In June 2020, with Covid wreaking havoc around the world, the Ford Foundation tapped U.S. capital markets, taking on $1 billion in long-term debt and enabling investors to help the foundation support nonprofits that were in danger of shutting their doors. It was the first so-called social bond to be issued by a foundation and allowed Ford to expand its grant making from $550 million a year to over $1 billion. Today other foundations are following Ford’s lead.