Detroit's only bridal salon is in Detroit because of impact investing

The only bridal salon in Detroit is on Jefferson Ave, in the historic John N. Bagley mansion. But Beautiful Bridal might have ended up in Canada, or in the suburbs, without the support of the Michigan Women's Foundation. 

"If it wasn’t for them, I would not be here today," says owner Keasha Rigsby.

When Rigsby had a hard time getting a bank loan, the Michigan Women's Foundation made an impact investment to help her launch her business. The foundation also provided non-financial support—coaching, mentorship, and volunteers—to make sure Rigsby was set up to succeed.

Impacting investing, or "mission investing," is not grantmaking—it's when a foundation or other mission-based organization makes an investment to further its philanthropic goals. (You can learn more about mission investing here)

Through impact investments to women-owned businesses, the Michigan Women's Foundation aims to make a significant economic impact in Detroit.

"Our goal is to keep them here, right here in Detroit, right here in Michigan, where we can transform this economy to be the best place in the country to start or grow a business," says Carolyn Cassin, president and CEO of the Michigan Women's Foundation.

Learn more in this video, produced by Issue Media Group in partnership with the Council of Michigan Foundations, and visit their website to learn more about CMF's support for impact investing across the state of Michigan.

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