PIDC is proud to be one of the investors in First Step Staffing’s expansion into Philadelphia. In January, First Step, an Atlanta-based social enterprise, announced its expansion. Founded in 2007, First Step works to secure sustainable income for individuals transitioning out of homelessness, including veterans, re-entering citizens, and others with significant barriers to employment. In the first 12 months of operation in Philadelphia, First Step expects to employ 500 homeless men and women in the area and grow to serve more than 1,000 by year three.
First Step has acquired a portion of the Philadelphia-based division of On Time Staffing—a for-profit staffing company specializing in warehouse, packaging, and manufacturing jobs—which will now become part of First Step’s nonprofit operations. First Step will collaborate with On Time Staffing, the City of Philadelphia, and other local social service providers to transition the approximately 700 acquired staffing jobs to serve the region’s homeless and at-risk men and women.
A diverse group of social impact funders came together to fund the Philadelphia acquisition–philanthropic dollars, including a significant grant from The Barra Foundation, support from the City of Philadelphia, investments by a consortium of socially minded members of Investors’ Circle, and a senior acquisition loan from four Community Development Financial Institutions (“CDFIs”), including Nonprofit Finance Fund (“NFF”), Reinvestment Fund, Local Initiatives Support Corporation (LISC), and PIDC.
Click here to read the full announcement from First Step Staffing.