Kristina Kenan, CEO of Revel & Flourish / Credit: Laura Alpizar Photography

This Winter at the New Impact Fund

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At the New Impact Fund, we mobilize high-net-worth capital, operator-level advising, and real-world networks to help Black, Indigenous, Latino/a, and Asian entrepreneurs scale beyond proof of concept—at the moments when access to capital and relationships shapes what happens next.

In this issue, you’ll meet leaders like Jina Penn-Tracy and Kristina Kenan and see how aligned capital, trusted partnerships, and experienced operators help strong businesses grow and communities stay resilient. 

Jina Penn-Tracy (left) and Anya Gage (right) of Centered Wealth

Jina Penn-Tracy of Centered Wealth

Aligning Money with Values Might Just Change the World

Most conversations with wealth managers focus on accumulation; saving on taxes, personal return vs. the S&P, protecting wealth from future potential problems. Jina Penn-Tracy starts somewhere else: the human side of money—something we all live inside of and often feel complicated about (fear, shame, pressure, obligation, uncertainty). At Centered Wealth, she begins with a simple premise, people feel more centered in their relationship with money when they align financial decisions (spending, giving and investing) with their core values and with the world they want to help build.
 
“What we do here is hold space for real human beings around their wealth,” Jina says.

And she’s clear: people don’t usually come to this work when everything is calm.

“Usually there’s an impetus,” Jina says. “A liquidity event. An inheritance. Getting married. Getting divorced. Or this moment of saying, 'I don’t want to do what has been done. I want to see change.’”

Those transition points are when people are open—not just to shifting their finances, but to asking deeper questions: What is enough? What do I want to stand for? What do I want my money to do in the world?

"This isn’t charity and it isn’t transactional financing. It’s backing leadership...it's a learning experience alongside a meaningful gift—you’re not ‘saving’ someone; you’re standing alongside a leader, opening doors, sharing hard-won insight, and moving capital in a way that can recirculate into the community of that business owner."

From response to root causes

In Minnesota, we know how to respond. When tragedy hits, communities show up—fast. People give. People march. People organize. That matters.
 
But Jina—and the New Impact Fund—share a harder truth: we can’t stop at response. “If we’re serious about changing what comes next, we must do more than respond. We need to fund the backbone—the people, systems, and long-haul capacity that make progress durable after the headlines fade,” she says.
 
That requires addressing the systemic causes of inequality of all types: economic exclusion, lack of familial wealth, and lack of access to opportunity. If we only show up in the immediate aftermath, we replay the same cycle—grief, protest, attention—followed by too little sustained investment in systems of broad-based home and business ownership, and long-term capacity that actually breaks the cycle and rewrites what comes next.
 
This is why Jina is drawn to models of regenerative finance: capital designed to recirculate into the local community’s wellbeing and strengthen the “soil” of these economies over time, rather than siphoning dollars to the largest corporations, often doing the most damage globally.

One Equalizer: Shareholder engagement

We can’t ignore those corporate giants, we must change those as well. Jina points to a lever many people overlook, especially for those whose money sits in public stock and bond markets.
 
"When you’re in the public markets, you are a co-owner of these large corporations. The impact you can have is through shareholder engagement and voting your proxies," she explains. “Boards are obligated to take company shareholder’s votes very seriously. For many clients, it’s one way of taking advantage of positions that can’t be liquidated. And combined with consumer activism, it becomes a powerful tool for redirecting corporate behavior. That’s why it’s being targeted. The federal government is going after organizations engaged in organizing voting for DEI (diversity, equity and inclusion) or ESG (environmental, social and governance). The proxy voting services we work with are nonprofits focused on screening and engagement, and that work is under pressure right now because it affects corporate policies and systems of power.”
 
For Jina, both investing and giving must be done inside of the context of wholistic financial planning. Jina says, “I see people bouncing between the personal—‘How do I protect myself and the people I love?’—and the outward—‘What can I do to change things?” While, increasingly, clients are asking for more than a list of “good” funds, they want to have more direct impact.
 
