The T. Rowe Price Foundation and CASH Campaign of Maryland are partnering on a new entrepreneurship initiative, with a focus on financial well-being.
The organizations are planning to open a new center in downtown Baltimore that will house a group of nonprofits and offer community space. Bmore CoLab, located at the corner of Lombard and Calvert streets, is expected to begin serving community members in February 2020, said T. Rowe Price Foundation President John Brothers.
Four organizations will have a presence at the space:
- CASH Campaign of Maryland, which is a lead agency in the initiative, focuses on financial well-being for low- and moderate-income residents.
- Innovation Works, the neighborhood-level entrepreneurship network that’s looking to support hundreds of social enterprises over the next decade
- KIVA Baltimore, the local branch of the microlending org that underwrites zero-percent-interest, zero-fee business loans and helps entrepreneurs crowdfund
- Mission:Launch, the organization that looks to provide economic opportunity for returning citizens
Each organization will have an office in the center, though it won’t be considered their headquarters. They’ll each offer resources that can support entrepreneurs who are seeking financing and education to advance a venture.
The foundation is also looking to support the organizations themselves by providing physical space downtown that offers a chance to further connect with the community — and colocating the organizations is designed to inspire collaboration among the organizations, Brothers said.
“We are fortunate to partner with amazing local financial empowerment organizations who have the expertise to make a big impact and just need additional resources and infrastructure to expand their services to our innovative small businesses and entrepreneurs in the Baltimore community,” Brothers said. “We know that a strong local economy and financially stable households benefit the entire community.”
Located close to T. Rowe Price’s headquarters, Bmore CoLab housed in a former in-person investor center run by the global asset management firm. The 3,000-square-foot space is at street level. Along with the nonprofits’ offices, the space will also have a classroom to host training and technical assistance workshops for small businesses and entrepreneurs.
Grant funding is being provided through the T. Rowe Price Foundation’s Community Impact Grants. Announced earlier this year, the foundation is providing $2.7 million over four years, and one of the focus areas is strengthening financial capabilities among local households.-30-