Missouri State University
Springfield, MO
Case Study
Using a $1.25M grant from the Economic Development Administration and matching local OZ funds, the University plans to expand its efactory business incubator in Springfield, MO. According to Missouri State, this investment is expected to create “360 jobs and spur $27 million in private investment.” The efactory opened in March 2013 with the goal of serving entrepreneurs and business owners in southwest Missouri. Their programming includes providing support to large and small businesses through mentorship, accelerator programs, and networking opportunities.
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Rowan University
Glassboro, NJ
Similarities: Capital Aggregator, Opportunity Sponsor, Building a Capital Stack, Business Incubators, Community Engagement & Development, Identifying Capital Sources, Small Business Development & Financing
As Rowan began to increase its capital spending locally, the city of Glassboro saw a unique opportunity to leverage the Rowan investments by developing a plan for the transformation of the downtown area leading to the university. This plan ultimately became the $476 million, mixed-use development of Rowan Boulevard. In the city of Glassboro more than 30 percent of school-aged children qualified for the free lunch program and 20 percent of families earn under the poverty line.
Stillman College
Tuscaloosa, AL
Similarities: Capital Aggregator, Opportunity Sponsor, Building a Capital Stack, Community Engagement & Development, Identifying Capital Sources, Understanding Opportunity Zones
As soon as it became clear that Stillman would be located in a Opportunity Zone, the school’s president seized the opportunity to enlist the support of potential private equity partners, the City of Tuscaloosa, and consultants to develop investment projects for the school’s vacant and unused property holdings.
LaSalle University
Philadelphia, PA
Similarities: Capital Aggregator, Opportunity Sponsor, Building a Capital Stack, Community Engagement & Development, Identifying Capital Sources
In 2004, La Salle University’s Office of Community and Economic Development worked with leadership and community members to craft a realistic plan to improve the quality of life for residents around the campus. The University’s findings led them to The Reinvestment Fund (TRF), a Philadelphia-based CDFI and leader in the financing of neighborhood revitalization, affordable housing, community facilities, supermarkets, and commercial real estate.
Lehigh University
Bethlehem, PA
Similarities: Opportunity Sponsor, Building a Capital Stack, Community Engagement & Development, Identifying Capital Sources, Understanding Opportunity Zones
Opportunity Zone equity was paired with Historic Tax Credits to support the transformation of an underutilized 125-year-old building on Lehigh University’s campus into 30 apartments and new retail space in South Bethlehem. Reinventing this space is part of Lehigh’s strategy to demonstrate their commitment to community, revitalize South Bethlehem, and continue campus expansion as the university grows.
Northeastern University
Boston, MA
Similarities: Capital Aggregator, Building a Capital Stack, Business Incubators, Identifying Capital Sources, Small Business Development & Financing
Northeastern launched the region’s first university-supported loan program for women- and minority-owned businesses. The initiative, called the Impact Lending program, enables local small-business owners to secure loans, at below-market interest rates, to acquire crucial resources to expand their businesses.
University of Virginia’s College at Wise
Wise, VA
Similarities: Opportunity Sponsor, Business Incubators, Community Engagement & Development, Small Business Development & Financing, Understanding Opportunity Zones
UVA-Wise is the lead partner for an Opportunity Appalachia program in the State. They are a leader in Southwest Virginia in community and economic development, with tremendous connections to community leaders across the region and to state government. They have a strong track record in downtown development and rural entrepreneurship efforts in +20 communities.
Howard University
Washington, D.C.
Similarities: Capital Aggregator, Opportunity Sponsor, Building a Capital Stack, Identifying Capital Sources
Howard University teamed up with the Washington, D.C. government, Fannie Mae, and corporate partners to transform 45 abandoned, university-owned properties in a neglected neighborhood into more than 300 housing units and $65 million in commercial development. The Howard University LeDroit Park Initiative had three themes: 1) celebrate the history of the area; 2) redefine the community; and 3) enhance the quality of life and safety.
Ohio State
Columbus, OH
Similarities: Capital Aggregator, Opportunity Sponsor, Building a Capital Stack, Identifying Capital Sources
Working through Campus Partners, a nonprofit community development corporation, Ohio State invested $28 million of its endowment funds into the “South Campus Gateway” complex.
