Etsy recently announced two major updates to its work aimed at energizing communities, driving meaningful change, and supporting creative entrepreneurs in 2023 and beyond. These initiatives support Etsy’s mission to sustain commerce and advance their goals of running a sustainable business over the long term.
First, Etsy is expanding the Etsy Uplift Fund, which launched in 2021 to support nonprofits working to lower barriers to entrepreneurship and create opportunities for economically disenfranchised communities. In 2022, contributions from US buyers enabled Etsy to distribute approximately $2.5 million in grants. In 2023, Etsy aims to deepen its impact by partnering with four organizations that connect creative entrepreneurs with resources and tools to help their businesses succeed.
Etsy will work with Grameen America to provide digital business education training and financial services to entrepreneurs, including small artisan producers. Together, they aim to expand access to e-commerce knowledge and tools to hundreds of creative entrepreneurs across the US over the next two years. Etsy will also partner with AltCap to provide microloans to artists and creative entrepreneurs in America’s Heartland, specifically Kansas, Missouri and Texas.
Additionally, through partners Hello Alice and the Global Entrepreneurship Network (GEN), microbusiness owners can apply for grants of $5,000 to $25,000 through the Small Business Growth Fund. The first round of applications for this program is open until April 21, 2023.
Second, Etsy is investing in a $30 million Impact Investment Fund, allocating a portion of its cash to promote economic empowerment and promote sustainability. Etsy has partnered with ImpactAssets Capital Partners to create a portfolio that will deliver significant positive impact. Etsy has invested $30 million in this project at City First Bank, one of the nation’s black-owned minority depository institutions known for historically fighting inequality and supporting entrepreneurs in marginalized and low-income communities.
Etsy’s first round of fund allocations will go to Grameen America, which provides capital, training and support to women business owners in low-income and marginalized communities. Etsy will also invest in Greenbacker Capital Management, an investment firm focused on renewable energy technologies.
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