for the business. We request recipients pay the loans forward in full within 24 months.
● When a loan is ready to be paid forward, the borrower gives the $1000 to the FCN Foundation earmarking it for a qualified grantee or new borrower to receive the proceeds of their loan. The FCN Foundation then gives the $1000 in full to the person who the borrower selects. Thus, the loan is paid forward from one borrower to another.
● If the loan is not paid back in full within 24 months, we will work with the borrower to find a viable timeline in which the funding circle can be completed.
Why do we ask recipients to ‘Pay it Forward’?
Pay it forward loans are a way for us to support for-profit social change enterprises while creating a vehicle for those enterprises to then share their success with others. Our program allows social entrepreneurs to access early stage financial support which is often not easy to come by (especially as individuals from foster care) and subsequently creates connections between social enterprises nationwide as they ‘pay it forward’ through financial and other forms of capital to other alumni enterprises.
Who is qualified for a Pay it Forward Loan?
To qualify for a pay it forward loan, social enterprises must meet the funding guidelines which apply to our grant process. Additionally, these businesses must be about more than just generating a profit. Our loans are only available to social entrepreneurs who want to use their business as a vehicle for social change.