Ohio University
Athens, OH
Similarities: Business Incubators, Identifying Capital Sources, Small Business Development & Financing, Understanding Opportunity Zones
Ohio University is very active in community development throughout Appalachian Ohio. They work with a network of regional entrepreneurship partners including a business incubator they run, an Angel Fund, a public VC Fund, several non-profit development orgs, and are very engaged in OZ work in Southern Ohio.
Rutgers University – Newark
Newark, NJ
Similarities: Opportunity Sponsor, Business Incubators, Community Engagement & Development, Small Business Development & Financing
The Center for Urban Entrepreneurship & Economic Development (CUEED) at RU-N is one of the first centers of its kind to integrate scholarly works with private capital, government, and non-profit sectors to develop citywide resources and bring renewed economic growth and vitality through urban entrepreneurship.
University of Chicago (Child Care)
Chicago, IL
Similarities: Capital Aggregator, Opportunity Sponsor, Building a Capital Stack, Identifying Capital Sources
The University of Chicago and IFF, a CDFI with a history of lending to the child care sector, have worked together on multiple initiatives to create more childcare and education opportunities for Chicago’s communities.
University of Dayton
Dayton, OH
Similarities: Building a Capital Stack, Business Incubators, Community Engagement & Development, Understanding Opportunity Zones
The university serves as an anchor in The Dayton Arcade project which restored a 9-building complex in downtown Dayton. The projectincludes affordable and market-rate units, University of Dayton and the Entrepreneurs Center’s Arcade Innovation Hub, leasable office and retail space, and event space. The Arcade is part of a larger plan by the City of Dayton to bring residents, jobs, and visitors back to the downtown.
Western Colorado University
Gunnison, CO
Similarities: Opportunity Sponsor, Community Engagement & Development, Small Business Development & Financing, Understanding Opportunity Zones
Western Colorado University’s ICELab is a “community organization with a keen interest in mountain town sustainability and economic diversity in rural Western Colorado.” The lab provides startups and growing businesses affordable coworking/office space as well as an Incubator Program.
Arizona State
Phoenix, AZ
Similarities: Opportunity Sponsor, Community Engagement & Development, Understanding Opportunity Zones
Arizona State moved its schools of nursing and journalism and other programs into a once-blighted section of Phoenix in a project that includes student housing and private development. Part of the anchor institution model is to invest in a suite of different programs and initiatives meant to connect them with the community.
Deep South Economic Mobility Collaborative (Multiple HBCUs)
Southeast
Similarities: Business Incubators, Identifying Capital Sources, Small Business Development & Financing
Hope Enterprise Corporation, with a commitment from Goldman Sachs, partnered with seven cities and nine historically Black colleges and universities to launch the Deep South Economic Mobility Collaborative (DSEMC). These include Alabama State University, Miles College, Philander Smith College, Southern University and A&M College, Dillard University, Xavier University of Louisiana, Jackson State University, Tougaloo College, and LeMoyne-Owen College.
Duke University
Durham, NC
Similarities: Business Incubators, Identifying Capital Sources, Small Business Development & Financing
Hope Enterprise Corporation, with a commitment from Goldman Sachs, partnered with seven cities and nine historically Black colleges and universities to launch the Deep South Economic Mobility Collaborative (DSEMC). These include Alabama State University, Miles College, Philander Smith College, Southern University and A&M College, Dillard University, Xavier University of Louisiana, Jackson State University, Tougaloo College, and LeMoyne-Owen College.
Seattle University
Seattle, WA
Similarities: Business Incubators, Community Engagement & Development, Small Business Development & Financing
The Resource Amplification & Management Program within Seattle University lives in its Albers School of Business and Economics and serves local underserved businesses. A team of faculty, staff and students works with the particular business for a year or more in order to encourage growth through business coaching, resource connections, business planning, technical support, and project management.
The Russell Center
Atlanta, GA
Similarities: Capital Aggregator, Opportunity Sponsor, Small Business Development & Financing
The Herman J. Russell Center for Innovation and Entrepreneurship is a 50,000 SF campus in one of Atlanta’s fast growing downtown neighborhoods that is focused on black entrepreneurship.
