Elevance Health Foundation Launches Impact Investing Initiative to Address Health Equity

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

In a groundbreaking move to tackle health disparities and promote equity in underserved communities, Elevance Health’s philanthropic arm has announced 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, offering loans at below Prime rates to address key social needs such as access to care, food insecurity, and health disparities.

The foundation aims to support purpose-driven businesses, particularly those owned by women and people of color, who may face barriers in accessing traditional banking. By investing in these businesses, the foundation hopes to empower communities and create a lasting impact on health equity.

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 grant-based programs. By identifying businesses with the potential for significant impact and supporting diverse entrepreneurs, the foundation aims to ensure that its investments benefit those who need it most.

The initiative will initially focus on seven states: California, Florida, Georgia, Indiana, Nevada, Missouri, and Texas. Mission Driven Finance, a partner organization based in California, will manage $8 million of the $10 million commitment, with additional details on the remaining $2 million to be announced in the future.

Agrawal emphasized the importance of investing in local businesses and social enterprises as a way to address community-specific challenges. By supporting businesses like grocery stores in food deserts, the foundation can make a tangible difference in improving access to essential resources.

The foundation sees its grant-based programs and new funding initiative as complementary approaches to promoting health equity. Agrawal highlighted the synergy between the two models, emphasizing their collective impact on creating healthier, more equitable communities.

With this innovative initiative, Elevance Health Foundation is taking a proactive step towards addressing health disparities and promoting equity through impactful investments in underserved communities.