A Cleveland Success Story: A new economy grows in the shadows of the Republican National Convention
Our friends at the Evergreen Cooperatives in Cleveland, OH are exemplifying visionary practices of worker-ownership and environmental sustainability in their social enterprises, one of which – the Green City Growers greenhouse – is on its way to become the third profitable business in the Evergreen trio:
Going forward, businesses like these have an opportunity to monetize the social impact they are able to deliver. Social impact bonds (also called “pay for success” bonds) open up a path for companies to get compensated for reducing poverty, homelessness, recidivism or other ills. These bonds have the potential to fill the gap between the cost structure of a social enterprise like Evergreen and the prices it can charge… As cities struggle to create jobs and reduce poverty, the possibilities for replicating Evergreen have never been greater. This unique enterprise is charting a path that many will follow.