{"id":400091,"date":"2020-12-15T09:57:39","date_gmt":"2020-12-15T14:57:39","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=400091"},"modified":"2020-12-15T09:57:39","modified_gmt":"2020-12-15T14:57:39","slug":"wes-mariam-assefa-fund-announces-first-impact-investments-totaling-750000-to-support-the-success-of-immigrant-and-refugee-workers","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/wes-mariam-assefa-fund-announces-first-impact-investments-totaling-750000-to-support-the-success-of-immigrant-and-refugee-workers\/","title":{"rendered":"WES Mariam Assefa Fund Announces First Impact Investments Totaling $750,000 to Support the Success of Immigrant and Refugee Workers\u00a0"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"left\">NEW YORK, Dec.  15, 2020  (GLOBE NEWSWIRE) &#8212; The WES Mariam Assefa Fund today announced\u00a0impact\u00a0investments of $750,000 to ensure\u00a0that immigrants and refugees in the United States have access to the tools and capital they need to acquire digital and other job-related skills, establish credit, increase their earning potential, and start businesses of their own.\u00a0<\/p>\n<p>The first investment, of $500,000, goes to Cell-Ed, a mobile-first learning company that has created a digital platform which helps workers, especially in low-wage jobs, learn essential job and life skills. Cell-Ed offers English language learning, digital skills development, and sector-specific training. Its platform is accessible through a mobile device anytime, anywhere, even for individuals who cannot afford a data plan, making it especially attractive to workers in low-wage jobs. Ninety percent of Cell-Ed\u2019s current users are Black or Latinx, and the vast majority are also first- or second-generation immigrants. The Fund\u2019s investment will help Cell-Ed\u202fexpand the reach of its existing products\u202fand\u202flaunch new products in high-growth sectors, such as health care.\u00a0<\/p>\n<p>The second investment, of $250,000, supports the\u202fRIN-CEO Social Impact Fund. Operated by Refugee Investment Network (RIN) and the International Rescue Committee\u2019s Center for Economic Opportunity (IRC-CEO),\u202fthe Social Impact Fund provides loans to\u00a0immigrants, refugees, and others who lack access to traditional forms of financing. The WES Mariam Assefa Fund invested alongside\u00a0five other\u202fimpact-oriented investors to enable\u00a0the\u202fRIN-CEO Social Impact Fund\u00a0to\u00a0expand\u00a0its\u00a0flexible, community-centered financing\u202fmodel\u00a0in\u00a0communities across the U.S. Eighty percent of\u202fRIN-CEO Social Impact Fund borrowers are expected to be newcomers; the remaining 20 percent will come mostly from\u00a0neighboring communities.\u00a0<\/p>\n<p>\u201cCell-Ed and the\u202fRIN-CEO\u202fSocial Impact\u202fFund\u202fare exemplars of innovative, worker- and community-centered organizations\u00a0that are\u00a0delivering\u00a0the tools and solutions\u00a0immigrants and refugees\u00a0need to\u00a0advance their careers and invest in their futures,\u201d said Monica Munn, Senior Director of the WES Mariam Assefa Fund. \u201cBoth organizations\u00a0will leverage these investments to\u00a0innovate\u00a0in the face of changing workforce, financial,\u00a0and educational systems,\u00a0attract additional capital, and scale proven approaches to impact.\u00a0Their worker-centered solutions\u00a0will\u00a0improve digital literacy, financial access, and career trajectories for\u00a0thousands of immigrants and refugees\u00a0nationwide.\u201d\u202f\u00a0<\/p>\n<p>The opportunity gap\u00a0now\u00a0facing\u00a0newcomers\u00a0to the U.S. is acute:\u00a0Some two million immigrants who have college degrees are either out of work or work in jobs that require little to no advanced education. Immigrant workers in middle skill occupations earn 25 percent less than their native-born peers.\u202fMeanwhile, COVID-19 has had a disproportionate\u00a0effect on immigrants, especially lower-income workers employed in the service industry and other hard-hit areas. \u00a0\u00a0<\/p>\n<p>The WES Mariam Assefa Fund seeks to address these gaps and\u00a0foster\u00a0an inclusive\u00a0and equitable economy in which immigrants and refugees can thrive. Including\u00a0its first\u00a0impact investments to Cell-Ed and the RIN-CEO Social Impact Fund, the\u00a0WES Mariam Assefa\u00a0Fund has now supported\u202fa total of 43 organizations, 35 in the U.S. and 8 in Canada, awarding a total of US$7.5 million, since its 2019 launch.<\/p>\n<p>\u201cImpact investing will help\u00a0the WES Mariam Assefa Fund\u00a0to partner with new stakeholders and entrepreneurs\u00a0and\u00a0scale impact in a whole new way,\u201d said John Duong, Founder and CEO of Kind Capital, an advisory firm that partnered with the WES Mariam Assefa Fund to develop its impact investment strategy.\u00a0\u201cI would not be surprised to see the Fund, which is\u00a0the only philanthropic initiative focused exclusively on economic inclusion and mobility for immigrants and refugees in North America,\u00a0quickly becoming a leading impact investor leader in\u00a0this space.\u201d\u202f\u00a0<\/p>\n<p>\u201cAs a\u00a0social enterprise\u00a0that has\u00a0a decades-long history of providing impact-oriented services\u00a0to international students,\u00a0launching\u00a0successful\u00a0immigrant integration\u00a0programs in the U.S. and Canada,\u00a0and self-funding\u00a0its own philanthropic arm, World Education Services\u00a0knows\u202fhow to build and grow an impact-oriented, self-sustaining enterprise,\u201d said Esther Benjamin, CEO of World Education Services. \u201cWe are excited to add impact investing\u00a0to\u00a0our toolkit for driving positive social change, and\u00a0to help build\u00a0out a new sustainable sector dedicated to\u00a0ensuring that\u00a0immigrants and refugees\u202fhave\u00a0access to the\u00a0tools and resources they need to\u00a0obtain better jobs and\u202fintegrate into the economy.