LISC-led coalitions in Milwaukee and Philadelphia are among the four winners of this year’s JPMorgan Chase PRO Neighborhoods competition. In each city, local partners are pooling their expertise and resources to drive major community-focused economic development plans that revitalize commercial corridors, spur small businesses, create jobs and raise standards of living for residents.
LISC has been awarded $6.9 million by the U.S. Department of Education as part of the Credit Enhancement for Charter School Facilities Program. We will use this support to “expand access to capital and in many cases lower the cost of capital for schools. This in turn keeps scarce resources in the classroom, paying for great teachers, curriculum and other program supports,” said Sara Sorbello, LISC’s Vice President of Charter School Financing.
The International Economic Development Council honored LISC president and CEO Maurice A. Jones with its top award this week, in recognition of LISC’s work to promote inclusive growth and economic development under his leadership. “Jones’s work has greatly enhanced the economic prosperity and quality of life for individuals and businesses in the communities his organization serves,” said the Craig Richard, the Council’s board chair.
The Community Development Financial Institutions Fund (CDFI Fund)—part of the U.S. Department of Treasury—has awarded $700,000 to LISC for intensifying economic development in underserved rural communities. The money will seed a $10 million Fund for Rural Progress to boost investment in infrastructure, business development and job creation, all vital to combating population loss and persistent poverty in rural America.
LISC is ramping up its national economic development work with the launch of a new small business lender called immito. “Nothing catalyzes opportunity in a community like new businesses launching and expanding,” said Maurice A. Jones, LISC president and CEO. immito is expected to do $100 million in annual lending and will spark entrpreneurship and growth in communities across the country, especially those where demand for capital access is high.