This is where Jina’s work becomes deeply practical: helping people design a financial life plan and then using all the planning tools available to align their ongoing personal needs and goals with the world they want to help create. This can mean shifting investments, or charitable funds, to more directly impactful choices. Or realigning life choices with their deepest values. Or diving deeply into legacy planning to nurture those goals and values into the future. Done well, planning ensures money doesn’t just sit—it circulates.
 
"Done well, it will recirculate downward to create an ecosystem for people or projects that grow, nurture and sustain healthy local communities. We especially see folks want to deploy charitable money as quickly as possible and give that money sooner versus later—not letting it just sit in traditional investments, but investing it in ways that make a difference in the world," she says. In Jina’s words, regenerative capital is money designed to recirculate in ways that strengthen the basic health of our economy—supporting small and medium-sized enterprises, resilient communities, and long-term economic growth for all, not just a few.

Beyond Emergency Giving: Building Durable Capacity

After George Floyd, Jina watched a wave of giving move through Minnesota and beyond—fast, heartfelt, and often routed through GoFundMe-style responses. She doesn’t dismiss that impulse, but she challenges people with the capacity to not stop there.
 
"In a crisis, people want to help immediately. Sometimes direct giving is exactly what’s needed to stabilize families or keep small businesses afloat," she says.  However, Jina is clear that sustainable impact requires more. “We have to fund the backbone: the people, systems, and long-haul capacity that make progress durable after the headlines fade.”
 
That’s why she has championed the New Impact Fund for many years as a trusted vehicle. “It’s not about writing checks and moving on. It’s building relationship—real relationship. When you’re in relationship with a business owner and you understand their leadership brilliance, their real-world constraints, and what social and financial capital can unlock. The choice to shift to more meaningful giving and investing stops being theoretical. A whole world of tangible, and even hopeful, possibilities opens that most investors never see. That changes how my clients think about their choices around money, and importantly, what individual actions taken together can co-create. Hope is more needed than ever to unlock our mutual power.
 
"What I also respect is the time New Impact Fund takes with business owners. This isn’t charity and it isn’t transactional financing. It’s backing leadership and helping build the conditions for the business to compete and scale. For funders, it becomes a learning experience alongside a meaningful gift—you’re not ‘saving’ someone; you’re standing alongside a leader, opening doors, sharing hard-won insight, and moving capital in a way that can recirculate into the community of that business owner.”
 
NIF’s evergreen structure means capital keeps working with repayments from earlier investments funding new businesses. Because the fund is revolving, dollars can return and be redeployed—supporting more businesses, more jobs, and more stability over time. “If families want their capital to create both meaning and measurable impact today, integrated, regenerative capital is the way to do it,” Jina says. “In this way, we are able be part of the evolution in the right direction.
 
“Since the start of NIF, I have envisioned this model being duplicated across the country and that will take larger and longer-term commitments from donors. I’ve been happy to see some clients embracing that piece as well. I wake up each day able to DO SOMETHING about the state of the world. NIF gives that experience to my clients as well.”

(U.S. Census Bureau Annual Business Survey, 2021)

The Honest Leadership Moment

Jina’s perspective resonates because it’s grounded in reality: the work is hard, and the stakes are high. Building something relational, disciplined, and scalable takes more than goodwill—it takes aligned capital.
 
At times, the mission we have at New Impact Fund can feel like pushing a boulder uphill. The temptation is to ask whether it would be easier to quit and join an established platform.
 
But Minnesota doesn’t need more commentary about what’s broken. It needs more builders—and more people willing to fund those builders.
 
That’s the invitation Jina returns to again and again: get centered, get honest about what you can do, and then move your money in a way that matches the future you say you want.

How Advising, Access, and Capital Changed Kristina’s Trajectory

The Revel & Flourish Story

When Revel & Flourish entered 2023, the business was growing—but its systems hadn’t caught up. Founder Kristina Kenan was managing increasing demand without formal cash planning or a fully developed financial and marketing strategy. She knew the company needed to invest to move forward. What she didn’t yet know was how much her thinking about growth itself was about to change. 

That shift began when Revel & Flourish joined New Impact Fund’s Cohort 4. Alongside catalytic financial capital, Kristina gained elevated social capital and a team of operator-advisors from the Cohort—Jill, Carolyn, and Buzz—who brought experience in structure, profitability, and network access. 

At first, Kristina was candid about where she stood. “I don’t know. I have no idea,” she said when asked how advisors could help. Rather than offering quick fixes, her advisors focused on helping her build clarity and confidence as a CEO. Over time, Kristina began leading the conversations herself—setting quarterly priorities, naming tradeoffs, and using data to guide decisions. 

One of the most important mindset shifts came around revenue and focus. At the time, Revel & Flourish was operating an event venue alongside its planning and design business. Advisors challenged Kristina to examine whether the venue was truly advancing her goals. “Maybe it’s not. Maybe we’re investing in the wrong spots,” she reflected. “It wasn’t enough increased business to justify the cost.” With high fixed overhead and limited returns, Kristina ultimately chose to step back from the venue and refocus on higher-performing services—freeing up capital and capacity for growth.

Patient capital made it possible to invest in fundamentals: hiring additional staff, expanding rental inventory to raise average invoices, purchasing a new vehicle, and building internal training systems. Kristina created written documentation and training videos so her team could operate with greater consistency and ownership—laying the groundwork for sustainable scale. 

What changed for Kristina through advising

1. Clarity to lead as CEO
2. Focus on the work that drives revenue and profitability
3. From doer to leader
4. Confidence to lead at the next level
5. Direct access to revenue-generating networks

(Kristina Kenan, Revel & Flourish)

Advising also reinforced Kristina’s values-based leadership. After Jill recommended Unreasonable Hospitality, Kristina felt affirmed in her desire to build a human-centered company. “I don’t just want to be another business that’s just making money,” she said. “I want it to be for our staff, for our clients, something that uplifts people and gives them an experience beyond what they’re expecting.” The book didn’t change her vision—it strengthened her confidence that it was both meaningful and sustainable. 

Access proved equally transformative. Advisors Carolyn and Buzz opened their networks, introducing Revel & Flourish to major charitable organizations and event planners. Advisors referred eight galas to the business, including Make-A-Wish, translating trusted introductions into revenue, credibility, and repeat client relationships. Kristina understood what those referrals represented. “My advisors believed in me enough to open their networks up to me—that’s a huge risk,” she said. “If I failed, it would’ve looked bad on them.” 

The results speak for themselves. Revenue grew from $325,000 in 2024 to more than $500,000 in 2025—over 50% year-over-year growth. Kristina now holds full ownership of the company, leads a growing team, and is working toward a long-term goal of $1 million in annual revenue by 2028.

“I never felt like I was the recipient of charity,” she reflected. “My advisors actually believe in me—and truly believe I can succeed.” 

Kristina’s journey illustrates what becomes possible when catalytic capital, experienced advising, and trusted access converge at the right stage of a business’s growth. It’s not just about funding expansion. It’s about helping founders think differently, lead with confidence, and build companies that endure. 

Revel & Flourish provides full-service event planning, floral design, and décor rentals for weddings, galas, and major events. Learn more about their work. 

Credit: Jeff Schad Photography

We're All in This Together

Things are not the same. 

We are not the same. 

We are exhausted. 

We are scared. 

We are heartbroken. 

We are carrying a lot. 

We have been pushed and tested. 

And still, we are showing up for one another. 

We are resilient. 

We are compassionate. 

We are Minneapolis and St. Paul. 

We are Minnesota. 

We are inspiring the nation. 

We are learning, again and again, what it means to stand together. 

ICE and immigration enforcement activity has created deep uncertainty and anxiety for many families and small businesses in our community. That uncertainty ripples outward—affecting workers, customers, neighborhoods, and local economics. It is not abstract. It is shaping our daily lives. 

Within communities of color, community-rooted leadership and innovation have existed for generations. 

High-potential founders exist in every community. What has not existed is consistent access to the capital, networks, executive advising, and business infrastructure that turn potential into scale. 

And yet, in the midst of this, we are seeing something powerful. 

We are seeing neighbors organize support. 
We are seeing people use their voices, their networks, and their resources in new ways. 

We are seeing what becomes possible when care is matched with action. 

We are seeing action at every level — big and small, coordinated and decentralized — all contributing to a stronger fabric of care, protection, and shared responsibility. 

We are learning that influence and impact take many forms. Sometimes power is visible and public. Sometimes it is quiet and persistent. Both matter. Power lives in relationships, in who shows up, and in who stays. 

At the New Impact Fund, we are seeing clearly that power can be cultivated and grown. It can be regenerative. When directed toward community-rooted businesses, it stabilizes neighborhoods and builds real economic strength from within. It helps founders weather uncertainty, retain jobs, and continue serving their communities—even in the most difficult of moments. 

And still, access to capital and opportunity remains deeply inequitable. Many Black, Indigenous, Latino/a, and Asian entrepreneurs continue to operate without the financial capital, networks, and support systems that help businesses grow and scale. Despite this, they persist. They are building businesses, creating quality jobs, and strengthening their communities every day. There is power in that persistence. 

Advancing racial and economic justice requires both immediate response and long-term commitment. 

At the New Impact Fund, we bring together capital, relationships, and elevated advising from high-net-worth individuals and their networks to stand with these founders. Sometimes support looks like investment. Sometimes it looks like sharing knowledge. Sometimes it looks like opening doors to critical opportunities that would otherwise remain closed. Often, it looks like standing close enough to steady something that is already trying to grow. 

These are community-rooted businesses—built from within, for the people they serve. They carry deep knowledge, resilience, and vision that too often goes unseen by traditional systems.  

In moments like this, many people ask: What can I do? How can I help? 

There is a role for you to play. 

When networks and capital are aligned with purpose, the opportunity field expands for Black, Indigenous, Latino/a, and Asian business owners. Change rarely arrives all at once. It is built through steady, collective effort—through many small acts of courage, commitment, and care. 

We have seen this in response to recent events: when people from all walks of life move in aligned ways, power multiplies. 

At the New Impact Fund, we have been organizing across race, class, and background for one purpose: to ensure that Black, Indigenous, Latino/a, and Asian entrepreneurs can thrive on their own terms. Whether you see yourself as an ally, advocate, investor, or partner, what matters most is action: saying, “I/we have your back, and I/we will help build the community we want to live in.” 

We will continue to stay close to business owners and deploy capital, relationships, and influence in ways that strengthen what they have built—and what they are still building. 

And we need that commitment not just for this moment, but for the long term. 

If you are interested in becoming a cohort member, supporting member, or helping fuel the engine of this work, we invite you to learn more and join us. Together, we can turn solidarity into lasting stability and shared prosperity. 

As we look ahead, we do so with immense gratitude. Thank you to our past and present Cohort and Supporting Members, and to all the generous individuals, foundations, and corporations who stand with us, making this vital work a reality. 

The New Impact Fund (NIF) The New Impact Fund pairs high-net-worth social capital, operator-level advising, and risk-oriented capital to help Black, Indigenous, Latino/a, and Asian businesses in the Twin Cities move from proof of concept to scale—creating quality jobs, strengthening communities, and advancing racial and economic justice.

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These resources are provided for educational and information purposes only. Inclusion of any investment opportunities does not suggest an endorsement. You should perform your own research before you make any investment decision.

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