Dear friends,
Yesterday, Common Future committed and deployed 10% of our operating budget, $250,000, in emergency COVID-19 funding to our network of local economy leaders.
We’ve been heartbroken by the stories from our network, but even more so we’ve been motivated to act. Yesterday, we approved grants to seven of our network leaders in order to immediately reach small business owners, food and farm workers, artists and creatives, and low-income folks who have been immediately disadvantaged by the crisis.
With limited resources, this was an impossible decision, but by no means as challenging as those many are facing right now, from layoffs to business closures. In seven days we designed and executed an application process, incorporating many perspectives to help ground our principles of equity and inclusion—and we documented our process to make it easier for others to follow suit.
We still have $1.4MM in unfunded, vetted grant applications — please talk to us if you are seeking immediate ways to channel capital to community frontlines or designing a process for rapid response. (mailto:
[email protected]?subject=COVID-19%20Funding%20Inquiry)
Our challenge is this: If you have funds to give—individuals and foundations alike—now is the time. Give general operating dollars ([link removed]) with as few restrictions as possible. Foundations, increase your payouts ([link removed]) . The risk of inaction is too great.
This crisis will shape the trajectory of our economy. Congress has approved a $2-trillion economic stimulus package in an effort to return the economy to its pre-crisis state—rampant wealth inequality and all—with as little change and interruption as possible. However, it’s likely Congress’ response will further entrench the corporatization and financialization of our economy. While the corporate welfare state was atrocious pre-COVID-19, it could get much worse.
This is why I believe that our collective work is critically important, and why we must exercise discipline toward our long-term vision. While the Common Future team is responding today, we will soon shift our attention back to reimagining and restructuring our economy. Common Future’s work is to focus, with greater urgency than before, on investing in and supporting the people with enough imagination and courage to rethink how our economy works—all the while building the power and influence to make it happen.
Thank you to the 350+ people who tuned in to yesterday's Skoll World Forum virtual panel discussion with my expert colleagues Nwamaka Agbo (Agbo Consulting), Rajasvini Bhansali (Solidaire Network), Antony Bugg-Levine (Nonprofit Finance Fund), and Dana Kawaoka-Chen (Justice Funders). To learn more about our actions and those of our partners, you can watch the full webinar here ([link removed]) .
And finally, here’s sharing our open-source resource guide ([link removed]) and stories we’ve documented on Medium ([link removed]) from our network during COVID-19.
I know that the road ahead is uncertain and that we’re all being challenged personally and professionally. But in this time of chaos and uncertainty, we have an opportunity to lead and act more boldly than we might otherwise feel comfortable. Let’s seize the moment.
In solidarity,
CEO, Common Future
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