Business for Good
FormationJuly 2021 (2021-07)
FounderEd Mitzen, Lisa Mitzen
TypeCharitable organization, venture philanthropy
HeadquartersSaratoga Springs, New York
Location
  • United States
Websitehttps://bfg.org

Business for Good is a portfolio of companies, comprising a 501(c)(3) non-profit foundation and for-profit businesses, based in Saratoga Springs, New York.[1] It was founded in 2020 by philanthropists Ed Mitzen and Lisa Mitzen.[1] Business for Good's goal is to address inequities that impact underserved communities in the Capital District, including food insecurity, housing instability, and education gaps.[2] The organization provides capital and resources to local businesses, communities in need, and minority entrepreneurs through donations, grants, and profits from foundation-owned businesses.[3][4]

In 2022, Business for Good received an honorable mention in Fast Company's World Changing Ideas Awards for Impact Investing.[5]

History

In 2020, the Mitzen family purchased Bread Basket Bakery in Saratoga Springs, turning the eatery into an organization that donates all profits to local organizations fighting food insecurity.[6] The first donation was made in October 2020, of $25,000 to Troy-based nonprofit Capital Roots.[6]

Business for Good publicly launched in July 2021, when the purchase of Hattie's Restaurants was announced.[7][8] As part of the purchase, the original owners and staff kept their jobs, and were given raises and benefits.[9]

From January to October 2021, BFG donated $5.4 million in grants and resources to 25 local non-profits.[10]

BFG made a $1 million donation to the Mohawk-Hudson Humane Society in 2022, the largest in the shelter's 135-year history.[11]

In January 2022, BFG purchased the historic University Club in downtown Albany, and later donated it to the newly formed Albany Black Chamber of Commerce & Social Club.[12] In May, the foundation donated $1 million to the three known living survivors of the 1921 Tulsa race massacre.[13][14]

References

  1. 1 2 Dimopolous, Thomas. "Business for Good: Local Entrepreneurs Present a Model for Philanthropy". saratogatodaynewspaper.com. Retrieved May 22, 2023.
  2. ↑ Woodworth, Gordon (November 8, 2021). "$500K grant for Open Door Mission". Foothills Business Daily. Retrieved June 2, 2023.
  3. ↑ Hornbeck, Leigh (July 13, 2021). "Ed and Lisa Mitzen launch Business for Good". Times Union. Retrieved June 10, 2023.
  4. ↑ Hughes, Steve (November 4, 2021). "Business for Good donates $250,000 to Capital District Latinos". Times Union. Retrieved June 10, 2023.
  5. ↑ "Social benefit and financial return don't have to be exclusive. These 20 impact investing projects are proof". Fast Company. May 3, 2022. Retrieved May 31, 2023.
  6. 1 2 "New owner of Bread Basket Bakery to donate all ongoing profits to charity". Saratogian. November 6, 2020. Retrieved June 2, 2023.
  7. ↑ Moore, Natalie (October 13, 2021). "Hattie's Restaurant to Open Fourth Location in Downtown Albany". Capital Region Living Magazine. Retrieved May 31, 2023.
  8. ↑ Moore, Natalie (October 13, 2021). "Hattie's Restaurant to Open Fourth Location in Downtown Albany". Capital Region Living Magazine. Retrieved June 2, 2023.
  9. ↑ Barnes, Steve (July 8, 2021). "Foundation poised to buy Hattie's". Times Union. Retrieved May 31, 2023.
  10. ↑ Woodworth, Gordon (November 8, 2021). "$500K grant for Open Door Mission". Foothills Business Daily. Retrieved May 22, 2023.
  11. ↑ "Mohawk Hudson Humane Society receives its largest donation". spectrumlocalnews.com. Retrieved June 2, 2023.
  12. ↑ Manno, Melissa (February 2, 2023). "Albany Black Chamber of Commerce opens doors at former University Club". Times Union. Retrieved June 6, 2023.
  13. ↑ Albeck-Ripka, Livia (May 20, 2022). "3 Tulsa Massacre Survivors Receive $1 Million Donation". The New York Times. ISSN 0362-4331. Retrieved May 22, 2023.
  14. ↑ Brown, DeNeen (May 18, 2022). "Three survivors of Tulsa Race Massacre receive $1 million donation". Washington Post. Retrieved May 22, 2023.
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