A new grantmaking effort funded by former Microsoft CEO Steve Ballmer and his wife Connie’s philanthropic arm will provide $42.5 million over the next five years to support more than 100 Black-led nonprofits focused on improving economic mobility. The effort, announced Thursday, aims to help close the funding gap for early- and mid-stage Black-led nonprofits, whose unrestricted assets are 76% smaller than their white counterparts’ assets. The 110 Black-led organizations chosen will also receive advising from the philanthropy ventures Echoing Green and New Profit, both of which invest and help expand nonprofits that are just getting started.