The University of Cincinnati
Cincinnati, OH
Similarities: Capital Aggregator, Building a Capital Stack, Identifying Capital Sources
The University of Cincinnati’s endowment was nearly $833 million in 2009. From 2003 through 2009, the University invested $148.6 million of this money (roughly 13.6 percent of the school’s entire endowment) to finance real estate development in the neighborhood of Uptown Cincinnati.
Tulane
New Orleans, LA
Similarities: Opportunity Sponsor, Community Engagement & Development, Understanding Opportunity Zones
The Warwick Hotel has been abandoned since Hurricane Katrina. The 154 room hotel, with its 1950s-era modernist architecture, opened in 1952. Tulane University signed a lease on Warwick and the structure will be completely renovated using opportunity zone money from the New Orleans Redevelopment Fund.
UNC Chapel Hill
Chapel Hill, NC
Similarities: Business Incubators, Community Engagement & Development, Small Business Development & Financing
UNC and Chapel Hill town officials have partnered to spur innovation and entrepreneurship and keep local businesses and research ventures in town. The Carolina Economic Development Strategy’s goal is to revitalize the downtown and boost economic development. The partnership seeks to bring UNC affiliated businesses to downtown Chapel Hill through newly built office spaces.
University of Pennsylvania
Philadelphia, PA
Similarities: Capital Aggregator, Opportunity Sponsor, Community Engagement & Development
Between 1996 and 2003, the University of Pennsylvania tripled the dollar amount of goods and services purchased from West Philadelphia businesses through their Economic Inclusion Initiative. They continue to focus on local purchasing and aim to award 20 percent of all construction contracts to minority or women-owned businesses.
University of Washington
Seattle, WA
Similarities: Business Incubators, Community Engagement & Development, Small Business Development & Financing
Livable City Year program is a partnership between cities in Washington state and UW’s faculty and students from various disciplines to strategize solutions to the specific community’s needs. Since 2016, this university program has produced numerous projects for the cities of Auburn, Tacoma, and Bellevue including enhancing Startup 425, a program that provides value-adding services to local startups and neighborhood planning projects.
California State University, Dominguez Hills
Carson, CA
Similarities: Opportunity Sponsor, Identifying Capital Sources
The university is working with energy storage firm Stem, Inc. to implement the company’s software-driven energy storage service to drive down energy costs across the university. “CSU Dominguez Hills is another example of a higher education leader who seeks Stem’s automated energy savings while also contributing to more intelligent grid solutions,” said John Carrington, CEO of Stem. “California’s universities and colleges want energy storage to help them control their energy choices, play a strong role in their community, and help transition the state to even higher amounts of renewable energy.”
Case Western Reserve in Cleveland
Cleveland, OH
Similarities: Business Incubators, Small Business Development & Financing
The Greater University Circle Initiative coordinates three large anchor institutions located in Cleveland’s University Circle area—about one-square mile of educational, cultural, and health institutions. Through this initiative, the Cleveland Clinic, University Hospitals, and Case Western Reserve University networked and deployed their resources in a powerful challenge to the persistent poverty and disinvestment in seven surrounding neighborhoods.
Clemson University
Clemson, SC
Similarities: Opportunity Sponsor, Identifying Capital Sources
Clemson University has deployed a distributed energy storage system in an effort to reduce energy costs and to provide engineering students an opportunity to practice measuring and tracking energy savings. “Our distributed energy storage system is a natural extension of our core businesses in the buildings and battery markets and partnering with Clemson University allows us to help deliver the kind of smart and integrated energy management that will keep students and faculty comfortable while driving down utility costs,” said John Schaaf, vice president of distributed energy storage at Johnson Controls, in a prepared statement.
College of St. Joseph
Rutland, VT
Similarities: Business Incubators, Small Business Development & Financing
St. Joseph’s accreditation was suspended in 2019 because of financial concerns. Now, the college’s space and land is being evaluated for potentially becoming an innovation center for the surrounding community.
Indiana University-Purdue University Indianapolis
Indianapolis, IN
Similarities: Business Incubators, Small Business Development & Financing
IUPUI hosts a class called “Planning for a Profitable Business” in a borrowed corner of a public housing complex for formerly homeless veterans on Indianapolis’ Near West Side. The students are current and aspiring entrepreneurs, many of them from this hard-luck neighborhood, which IUPUI is working to improve.”
