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NJ FAM Fund gets 'substantial' funding commitment from Bank of America


When Ras Baraka announced the formation of the NJ FAM Fund back in September, it came with a symbolic name FAM stands for “40 Acres and a Mule” and a hope that it could raise $100 million to serve as a private investment vehicle to help reduce social and economic disparities in Newark by investing in Black and Latinx businesses.
A few months later, the fund is operating in eight New Jersey cities and is quickly approaching $10 million thanks in part to a “substantial” commitment from Bank of America that came this week.
Alberto Garofalo, president of Bank of America New Jersey, said the bank was thrilled to include the NJ FAM Fund among its many initiatives to help drive economic growth in underserved communities that too often were left behind in the past. ....

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The 2021 Nonprofit 40 Under 40


John Langdon
Cassandra Agredo has grown the soup kitchen at St. Francis Xavier church into the multi-service agency that is Xavier Mission. As the organization’s executive director, Agredo and her team provide an array of services and opportunities to New Yorkers in need. They prefer to be called a “for-impact” instead of a “nonprofit” organization, focusing on things they can change instead of those they can’t.
Direct service work has always been a part of Agredo’s life. When she was growing up in Rhode Island, her father worked at the Department of Human Services, and once the first soup kitchen opened, her parents would bring Agredo along while they volunteered. She continued on this path and obtained a bachelor’s and master’s degree in social work from Fordham University. Since then, her passion to enact positive change has shone both through her work at Xavier Mission and Hunger Free America, a national organization set to end domestic hunger, where ....

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