Reclamation Ventures Relief Fund Update
April 2020
It’s been four weeks since we’ve launched our relief fund initiative to support underestimated individuals and businesses during COVID-19. Here’s our progress and what we’ve learned along the way.
Wait. What’s the Reclamation Ventures Relief Fund?
On March 17, Reclamation Ventures committed to raising and deploying capital in the form of small, one-time direct relief grants to marginalized entrepreneurs in the wellness industry (including both instructors and business owners).
relief.reclamationventures.co
Why are you prioritizing marginalized populations?
To create a space for everyone, we must center the most marginalized and vulnerable — particularly in a time of crisis. Reclamation Ventures is, at its core, committed to increasing representation and equity in the wellness industry. The impact of COVID-19 calls us in to help fortify the people and places that are already here as we strive for a more diverse and equitable future. Efforts like these create a healthier, safer community for all of us — a lesson COVID-19 is teaching us right now on a global scale.
Our Timeline
March 17
Announced the Reclamation Ventures Relief Fund
March 19
Shared the GoFundMe for support
April 1
Began deployment of capital
April 3
Announced support from Yoga Alliance and lululemon, the first major wellness brands to back our initiative.
Raise
As of April 12, $122,498 has been officially pledged to meet those most in need in our community.
- $22,498 has been received
- $100,000 is still processing (aka not in our bank account yet)
Over 120 donors have rallied to make this possible by sharing with their community, hosting donation-based virtual classes, and pledging a percentage of their earnings for this year to the cause. We’re grateful for your consistent support.
Deployment
Of this, we’ve granted $19,140 to 15 individuals to recoup one month of lost revenue.
- Average grant size: $1,276
- Smallest grant size: $500
- Largest grant size: $2,500
These grants are supporting with the following:
- Rent
- Groceries
- Health insurance
- Medication
- Payroll for coworkers
We’re prioritizing applications where we can help serve an immediate need in places disproportionately impacted by COVID-19 (like New York City and New Orleans).
In addition, we’ve earmarked an additional 50+ applications to notify and process once funds are received from our partners.
Grant Applications
Over 1,600 people have applied for relief funding. About 80% of grant applicants are eligible for funding (based in U.S., over the age of 18, wellness instructor / business owner, represent systemically marginalized community in wellness).
As mentioned previously, we will continue to respond to grants each Friday with the money we have received from the week prior. Grant recipients remain eligible for a grant unless told otherwise. The number of grants available and the number of people we can support will be dependent on how much money we raise.
Key Insights
Rapid relief is the best relief.
As in most relief efforts, time is critical. There are significant delays in unemployment benefits and federal grants, causing more and more businesses to close and entrepreneurs to become disheartened. We are committed to continuing rapid deployment as soon as funds are received.
This is a marathon, not a sprint.
When we launched the relief fund in mid-March, the full scope of the impact of COVID-19 wasn’t clear. Today, the details are still murky. But we know that the social and economic impact of this global pandemic will have long-lasting impact in the wellness industry. Consumers have drastically cut spending as studios and fitness centers close, and instructors and business owners are scrambling to create new business models from scratch. One-time direct support grants alone is not adequate for helping our community back towards sustainability.
What’s Next?
Our goal is to raise $500,000 to provide immediate and long-term support for this community.
We’re gathering our team of advisors to create a comprehensive, one-year plan to fortify the industry through FY 2021.
We’re extending this current relief funding offer until May 31, 2020 or until our funds expire (whichever comes first).
We’re considering a second phase of relief funding after the close of May 2020.
How can I help?
Make a one-time donation to the GoFundMe
Contact us to be a strategic funding partner
Apply and/or share the grant opportunity with someone in need
Take the Yoga Instructor Survey to share your experience in the industry
Learn More
Read: Our report on how we forecasted COVID-19 affecting the wellness industry
Listen: Our founder Nicole Cardoza sat with Ryan Lemere and Kerri Kelly of CTZNWell to talk about collective care in a time of crisis
