OVERVIEW

While 2022 was another difficult year for most, with continued stress and uncertainty for small business owners, social entrepreneurs, and nonprofit organizations, our investees demonstrated their resilience, perseverance, and relentless drive in overcoming countless challenges to prioritize the health and wellbeing of people and the planet. The need for local social, environmental, and community impact has never been greater, and we are grateful to play a role, alongside numerous partners and collaborators.

Across our two funds, VERGE approved investments of $1,025,000 this year to three non-profit and three for-profit social enterprises, helping to:

• Finance the acquisition of two apartment buildings for permanent affordability through community ownership. 

• Establish an impact-driven food incubator dedicated to building an inclusive and equitable entrepreneurial ecosystem by using an intersectional, anti-racist and equity building lens.

• Finance a natural childcare option that values nutrition, balanced curriculum, forest play and community connections.

• Expand conservation work in the Carolinian Zone via restoration and habitat improvement in the Long Point Walsingham forest.

• Finance a telehome monitoring service provider for chronically ill patients. 

• Expand the creation of a queer owned and women led, inclusive co-working space with childcare.

Unfortunately, one enterprise from our Breakthrough Fund portfolio defaulted on their loan. The write-off was $47,640, and marked a significant outlier for us, as this was the first write-off for our Breakthrough Fund.  Overall, the year was positive, with both our portfolios remaining in good standing. 

We remain confident in our investees’ ability to adapt, overcome, and find new and better ways to serve their communities as we enter a new year.