Tadler Fellow Experiences: Payton Souders

Payton Souders

CLAS ‘21

Global Development Studies

This summer, I was fortunate enough to participate in the Tadler Summer Fellowship Program, offered through SE@UVA. This program is designed to match UVA students with an organization working on social entrepreneurship and/or impact investing in the Appalachian region. This work is especially important because Appalachia has been historically underinvested in and ignored by both the public and private sectors. Social issues in Appalachia have been further exacerbated by COVID and the disease’s effects, meaning this program is more pertinent than ever.

The organization I was matched with is Blueprint Local, an impact investing fund founded by UVA grad Ross Baird. Blueprint specializes in real estate investments, especially in qualified Opportunity Zones, which are zip codes around the US that give investors special tax incentives upon investment. This presents a win-win for everyone involved - underfunded communities receive the investment they desperately need, and investors receive a nice financial return. I was immediately drawn to Blueprint’s innovative business model when it comes to investment and community development.

“ I did all sorts of interesting work for this project - I toured warehouses, sifted through city records, traveled to Roanoke for meetings, [and] had hour long conversations with countless farmers.”

Currently, Blueprint is working to launch their Virginia Fund, which me and my fellow intern Jack were lucky enough to work on. We spent a lot of time working collaboratively on compiling research about the Virginia impact investing space, particularly potential partners and investors. We were also able to research potential investment projects, which was definitely my favorite part of the internship. Towards the end of the internship I primarily focused on the Food Port project, which Blueprint has been developing along with a number of local Charlottesville partners. The project includes plans for a food processing and distribution facility that prioritizes local farmers and local consumers. I did all sorts of interesting work for this project - I toured warehouses, sifted through city records, traveled to Roanoke for meetings, had hour long conversations with countless farmers, etc. I cannot thank Blueprint enough for giving me the opportunity to do such hands-on, genuinely enjoyable work.

I am so glad I chose to join the Tadler Fellowship Program this summer, and I cannot thank Mr. Richard Tadler enough for making it all possible. I learned so much this summer - everything from real estate finance to the gaps in Appalachia’s more localized food systems. I cannot wait to see how this field develops in the future, and how amazing organizations like Blueprint will transform the region.

Tadler Fellow Experiences: Grace Clarke

Grace Clarke

CLAS ‘21

Economics

My name is Grace Clarke, and I am a rising fourth year majoring in economics and minoring in social entrepreneurship. Thanks to the Tadler fellowship, I was able to intern remotely with Fahe, a Community Development Financial Institute (CDFI). I was inspired to intern in the impact investing field this summer after taking the immersive J-term course, Impact Investing in Action, where I, along with other UVA students, learned about impact investing in Appalachia through a 10-day road trip. Through the Tadler fellowship, I was matched with Fahe, located in Berea, KY. Due to the circumstances created by coronavirus, I was unable to intern in person, but I still gained very valuable experience.

Fahe is a CDFI working to alleviate persistent poverty throughout Appalachia, focusing on Kentucky, West Virginia, Tennessee, Virginia, Alabama, and Maryland. They have several lines of business including mortgage lending, community lending services, membership, and loan servicing that are utilized by their members, partners, and families. Fahe is celebrating their 40th anniversary this year, and in their 20 years of operation, they have generated $1.5 billion in finance and served over 616,694 people. Even though I never met any of my colleagues in person, I was still able to see their passion and dedication to the people of Appalachia.

“After an inspiring summer, my interest in impact investing has only increased. This summer gave me more guidance regarding the career path I want to follow. ”

This summer I worked on multiple projects as the Investments Intern. These projects gave me valuable insight into the field of impact investing and CDFIs more specifically. I assisted in creating the application for a large grant called the Capital Magnets Fund. I was tasked with collaborating with members to show a strong pipeline of projects where the grant money could be deployed to create greater value. On another project, I worked with other interns to create a large database of non-profit members’ finances for the past three years. I also created a database of each member’s debts to look for refinancing opportunities. This would allow Appalachian non-profits to receive better interest rates and terms on their projects. In addition, I created a survey for members that will give Fahe insight into the demographics of those who benefit from their investments. This was important, as Fahe is dedicated to positively impacting people of color in the Appalachian region.

Interning remotely at a company that I had never physically stepped foot in was surprisingly not too challenging. I had regular video check-ins with my supervisor and had many calls with other colleagues at Fahe to learn more about what they do. They welcomed questions, and although they gave me a great deal of independence in the projects I worked on, my supervisor and other colleagues were always willing to guide me in the right direction if I needed help. I certainly benefited from the independence, as it pushed me to learn more about impact investing through experience.

I am very grateful to have been given this opportunity to intern at Fahe. After an inspiring summer, my interest in impact investing has only increased. This summer gave me more guidance regarding the career path I want to follow. I believe if impact investing continues to grow, it can do what charity work has so far failed to achieve: alleviate persistent poverty throughout the world and create a better environment and world for future generations.

Tadler Fellow Experiences: Lelia Battle

Lelia Battle

CLAS ‘21

Spanish

Early this past spring, I walked into the SE@UVA office on my way to and from class hoping to find answers to my questions about this new Tadler Fellowship my professor in Impact Investing promoted. There, I sat down with Laura Toscano who graciously took the time to explain the program and convince me to submit an application. Walking out of the office that day, excited about a potential summer experience, I knew nothing of the impact the fellowship would have on me.

Thanks to funding from the Tadler family I, along with another UVA student Hannah Zaveri, spent this past summer working remotely for Appalachian Voices, a regional grassroots advocate that is leading the transition from fossil fuels to a clean energy economy. As fellows, we were responsible for researching two big topics… The first, to research viable pathways to integrate non-grant financing sources into the coal land restoration and redevelopment strategy. The second, to provide specific recommendations for how they can develop and implement Community Benefit Agreements (CBAs) into existing or developing projects to effectively incorporate Just Transition principles in land restoration projects.

“I started out the summer with the broad idea of ‘there’s this land in Appalachia that’s been ravaged for coal and there are people in this region who have been exploited for labor. How can the community make right many of these wrongs?’”

I started out the summer with the broad idea of ‘there’s this land in Appalachia that’s been ravaged for coal and there are people in this region who have been exploited for labor. How can the community make right many of these wrongs?’ Loopholes have historically allowed for coal companies to get away without remediating the land on which they mined which leaves the cost of cleanup to nonprofits dependent on government and foundation grants. Additionally, the $10 million dollars Virginia allocates to Abandoned Mine Land (AML) cleanup is limited in scope of what qualifies as AML and is insufficient to cover the need in the impacted regions. In this sense, I found our assignment to seek out more innovative financing for remediation projects and to explore legal mechanisms with which to hold developers accountable  to be incredibly meaningful and impactful. Our concluding webinars convened experts on all sides of these topics. On the demand side, we talked to social enterprises and nonprofits such as Rural Action and Coalfield Development are in the business of mine land reclamation. And on the supply side, we heard from financial institutions, investment funds, and consultants such as Coastal Enterprises, Invest Appalachia, and Opportunity Virginia match capital with rural development projects.

While I am thrilled to have gained so much valuable and relevant technical knowledge of the coal mining industry, the economy in Central Appalachia, and the Just Transition movement, most impactful to me was the mentoring from my supervisor, Adam, at Appalachian Voices, from my peers, and from Laura and others in the SE@UVA office. For instance, in order to successfully pull off two Zoom webinars, we relied heavily on the networks available at UVA and Appalachian Voices, and advising from Adam as we reached out to industry leaders to present during the webinars and prepared our own presentations.

Summer 2020 has indeed presented unprecedented challenges for schools, businesses, students, and so many others, but SE@UVA and Appalachian Voices exceeded my expectations in their abilities to communicate, engage, and mentor. I am grateful that this fellowship gave me the opportunity to stretch my skills and produce tangible work. Hannah and I are continuing to work on a new project with Appalachian Voices and we look forward to passing the project off to the next Tadler Fellow. 

Tadler Fellow Experiences: Caroline Bunch

Caroline Bunch

CLAS ‘22

Arabic Language & Literature

Public Policy & Leadership

My name is Caroline Bunch and I am a rising third year double majoring in Arabic Language & Literature and Global Studies with a concentration in the Middle East. I am minoring in entrepreneurship on the Social Entrepreneurship track, and I had the privilege of being a part of the Tadler Fellowship program beginning with the January Term course titled Impact Investing in Action: Appalachia. Prior to this course, I had very limited knowledge of impact investing outside of the pre-course materials I was assigned to read. Impact Investing in Action: Appalachia sent myself and my classmates into an intensive, hands-on learning experience that revealed the unique culture and investing climate of the Appalachian region.

During our time in Appalachia, we had the opportunity to meet both investors and entrepreneurs. One of our panels was comprised of several investment groups, including Appalachian Investors Alliance, which is based in Kentucky. After a brief discussion in the lobby with Scott Ewing, Senior Business Analyst at AIA, we agreed to keep in touch, and he offered me a position as a remote intern shortly after the J-Term concluded. I am now a Research Analyst at AIA, and my primary roles have been performing grant research, narrative writing, and investment due diligence.

“After a brief discussion in the lobby with Scott Ewing, Senior Business Analyst at AIA, we agreed to keep in touch, and he offered me a position as a remote intern shortly after the J-Term concluded. ”

While Impact Investing in Action: Appalachia provided me with the opportunity to dive into the world of impact investing, I still faced a steep learning curve at the beginning of my time with AIA. Scott offered many resources, from books to articles to reports, to assist me with overcoming this learning curve. As I continued to deepen my understanding of the uniqueness of Appalachia and the distinctive work of investors and entrepreneurs in the region, I began performing preliminary due diligence processes on companies brought to AIA. There are various basic aspects that we assess about a company in this initial screening process, including company filings and registration, funding history and intellectual property claims, qualifications of the entrepreneurial team, details of the deal/offering, and company financials. These facts, and any questions raised in the process, are offered to our investors with the option of continuing with a deeper dive into due diligence.

As I grew more comfortable with each subject of the preliminary screening process, I have most recently had the opportunity to learn how to complete our official Due Diligence Report. This process has broadened my understanding of the importance of startup companies proficiency in search engine optimization, their sales strategies, market opportunities, competitive advantages, exit strategies, and risks.

I will continue to work with Appalachian Investors Alliance throughout the school year and hopefully throughout my entire undergraduate career. One of the gaps in my learning that I have identified in my time with AIA is basic business skills, such as finance and accounting. I will be in a Business Fundamentals program at UVA this upcoming school year, and the two modules of the Fall semester address these subjects. As I learn about finance and accounting in a classroom setting, Scott and I have planned that I will simultaneously learn how to assess company financials in startups. I look forward to my future time with AIA and continuing to expand my understanding of investing and entrepreneurship in Appalachia.

Tadler Fellow Experiences: Giovana De Oliveira

Giovana De Oliveira

CLAS ‘21

American Political and Legal History

This summer, I interned with Invest Appalachia (IA) – a start-up impact investment fund that seeks to direct philanthropic and investment capital into Central Appalachia. The fund is planning on investing in four different “sectors”: community health, clean energy, creative placemaking, and food and agriculture. As an intern, I was responsible for working on their impact metrics project which involved devising a list of measureable social and environmental impacts along with accompanying metrics that could be used to capture these impacts. Throughout the internship, I learned how important it is to be deliberate and intentional in devising social impact, as it holds impact investing funds and social enterprises accountable to their mission.

I worked under Stephanie Randolph, founding board member of IA and one of the instructors for the Impact Investing in Appalachia J-Term. She provided me with tremendous support as I navigated such unfamiliar terrain. By the end of the internship, I developed a social impact framework where I, along with the help of many other Invest Appalachia members, identified the metrics along with specific impacts that we wanted to see in each of the sectors. Having identified the sector-specific impacts, we also established a list of portfolio/cross-sector goals (ex: increasing access to capital for marginalized populations across all sectors). By identifying our impacts and all coming to a consensus on our specific goals, we could move forward to the next, more technical process of impact measurement.

“This experience opened my eyes to how messy the real-world of social entrepreneurship can be, especially in the relatively new field of impact investing, and how it does not always fit into the nice, neat mold that we learn inside the classroom.”

Being put on this project was very intimidating at first. I didn’t know much about the world of impact metrics going into the internship, and so there was a steep learning curve for the first couple of weeks. I tried to approach impact measurement as I would approach any unfamiliar topic in my academic courses: by researching, taking notes, and ultimately, walking away with a strong grasp of the ins and outs of the process. It didn’t end up working that way. Instead, I came to realize that there is still a lot of ambiguity around how to measure social and environmental impact, even among the most prominent and nationally-recognized impact investment funds. This experience opened my eyes to how messy the real-world of social entrepreneurship can be, especially in the relatively new field of impact investing, and how it does not always fit into the nice, neat mold that we learn inside the classroom.

I am incredibly grateful to have had the opportunity to intern for such an amazing fund. It was inspiring to work alongside a group of people who had such a strong, deep connection to their rural communities. Even though I only met the Invest Appalachia team virtually, their commitment to improving the lives of Central Appalachians was evident. I am leaving this internship with a stronger appreciation for impact investing and using it as a tool for social and economic empowerment.

Tadler Fellow Experiences: Sylvie Arnold

Sylvie Arnold

CLAS ‘23

Sociology

I was lucky enough to be a Tadler Fellow this summer and intern with Coalfield Development. Going into the internship, I had never even heard of social entrepreneurship. In fact, I had only started engaging with the concept of entrepreneurship itself my junior year of high school through a project in my AP Microeconomics class where we had to design and pitch our own business plans. My team did our best to come up with a product that would be kind to the environment in addition to filling the gap in the market we had observed, but little did I know there was a whole discipline dedicated to positive outcomes both environmentally and socially through enterprise.

When I first began to research social entrepreneurship for an annotated bibliography for Coalfield, I was elated at what I found. Having only completed my first year at UVA, I was struggling to choose what I wanted to do with my life. The only thing I knew was that I wanted to make a difference in my local and global communities in some way. Lucky for me, social entrepreneurship does exactly that.

Before even beginning the internship, I perused Coalfield’s website, and I was both surprised and stimulated by what I saw. Here was a company targeting a cyclical issue in an effective way! Coalfield has come up with a way to not only elevate the condition and stimulate the economy of the Appalachian community, but also help its workers achieve what they may not have found possible to achieve before. Coalfield’s 33-6-3 model was the first thing that stood out to me, and it still amazes and inspires me. Investing in its employees and their futures, Coalfield’s 33-6-3 model has its employees on a 2.5 year plan of 33 hours of paid work per week, 6 hours of education toward an associates degree, and 3 hours of personal development with the type of development varying with what week of the program the employee is currently in. This level of care for the people in their community by an employer is rarely seen, but at Coalfield it is only a small part of the plan for excellence in Appalachia.

“Having only completed my first year at UVA, I was struggling to choose what I wanted to do with my life. The only thing I knew was that I wanted to make a difference in my local and global communities in some way. Lucky for me, social entrepreneurship does exactly that. ”

In addition to the 33-6-3 model, Coalfield owns a variety of employment-based social enterprises, all with a triple bottom line of people, planet, and profit. Coalfield works hard to provide their employees with usable skills for the future, create jobs, revitalize rundown places and buildings, and stimulate the economy--all while utilizing Appalachia and what it has to offer. Coalfield is a great example of facing problems head on and creating opportunity while preserving the integrity and history of a place near and dear to so many lives and hearts.

I am so grateful to have had the opportunity to work with Coalfield and be inspired by their efforts toward hope and change. Never again will I think a problem unfixable; with the right minds, outlook, and propensity for seeing the potential in the situation, even the most difficult situations can be approached, step by step, little by little, until a big and lasting change is made.

Through the research and writing I have done with Coalfield, I have developed an appreciation and passion for social entrepreneurship and the immense positive power it has. I am forever thankful for this opportunity and I really hope to continue pursuing this incredibly impactful discipline in whatever direction it takes me.

Tadler Fellow Experiences: Hannah Zaveri

Hannah Zaveri

CLAS ‘23

Hi, I am Hannah Zaveri, a rising second year, currently planning to major in public health and sociology. When I applied to the Tadler Fellowship, I was a first year with no social entrepreneurship experience. But I wanted to learn, and I ended up applying because the Appalachia-based internships fit my desire to use my skills to make a positive impact.

Now that I have experienced a summer internship with Appalachian Voices, I can honestly say that this was an incredible opportunity! I especially enjoyed learning about the Appalachian region and the community working to rebuild Appalachia’s economy. I encourage everyone who is the slightest bit interested in this fellowship to apply. Even when faced with a pandemic, everyone quickly adapted to make the most of the virtual fellowship.

Appalachian Voices is an environmental nonprofit that aims to shift Appalachia away from fossil fuels to clean energy—to sustainably rebuild Appalachia’s economy. Throughout the summer, another UVA intern, Lelia Battle, and I worked alongside the New Economy team.

Based in Norton, Virginia, they devise and implement innovative reclamation and redevelopment projects on coal impacted lands. More specifically, we were mentored by Adam Wells, the Central Appalachian Regional Director of Community and Economic Development. Adam genuinely cared about our learning experience and created opportunities for us to engage in meaningful work that addressed real problems, which I greatly appreciated. We also worked alongside the Reclaiming Appalachia Coalition (RAC), a multi-state group of which Appalachian Voices is a leading member.

Being a first year intern, I did not expect to lead significant projects; I was ready to take on more menial tasks. However, from the beginning, Adam was clear that our work would investigate key questions, and that I would be an asset to the team. Lelia and I lead impactful projects; we published a report examining the potential applications of Community Benefits Agreements (CBAs) to Appalachian Voices and the RAC’s innovative mine land reclamation. We also published a resource guide on innovative financing for mine land reclamation.

“I led impactful projects; we published a report examining the potential applications of Community Benefits Agreements (CBAs) to Appalachian Voices and the RAC’s innovative mine land reclamation. We also published a resource guide on innovative financing for mine land reclamation.”

During the research stage, we called and met with dozens of incredible people working on the frontlines to create a better future for Appalachia, which was inspiring. I was challenged to be resourceful and ended up reaching out to and meeting all sorts of advocates. I was surprised by how willing everyone was to help with our research. As a result, we ended up facilitating two successful webinars, which showcased some of the experts that we met through our research—one webinar was on CBAs and one was on innovative financing for mine land reclamation. I loved organizing the webinars! Despite not being in Norton for the internship, the virtual events made me feel connected to the community.

My favorite part of the internship was attending Appalachian Voices’ staff calls, and the RAC and New Economy team meetings. I was fascinated by what goes on behind the scenes. As a result, I learned extensively about the professional world, and now understand the considerable planning that goes into nonprofit and social impact projects. I also learned first-hand what it means to engage in important work that people are passionate about, which I hope to bring to my future career. Through this fellowship, I was pushed to think outside the box and was encouraged to share any ideas. Before my summer working at Appalachian Voices, I was interested in nonprofit and development work, and I am still interested in it. I now have the confidence to continue exploring this field, and I look forward to meeting new people along the way.

I am very grateful for this opportunity. If not for this fellowship, I may never have begun to understand the complexities of Appalachia or nonprofit organizations. I am especially glad that I did this as a first year. Now, I have three more years to continue exploring Social Entrepreneurship at the University of Virginia. I am happy to share more about my experience, so please feel free to reach out to me at hz6jsp@virginia.edu if you have any questions about the fellowship.

Tadler Fellow Experiences: Jack Clark

Jack Clark

CLAS ‘22

Hello! My name is Jack Clark and I am a 3rd year McIntire student concentrating on management with an emphasis on entrepreneurship. For the past few years I have been studying, through clubs and various classes, the field of impact investing. I have specifically been looking into for-profit organizations that have positive social and environmental change baked into their business models. When the opportunity arose to work in this intersection this summer, I jumped at the chance. I wanted to learn about what I had investigated in classrooms in a more real-world environment. I applied to the Tadler Fellowship so that I could understand the field of impact investing from a new perspective. I was lucky enough to intern for Blueprint Local, an Opportunity Zone Fund that capitalizes on recent tax reforms to direct disposable capital from wealthy individuals into low-income areas of cities across the US.

Prior to my experience this summer, I thought I understood most of the ways that private investment could make a positive social impact, however, I now understand just how many ways investment can be simultaneously influential and profitable. As an intern for Blueprint Local, I worked on big picture issues such as helping management decide which types of projects are viable in new markets. I researched and designed a plan to alleviate food scarcity in West Charlotte, providing data, contacts, and information that Blueprint will use as they work to make positive social change in that region. I also assisted in the finer details of other ongoing projects by creating databases and analyzing potential solutions to existing roadblocks.

“This internship changed my perspective on commerce, the interaction of the government and private industry, and most importantly, what I want to pursue as a career. ”

Through my experience, I learned that impact investment is messy. I also learned that that mess is what makes it so interesting. As the global finance sector begins to shift to more deeply consider the societal and environmental implications of decisions, traditional investors are in for a wakeup call. They will find that the only way to guarantee positive change is to meet the people that they are impacting. Hear their voices and understand their stories.

The Tadler Fellowship and Blueprint allowed me the opportunity to investigate some of those narratives and understand the perspectives of people championing change in their communities. I learned that impact investing is messy, complicated, simple, and straightforward all for the same reason, the people.

I want to thank the Tadlers for giving me the incredible opportunity to learn more about my passion. I also want to thank Ross Baird from Blueprint and my boss Maegan Moore for teaching and guiding me.

This internship changed my perspective on commerce, the interaction of the government and private industry, and most importantly, what I want to pursue as a career. If you have any questions about the fellowship or Blueprint Local, feel free to reach out! Thanks for reading.