With new $500,000 grant, Prebys aims to bolster San Diego businesses that do good – San Diego Union-Tribune

Prebys Foundation has launched a new $500,000 grant that aims to bolster San Diego’s economy by supporting local nonprofits that help businesses do good, the foundation announced Monday. The yearlong grant goes to two nonprofits, B Local San Diego and Business For Good San Diego, with each organization receiving $250,000.

“Business for Good and B Local are helping build the relationships, practices, and shared commitment that make a more resilient and inclusive economy possible,” said Grant Oliphant, Prebys Foundation’s president and CEO.

By boosting organizations that support businesses that benefit their own workers and local communities, the goal of this funding is to keep wealth and opportunity within San Diego. The grant reflects the foundation’s belief that “purpose-driven businesses can present a scalable solution to the region’s most pressing economic challenges,” the foundation said in a news release.

“We believe San Diego’s future will be shaped by businesses that create value not only for shareholders, but for workers, communities, and the region as a whole,” Oliphant added.

Both nonprofits, in slightly different ways, support businesses that meet social and environmental standards.

B Local San Diego, which works to foster and grow the number and vitality of San Diego’s B Corp businesses, will use the Prebys funding to help more companies pursue B Corp certification, with a special focus on companies owned by women or people from racially marginalized groups.

There are 50 B Corp-certified companies headquartered in San Diego, according to B Local. With this grant, the hope is to double that number by the end of 2027. Certification starts at $2,000 and can reach $50,000, depending on the company’s revenue, said Abraham Chen, the nonprofit’s executive director. The smallest companies have an equity ownership option.

“We are a community of Certified B Corps in San Diego using our power to redefine the role of business and create positive impact on society,” its website says.

B Corp-certified businesses are for-profit and have an environmental or social mission. Large B Corp companies include Etsy, an online marketplace designed for small merchants, and Patagonia, an adventure gear retailer with a sustainability mission. San Diego B Corp-certified businesses include Better APC, a law firm; Civilian, whose slogan is Marketing for Good!; and Athletic Brewing, which brews non-alcoholic beer in San Diego and Connecticut.

Globally, there are 10,986 B-Corp companies across more than 100 countries, according to B Lab, the nonprofit that issues B Corp certifications to companies that meet performance, accountability, and transparency standards in areas of environmental and social impact.

Business For Good San Diego, a chamber of commerce for companies that advance social or environmental causes, will target the grant funds toward, above all, underserved populations, offering entrepreneurial education and advocacy. Its member directory includes Cafeina Cafe, a craft coffee shop and espresso roaster in City Heights with a charming garden; the agriculture and dining focused Edible San Diego magazine and media outlet; and Endeavor Bank, a San Diego-based regional bank that specializes in working with local, owner-managed companies.

Leaders at both nonprofits said the Prebys grant will be transformative for their organizations and for San Diego’s economy.

“This is a turning point for our region,” Chen, with B Local, said. “With Prebys Foundation’s support, we’re not just growing a community. We’re building the infrastructure for a better kind of economy. One where businesses succeed because they create value for people and the planet, not at their expense.”

Emily Renda, the chair of the board for Business For Good, said both nonprofits are “ready to show the nation what’s possible when business serves people,” meaning, she added, helping “workers thrive (and) communities flourish.”

“The Prebys Foundation’s investment validates what we’ve known all along,” Renda said in the news release. “That business can and should be a powerful force for equity and community resilience.”

The grants expand Prebys Foundation’s scope to include for-profit businesses, albeit ones with a mission to drive social and environmental impact. Traditionally, its grantmaking has focused on arts, youth, research and healthcare.