Elevance Health Foundation Launches New Initiative to Provide Loans for Health Equity

Elevance Health Foundation Launches $10 Million Initiative to Address Health Equity Through Impact Investing

In a groundbreaking move to address health equity, Elevance Health’s philanthropic arm has announced the launch of a new initiative that will provide loans to small businesses and organizations. The Elevance Health Foundation has committed $10 million to this “impact investing” effort, aiming to tackle key social needs such as access to care, food insecurity, and health disparities.

The loans offered through the program will be provided at below Prime rates, making them accessible to businesses that may not qualify for traditional banking. The foundation will specifically target purpose-driven businesses owned by women and people of color, recognizing their potential to impact equity in their communities.

Shantanu Agrawal, chief health officer at Elevance Health, explained that the foundation’s shift towards a loan program was a strategic decision to expand its reach beyond non-profit organizations. By supporting diverse entrepreneurs and businesses with high potential impact, the foundation aims to empower communities in need.

Initially focusing on seven states, including California, Florida, and Texas, the foundation has partnered with Mission Driven Finance to manage $8 million of the $10 million commitment. Agrawal emphasized the importance of investing in local businesses and social enterprises to address community-specific challenges, highlighting the complementary nature of the foundation’s grant and loan programs.

With this innovative initiative, Elevance Health Foundation is taking a proactive approach to promoting health equity and economic empowerment in underserved communities. By providing financial support to businesses that can serve as vital community resources, the foundation is paving the way for sustainable change and progress.