Penny Foundation
The Penny Foundation is a non-profit community chest organization founded by Lyord Watson in 2017. The foundation uses its resources from charitable giving and donor-advised funds to address economic inequality in the Black community. It is named in honor of William Pettiford's Alabama Penny Savings Bank, founded in Birmingham in 1890.
In 2021 the Penny Foundation was selected to administer the pilot for Birmingham's Embrace Mothers program, which grants $375 a month in supplemental income to single mothers who participate. The program is one of 20 nationwide to be funded by a grant from Mayors for a Guaranteed Income, a California non-profit.
In February 2024 the Penny Foundation offered "Future Forward" grants of $1,000 to $2,500 to 31 small businesses located in Birmingham City Council Districts 1, 5, 6, 7 and 9, using $125,000 of $137,500 in American Rescue Plan Act funds directed to the organization by the councilors representing those districts.
References
- Garrison, Greg (October 19, 2021) "Birmingham pilot program will guarantee income of $375 a month for 110 single mothers." The Birmingham News
- Heard, Jamarean (January 31, 2024) "Penny Foundation, city council make grants available to Birmingham small businesses" AL.com
External links
- Penny Foundation website