HAN member BJC HealthCare announced a community impact investment in Wepower Capital as part of its Community Health Improvement strategic plan. Wepower Capital is “the only fund in the region that uses a revenue sharing model of investment to expand access to capital for systematically excluded entrepreneurs leading companies with strong growth potential.” BJC’s investment brings the fund’s total to $1.5 million. From the Becker’s Healthcare article:
“BJC’s proactive approach to health and well-being focuses on the social and economic factors that are root causes of health inequities, and this includes investing in regional organizations like Wepower Capital,” Christopher Nolan, BJC director of anchor initiatives, said in a statement.
From the St. Louis Public Radio story:
“It’s really exciting to have them show interest and a desire to work together,” [Yoni Blumberg, WEPOWER’s vice president of community wealth building] said. “BJC is looking at how can they take their economic power and instead of shying away from it, taking a critical look at what they can do with that to advance community health outcomes in the region.”
Also as part of BJC HealthCare’s community health improvement initiative, the health system has moved a portion of its savings to financial institutions located in a region that has experienced historic disinvestment. One of those institutions is St. Louis Community Credit Union’s (SLCCU) and its Community Impact Deposit program that provides consumer, business and home loans, as well as payday-loan alternatives, which supports families and businesses in the community.