Funding expected to support 4,000+ Pierce County households
OnePierce Community Resiliency Fund (OnePierce), the investment arm of Elevate Health, recently received a $2.5 million donation from Ballmer Group, a philanthropic organization that supports efforts to improve economic mobility of children and families in the U.S. who are disproportionately likely to remain in poverty.
Funding from the Ballmer Group will contribute to a third round of bridge loans that OnePierce has made during the past two years. The loans have supported thirteen local non-profit organizations to date. It’s anticipated that upcoming bridge loan rounds in 2022 will expand to include additional service providers who can offer rental and utilities assistance to more than 4,000 Pierce County households.
“We are thrilled to support OnePierce in their commitment to strengthen communities across Pierce County, with a focus on racial equity," said Kacey Guin, Portfolio Manager at Ballmer Group. “Safe and stable housing is foundational to economic mobility, and OnePierce is helping organizations ensure families and individuals can remain in their homes with lights and water on."
We are grateful to the Ballmer Group for this generous donation. These funds will be a cornerstone of our ongoing efforts to address health equity gaps in Pierce County." – Lauren Fulton, Executive Director of OnePierce
Bridge loans form a core part of OnePierce’s commitment to health equity in Pierce County. The first round of bridge loans from OnePierce supplied assistance for more than 3,600 households in 2020. The second round of bridge loans supported another 4,500 households in 2021. Donated funds have enabled OnePierce to offer bridge loans to local non-profits at 0% interest, with no fees.
Bridge loans are considered advantageous because they offer service providers, who often have few or no traditional banking relationships, access to financing that, in turn, can be used to deliver rental assistance under federal and local contracts. In the first month of 2022, OnePierce has disbursed $1.6M.
OnePierce Community Resiliency Fund (OnePierce) is the investment arm of Elevate Health. With the support of funders, OnePierce distributes loans, grants and innovation funds to help community organizations provide whole-person health and bridge health equity gaps in Pierce County.
In 2021, OnePierce leveraged $4 million in original capital from Elevate Health into more than $8 million in commitments to support the Pierce County community.
About Elevate Health
An Accountable Communities of Health (ACH) organization, Elevate Health is committed to compelling change in health systems in the belief that better health is the cornerstone of community and economic vitality.
Elevate Health is an innovator, collaborator and driver in the creation of purposeful health care reform in Washington state. Working together with community, governmental and health care stakeholders, we combat health inequity by addressing a range of challenges, including:
- Creating and implementing whole-person health models;
- Finding new avenues to support behavioral health services;
- Funding community-based programs that bridge health equity gaps, and;
- Expanding healthcare training opportunities.
Click here for more information about OnePierce, the investment arm of Elevate Health.