Farmington Bank Community Foundation recently made a social investment with New Horizons Inc as part of their startup costs associated with their first social enterprise.
Through the generosity of Hartford Foundation for Public Giving, several Hartford County nonprofits were invited to participate in a Social Enterprise Accelerator Program in the winter of 2018-2019. This three-year program consists of several intensive hands on, with assigned homework, workshops; business planning and fundraising coaching through 2021. In June of this year New Horizons along with nine other nonprofits participated in fast pitches ala Shark Tank looking for social investors.
New Horizons is a long-time grantee of the foundation, providing affordable housing with case management and services to adults with physical disabilities. The Social Enterprise Accelerator program is an opportunity for New Horizons to fill a mission need and begin generating revenue that will reduce their reliance on charitable giving.
This summer Sunshine Wheels was piloted at New Horizons Village and Cherry Brook Nursing Home a subsidiary of New Horizons. Sunshine Wheels is a medical transportation program for people with physical disabilities and seniors in Farmington Valley. New Horizon’s market study documented a need for reliable consistent transportation for people in wheelchairs. Clients had reported numerous missed appointments due to late or dropped pickups along with long delays in return trips. Sunshine Wheels is a fleet of accessible vans with a team of dependable and experienced drivers that are available to transport clients to and from medical, dental and behavioral health appointments. Transportation costs are reimbursable through Medicare and or private insurance.
After successful completion of its pilot period, Sunshine Wheels has applied for its livery license and plans to begin full operations by year end. The new enterprise provides a needed service for their clients and will generate an impressive revenue after one year with an estimated 14-16% profit margin after the first year.
Farmington Bank Community Foundation is pleased to provide a social investment to New Horizons. Our investment was matched by Hartford Foundation for Public Giving.