July 26th, 2010

Innovation and Opportunity Combating Poverty

The Open Society Foundations pledged $5.5 million to three non-profit organizations working to strengthen communities and spur economic growth.  

endpovertyThe investment by the Open Society Foundations’ Special Fund for Poverty Alleviation will be matched by the federal Social Innovation Fund (SIF) as well as by private dollars.

The support from the Special Fund for Poverty Alleviation aims to foster economic opportunities in low-income communities and help disconnected youth get back on track. Another $4 million will be awarded to additional non-profits in the coming months.

“We want to support a new cadre of groups working to strengthen communities, create good jobs, and help young people succeed,” said George Soros, chairman of the Open Society Foundations. “By combining the resources of philanthropy and the federal government, we can create opportunities and drive more resources to communities in need.”

As part of an effort to fight poverty in the United States, the Open Society Foundations joined SIF on these projects to strengthen the social safety net and create better career pathways through access to quality education and training programs. The joint investment aims to build capacity in the nonprofit sector and foster civic engagement.

Over the past 30 years, George Soros’s Open Society Foundations have given away over $7 billion around the world, including more than $1 billion in the United States, to strengthen communities and promote justice, education, human rights, and public health.

About the Author

Ronn Richardson
Ronn Richardson is a young PR professional from NYC who is determined to learn as much as he can despite any barriers that try to hinder him. Eager to see a change in the types of online publications that college students, young professionals and new-school entrepreneurs visit, he conceived Socialtik Mag.



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