A recent article in American Banker describes the why and how of LISC’s Black Economic Development Fund - a means to direct private capital to Black banks, CDFIs and other minority businesses. The $50 million from Netflix and Costco seeding the fund, with more in the pipeline, is a signal of a widespread “social-consciousness awakening that [the wealth gap] is a problem and its sources are systemic racism,” explains George Ashton, LISC EVP and the fund’s manager, in the story.
In a statement issued today, LISC joins with Enterprise, National Housing Trust, Stewards of Affordable Housing for the Future, Housing Partnership Network, Housing Assistance Council and Leading Age to urge federal action on rental assistance that will protect residents and affordable housing providers affected by the pandemic. “Relief is overdue,” the groups warn, “and we can’t afford to wait any longer.”
A $15 million donation from Wells Fargo, part of their Open for Business Fund, will help LISC match flexible Kiva crowdfunded loans for entrepreneurs of color across the U.S. Our pre-Covid collaboration with Wells and Kiva in Puerto Rico and other disinvested places has proven the transformative benefits for individuals, families and regional economies when small businesses get fast access to capital in a crisis.