Business for Good

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]

Business for Good
FormationJuly 2021 (2021-07)
FounderEd Mitzen, Lisa Mitzen
TypeCharitable organization, venture philanthropy
HeadquartersSaratoga Springs, New York
Location
  • United States
Key people
Jahkeen Hoke (CEO)
Websitehttps://bfg.org

In 2022, Business for Good received an honorable mention in Fast Company's World Changing Ideas Awards for Impact Investing.[5]

History

In 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 it 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
  1. Dimopolous, Thomas. "Business for Good: Local Entrepreneurs Present a Model for Philanthropy". saratogatodaynewspaper.com. Retrieved May 22, 2023.
  2. Woodworth, Gordon (November 8, 2021). "$500K grant for Open Door Mission". Foothills Business Daily. Retrieved June 2, 2023.
  3. Hornbeck, Leigh (July 13, 2021). "Ed and Lisa Mitzen launch Business for Good". Times Union. Retrieved June 10, 2023.
  4. Hughes, Steve (November 4, 2021). "Business for Good donates $250,000 to Capital District Latinos". Times Union. Retrieved June 10, 2023.
  5. "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.
  6. "New owner of Bread Basket Bakery to donate all ongoing profits to charity". Saratogian. November 6, 2020. Retrieved June 2, 2023.
  7. Moore, Natalie (October 13, 2021). "Hattie's Restaurant to Open Fourth Location in Downtown Albany". Capital Region Living Magazine. Retrieved May 31, 2023.
  8. Moore, Natalie (October 13, 2021). "Hattie's Restaurant to Open Fourth Location in Downtown Albany". Capital Region Living Magazine. Retrieved June 2, 2023.
  9. Barnes, Steve (July 8, 2021). "Foundation poised to buy Hattie's". Times Union. Retrieved May 31, 2023.
  10. Woodworth, Gordon (November 8, 2021). "$500K grant for Open Door Mission". Foothills Business Daily. Retrieved May 22, 2023.
  11. "Mohawk Hudson Humane Society receives its largest donation". spectrumlocalnews.com. Retrieved June 2, 2023.
  12. Manno, Melissa (February 2, 2023). "Albany Black Chamber of Commerce opens doors at former University Club". Times Union. Retrieved June 6, 2023.
  13. 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.
  14. Brown, DeNeen (May 18, 2022). "Three survivors of Tulsa Race Massacre receive $1 million donation". Washington Post. Retrieved May 22, 2023.
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