- Our goal is to build capabilities within the community to facilitate long-term economic development in some of the city’s most distressed neighborhoods. We will aim to stimulate economic growth by providing disadvantaged small businesses with development opportunities, focusing particularly on growth-oriented startups and early stage businesses.
- Our three-year initiative will have a two pronged approach:
- By partnering with Kiva, a global microloan platform that crowdfunds 0% interest loans to underserved entrepreneurs, and the Baltimore Development Corporation’s Small Business Resource Center (SBRC), our associates will provide pro bono services to assist select businesses in the areas of marketing, technology, finance, communications, and legal.
- We will use our partnerships with Kiva and SBRC to facilitate lending to these small businesses. The T. Rowe Price Foundation, alongside other local funders, is providing a two-year $215,000 grant to Kiva, enabling them to launch Kiva City Baltimore and establish a local presence. In addition, T. Rowe Price will give $225,000 over three years to SBRC to fund a full-time position at SBRC to provide the infrastructure needed to increase the number of small business loans.
- Our three-year BLocal Business Mentoring program complements our existing long-term initiatives to support Baltimore. While we have a long-standing history of giving and serving in the community, we have increased our efforts since the unrest in April 2015 to address some of the underlying issues that precipitated it.
Year One Progress: Update on first year of three-year plan:
Launched KIVA City Baltimore, which has made 12 loans totaling $89,500 to local borrowers, with over 20 potential borrowers in the pipeline seeking funding from the KIVA network.
Funded a full-time position at the SBRC who will develop the infrastructure needed to help small businesses seeking advice and support in the Baltimore area. T. Rowe Price and SBRC are jointly creating a workshop on environmental construction. We also hope to incorporate the workshop into the BLocal BUILD College curriculum.
- The T. Rowe Price Foundation previously announced that it will be granting $1.3 million over three years to fund collaboration across nonprofits addressing some of West Baltimore’s most critical needs: improving accessibility to healthy food, building financial capabilities among families, and strengthening leadership and organizational capacities among community leaders.
Year One Progress: Last year, the T. Rowe Price Foundation awarded $3 million in direct grants to Baltimore nonprofits focused on improving educational outcomes for city youths, helping individuals secure and retain employment, and providing basic needs to families in crisis.
About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price Group Inc. is a global investment management organization that provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries.