In March 5, 2018, Stream Energy partnered with Hope Supply Company to help alleviate homelessness due to Hurricane Harvey. Harvey dropped about 56 inches of rain causing billions of dollars in property damage and several fatalities. Stream was the first company to use its hard-earned profits from its energy sales to fund the recovery.
At around that same time, Stream Energy launched its charity foundation, Stream Cares. Corporate philanthropy has long been an integrated part of the company and they wanted to further demonstrate that by establishing their own charity branch. However, when Hurricane Harvey struck, Stream Energy was not the only one to make such a move.
Numerous Dallas corporations made the same moves to demonstrate that they intend to use more than just their profits to give back. Charity and philanthropy arms have been increasing in popularity as a way to show loyalty to more potential clients and to make more ways to give back to the community. However, like all business moves, it is not without its catches.
To C-level executives, this is also a smart move to help maintain the company’s reputation incase of a scandal, downsize, or downfall in the profits. Corporate giving is currently highly publicized because it’s such a new and generous move for most companies.
In the case of Stream, they have longtime partnerships with Habitat for Humanity, the Red Cross and numerous grassroots campaigns. Stream’s business model is also simpler than most because they use associates to sell their energy in a variety of products from Smartphones to telemedicine. Successful associates earn very high commissions. They also get to choose which charities that they want to support personally and one highly common cause is homelessness.This is understandable as 24 percent of the population in Dallas is homeless. As a result, Stream helps to assist not only hurricane but also tornado survivors. They were also one of the first to spring into action when numerous tornadoes touched down in North Texas around Christmas 2016.
Hope Supply is a charity that provides financial assistance and services to 1,000 children who are homeless. They provide things like diapers, school supplies, and clothing. They are one of the many charities that Stream Energy has partnered with for years.