“Meaningful and lasting change”: AMP Foundation awards $1m grants to two NFPs

Marking its 30th anniversary, AMP Foundation has awarded two $1 million grants to not-for-profit organisations, First Australians Capital and Global Sisters.

AMP Foundation General Manager, Nicola Stokes said both organisations “provide meaningful and lasting change to those they help, and strive to build financial wellbeing for those in our communities who require support”.

“The grants are another milestone in the AMP Foundation’s legacy, which since its establishment in 1992 has helped change the lives of countless Australians through its Tomorrow Makers program,” said Stokes.

Since 1992, the AMP Foundation has invested more than $110 million into community organisations and individuals, and the Foundation said that this investment into First Australians Capital and Global Sisters is unique as both organisations are designed to support social enterprises.

The organisation, Global Sisters, supports women to achieve financial independence by creating and running a successful micro business. It also works at the systems change level to enable the achievement of long-term economic security for these women by removing systemic and structural roadblocks.

Founder and CEO, Mandy Richards said Global Sisters is grateful for AMP Foundation’s long-standing partnership and support through the grant, adding that the money will help them “make  a profound difference to 300 single mothers and their children — by providing a pathway to financial independence through self-employment”.

“It will also help us create the evidence base for lasting systemic change to the welfare system — so that all single mothers who find themselves trapped by their circumstance and on Government benefits, have an alternate and viable future available,” said Richards.

Pictured left to right: Nicola Stokes (General Manager AMP Foundation), Alexis George (AMP CEO), Mandy Richards (Founder and CEO of Global Sisters)

First Australians Capital also commented on AMP Foundation’s support with Chairperson and Managing Director, Leah Armstrong saying the grant was an “important milestone for First Nations equity and self-determination”.

First Australians Capital is a national Indigenous-led organisation that builds investment readiness and designs capital solutions for Indigenous businesses to thrive. It offers a variety of financial products to enable Indigenous entrepreneurs to grow and scale.

Armstrong said the grant will enable First Australians Capital “to hold equity in the first Indigenous-led and managed Impact Investment Platform, addressing financial exclusion and racial justice”.

“First Australians Capital’s impact-first investing backs the creative, cultural and economic strengths of First Australians businesses to become powerful contributors to a new economy.”

The AMP Foundation’s relationship with First Australians Capital started in 2014 when Adrian Appo was selected as an AMP Foundation Tomorrow Maker. Since then it has supported more than 201 Indigenous businesses across the arts, construction, recreation, retail, and professional services sectors.

Stokes said AMP Foundation has had longstanding relationships with both First Australians Capital and Global Sisters, and that they’re “confident these new grants will help further expand the important work they do in the Australian community”.

This article was first published by Women’s Agenda.