Business for Good is a portfolio of companies, comprising a 501(c)(3) non-profit foundation and for-profit businesses, based in Saratoga Springs, New York.[1] It was founded in 2020 by philanthropists Ed Mitzen and Lisa Mitzen.[1] Business for Good's goal is to address inequities that impact underserved communities in the Capital District, including food insecurity, housing instability, and education gaps.[2] The organization provides capital and resources to local businesses, communities in need, and minority entrepreneurs through donations, grants, and profits from foundation-owned businesses.[3][4]
 | |
| Formation | July 2021 |
|---|---|
| Founder | Ed Mitzen, Lisa Mitzen |
| Type | Charitable organization, venture philanthropy |
| Headquarters | Saratoga Springs, New York |
| Location |
|
| Website | https://bfg.org |
In 2022, Business for Good received an honorable mention in Fast Company's World Changing Ideas Awards for Impact Investing.[5]
History
editIn 2020, the Mitzen family purchased Bread Basket Bakery in Saratoga Springs, turning the eatery into an organization that donates all profits to local organizations fighting food insecurity.[6] The first donation was made in October 2020, of $25,000 to Troy-based nonprofit Capital Roots.[6]
Business for Good publicly launched in July 2021, when the purchase of Hattie's Restaurants was announced.[7][8] As part of the purchase, the original owners and staff kept their jobs, and were given raises and benefits.[9]
From January to October 2021, BFG donated $5.4 million in grants and resources to 25 local non-profits.[10]
BFG made a $1 million donation to the Mohawk-Hudson Humane Society in 2022, the largest in the shelter's 135-year history.[11]
In January 2022, BFG purchased the historic University Club in downtown Albany, and later donated use of the building to the newly formed Albany Black Chamber of Commerce & Social Club.[12] In May, the foundation donated $1 million to the three known living survivors of the 1921 Tulsa race massacre.[13][14]
References
edit- ^ a b Dimopolous, Thomas. "Business for Good: Local Entrepreneurs Present a Model for Philanthropy". saratogatodaynewspaper.com. Retrieved May 22, 2023.
- ^ Woodworth, Gordon (November 8, 2021). "$500K grant for Open Door Mission". Foothills Business Daily. Retrieved June 2, 2023.
- ^ Hornbeck, Leigh (July 13, 2021). "Ed and Lisa Mitzen launch Business for Good". Times Union. Retrieved June 10, 2023.
- ^ Hughes, Steve (November 4, 2021). "Business for Good donates $250,000 to Capital District Latinos". Times Union. Retrieved June 10, 2023.
- ^ "Social benefit and financial return don't have to be exclusive. These 20 impact investing projects are proof". Fast Company. May 3, 2022. Retrieved May 31, 2023.
- ^ a b "New owner of Bread Basket Bakery to donate all ongoing profits to charity". Saratogian. November 6, 2020. Retrieved June 2, 2023.
- ^ Moore, Natalie (October 13, 2021). "Hattie's Restaurant to Open Fourth Location in Downtown Albany". Capital Region Living Magazine. Retrieved May 31, 2023.
- ^ Moore, Natalie (October 13, 2021). "Hattie's Restaurant to Open Fourth Location in Downtown Albany". Capital Region Living Magazine. Retrieved June 2, 2023.
- ^ Barnes, Steve (July 8, 2021). "Foundation poised to buy Hattie's". Times Union. Retrieved May 31, 2023.
- ^ Woodworth, Gordon (November 8, 2021). "$500K grant for Open Door Mission". Foothills Business Daily. Retrieved May 22, 2023.
- ^ "Mohawk Hudson Humane Society receives its largest donation". spectrumlocalnews.com. Retrieved June 2, 2023.
- ^ Manno, Melissa (February 2, 2023). "Albany Black Chamber of Commerce opens doors at former University Club". Times Union. Retrieved June 6, 2023.
- ^ Albeck-Ripka, Livia (May 20, 2022). "3 Tulsa Massacre Survivors Receive $1 Million Donation". The New York Times. ISSN 0362-4331. Retrieved May 22, 2023.
- ^ Brown, DeNeen (May 18, 2022). "Three survivors of Tulsa Race Massacre receive $1 million donation". Washington Post. Retrieved May 22, 2023.