The Fibers Fund, a Washington, DC-based fund that supports small natural fiber and textile producers, has been selected for a program-related investment of up to $500,000 from the Nathan Cummings Foundation.
Fibers Fund is among a growing number of funds applying climate justice and racial equity lenses to overlooked parts of the economy, such as farmed fiber crops like hemp, wool, flax and cotton. The PRI will enable grants, forgivable loans, low-interest debt and other flexible capital to underserved fiber entrepreneurs, and includes a matching challenge to attract additional investors.
âAccess to patient and flexible capital can unlock so many opportunities for these businesses to build community wealth, advance regenerative agriculture, and create a more resilient US fiber and textile supply network,â said Fiber Fundâs Sarah Kelley.Â
Fibers Fund has backed enterprises including Seed2Shirt, a Black woman-owned sustainable apparel manufacturing company, and Acadian Brown Cotton, which preserves heirloom cotton seeds and promotes regenerative agriculture in Louisiana.
The fund was incubated by Petaluma, Calif.-based Fibershed and Santa Barbara-based Sustainable Agriculture and Food Systems Funders. It transitioned to independent operations last year and is administered through Broadstreet Impact and Impact Charitable.
The investment was part of Nathan Cummingsâ first batch of PRIs since the foundation committed last year to allocating 5% of its endowment, or $22 million, to low-cost loans and flexible investments in support of its mission of advancing racial, economic and environmental justice.
âUsing flexible capital and creative solutions, we can repair past harms and invest in the future by supporting these entrepreneurs who are building a more equitable and regenerative domestic economy,â said the foundationâs Bob Bancroft.