Kansas State University
Manhattan, KS
Similarities: Community Engagement & Development, Identifying Capital Sources
In 2006, Kansas State held listening sessions across the state aimed at identifying challenges facing rural Kansas communities. During these sessions, the need to support rural grocery stores rose to the top.
University of Iowa
Iowa City, IA
Similarities: Opportunity Sponsor, Identifying Capital Sources
“Hannon Armstrong joins ENGIE and Meridiam in the “Hawkeye Energy Collaborative,” which was awarded a $1 billion 50-year utility management concession contract in December 2019 and reached financial close on March 10, 2020. Hawkeye Energy Collaborative will support the University of Iowa’s energy, water, and sustainability goals for two campuses spanning 1,700 acres in Iowa City, Iowa. Under the agreement, ENGIE will operate, maintain, optimize, and improve the on-campus utility systems for the University.
University of New Hampshire
Durham, NH
Similarities: Building a Capital Stack, Identifying Capital Sources
In July 2017, the University of New Hampshire (UNH) Foundation invested $3.06 million investment into the Community Loan Fund. This was the UNH Foundation’s first impact investment, and its first investment directly into a New Hampshire organization or business. This total investment was one of the largest investments ever in the Community Loan Fund, and […]
University of Utah / Sorenson Impact Center
Salt Lake City, UT
Similarities: Small Business Development & Financing, Understanding Opportunity Zones
The Sorenson Impact Center partnered with the Utah Association of Counties to support communities throughout UT, launched the OZ Catalysts in partnership with Forbes, and is a thought leader in the Opportunity Zones.
Ball State University
Muncie, IN
Similarities: Community Engagement & Development
Established in 2014 by a three-year grant from the Ball Brothers Foundation, the Building Better Neighborhoods Initiative connects Ball State’s resources with neighborhood development efforts across Muncie and Delaware County through “collaborative immersive learning experiences with Ball State faculty, students, and neighborhood associations; leadership development workshops and annual conference for neighborhood association members; best practices and support for neighborhood associations; and networking and learning opportunities for neighborhood leaders.”
Morehouse College
Atlanta, GA
Similarities: Community Engagement & Development
NPU-T (Neighborhood Planning Unit-T), Ashview Community Development Association, West End Neighborhood Development Association, Westview Community Organization, West End Merchant Coalition, Booker T. Washington Homeowners Association are working together under the Morehouse College Community Revitalization Initiative (MCCRI) . The initiative was started as programming to develop a relationship with the college’s surrounding community, greater West End Atlanta.
The University of Maine and St. Joseph’s College
Maine
Similarities: Small Business Development & Financing
Local universities leveraging their faculty and staff to help spur expansion of critical local businesses and industries makes those businesses and industries more investable – and Maine lobster is a perfect example.
University at Buffalo
Buffalo, NY
Similarities: Building a Capital Stack
To encourage home ownership and help support stabilization and revitalization in and around the South Campus, the University at Buffalo offers the UB H.O.M.E. (Home Ownership Made Easy) program to full-time and part-time faculty and staff. This program is being funded by the University at Buffalo Foundation (UBF) in partnership with West Side Neighborhood Housing Services (West Side NHS), Inc., a NeighborWorks America Chartered Member with a proven track record of housing and community revitalization.
University of Indianapolis
Indianapolis, IN
Similarities: Opportunity Sponsor
The University of Indianapolis joined city and community leaders to celebrate construction of the University Lofts apartments, an off-campus student housing development in partnership with Indianapolis-headquartered Strategic Capital Partners.
University of Memphis
Memphis, TN
Similarities: Community Engagement & Development
University Neighborhoods Development Corporation works to build and enrich campus and community environment by investing in surrounding neighborhoods. UNDC is a partnership between University of Memphis, University District Business Alliance, University District, Inc., Shelby County Division of Planning and Development, and Economic Development Growth Engine. Opportunity zones are one of their main initiatives. Their Work Local program is designed to improve the community through job access and blight reduction by providing job-seeking panhandlers with a day’s wages and a meal to clean-up sites, where they work to reduce urban blight.