\u201d\u202f\u00a0<\/p>\n<p>\n        <strong>About WES and the WES Mariam Assefa Fund<\/strong>\u202f\u00a0<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=MfoKCNSM7HFfhc7qo5Gbk1JBfP7iaT0RRhsAVddTAtmDsjrcQNNc8u7zBI66CzOT961CC62RHnzrjIx40aR39lW4vGLVq9XMwipb2wxzKaY=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><strong><u>World Education Services<\/u><\/strong><\/a>\u202fInc. (WES) is a 501(c)3 non-profit social enterprise dedicated to helping international students, immigrants, and refugees achieve their educational and workplace goals in the United States and Canada. Over more than 45 years, WES has provided credential evaluations to nearly three million individuals from around the globe.\u00a0The WES Mariam Assefa Fund supports catalytic efforts to build more inclusive economies for immigrant and refugee workers in the U.S. and Canada and ensure that they have the skills, knowledge, and supports to succeed.\u00a0<\/p>\n<p>For more information contact\u00a0Silan Akgul, sakgul@wes.org.<\/p>\n<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMjYxMSMzODgyNTM0IzIwOTIwMTk=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/0ab118f5-6be3-49f1-989e-6550c74864e3\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Dec. 15, 2020 (GLOBE NEWSWIRE) &#8212; The WES Mariam Assefa Fund today announced\u00a0impact\u00a0investments of $750,000 to ensure\u00a0that immigrants and refugees in the United States have access to the tools and capital they need to acquire digital and other job-related skills, establish credit, increase their earning potential, and start businesses of their own.\u00a0 The first investment, of $500,000, goes to Cell-Ed, a mobile-first learning company that has created a digital platform which helps workers, especially in low-wage jobs, learn essential job and life skills. Cell-Ed offers English language learning, digital skills development, and sector-specific training. Its platform is accessible through a mobile device anytime, anywhere, even for individuals who cannot afford a data plan, making it especially attractive to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/wes-mariam-assefa-fund-announces-first-impact-investments-totaling-750000-to-support-the-success-of-immigrant-and-refugee-workers\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;WES Mariam Assefa Fund Announces First Impact Investments Totaling $750,000 to Support the Success of Immigrant and Refugee Workers\u00a0&#8220;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-400091","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>WES Mariam Assefa Fund Announces First Impact Investments Totaling $750,000 to Support the Success of Immigrant and Refugee Workers\u00a0 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/wes-mariam-assefa-fund-announces-first-impact-investments-totaling-750000-to-support-the-success-of-immigrant-and-refugee-workers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WES Mariam Assefa Fund Announces First Impact Investments Totaling $750,000 to Support the Success of Immigrant and Refugee Workers\u00a0 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Dec. 15, 2020 (GLOBE NEWSWIRE) &#8212; The WES Mariam Assefa Fund today announced\u00a0impact\u00a0investments of $750,000 to ensure\u00a0that immigrants and refugees in the United States have access to the tools and capital they need to acquire digital and other job-related skills, establish credit, increase their earning potential, and start businesses of their own.\u00a0 The first investment, of $500,000, goes to Cell-Ed, a mobile-first learning company that has created a digital platform which helps workers, especially in low-wage jobs, learn essential job and life skills. Cell-Ed offers English language learning, digital skills development, and sector-specific training. Its platform is accessible through a mobile device anytime, anywhere, even for individuals who cannot afford a data plan, making it especially attractive to &hellip; Continue reading &quot;WES Mariam Assefa Fund Announces First Impact Investments Totaling $750,000 to Support the Success of Immigrant and Refugee Workers\u00a0&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/wes-mariam-assefa-fund-announces-first-impact-investments-totaling-750000-to-support-the-success-of-immigrant-and-refugee-workers\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-15T14:57:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMjYxMSMzODgyNTM0IzIwOTIwMTk=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/wes-mariam-assefa-fund-announces-first-impact-investments-totaling-750000-to-support-the-success-of-immigrant-and-refugee-workers\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/wes-mariam-assefa-fund-announces-first-impact-investments-totaling-750000-to-support-the-success-of-immigrant-and-refugee-workers\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"WES Mariam Assefa Fund Announces First Impact Investments Totaling $750,000 to Support the Success of Immigrant and Refugee Workers\u00a0\",\"datePublished\":\"2020-12-15T14:57:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/wes-mariam-assefa-fund-announces-first-impact-investments-totaling-750000-to-support-the-success-of-immigrant-and-refugee-workers\\\/\"},\"wordCount\":807,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/wes-mariam-assefa-fund-announces-first-impact-investments-totaling-750000-to-support-the-success-of-immigrant-and-refugee-workers\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODExMjYxMSMzODgyNTM0IzIwOTIwMTk=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/wes-mariam-assefa-fund-announces-first-impact-investments-totaling-750000-to-support-the-success-of-immigrant-and-refugee-workers\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/wes-mariam-assefa-fund-announces-first-impact-investments-totaling-750000-to-support-the-success-of-immigrant-and-refugee-workers\\\/\",\"name\":\"WES Mariam Assefa Fund Announces First Impact Investments Totaling $750,000 to Support the Success of Immigrant and Refugee Workers\u00a0 - 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