Dale Royal, a community developer with 30 years’ experience bringing economic development, affordable housing and transportation opportunities to underserved neighborhoods, will be the inaugural executive director of LISC’s newest office in Atlanta, GA. LISC has already invested $18 million in Atlanta for workforce and youth development projects, and our SBA lending affiliate, immito, has just closed its first transformative loan in the city. Royal’s arrival will take that commitment to another level, leveraging his expertise in connecting communities with the capital to help them flourish.
For the fourth consecutive year, LISC’s Lending department has been honored among the ImpactAssets 50, a who’s-who of fund managers dedicated to creating positive social and environmental impact. The team’s outstanding portfolio balance of $420 million and delinquency rate under 2% earned this year’s recognition.
"This rating reaffirms LISC’s ongoing capacity to support inclusive growth and broadly shared prosperity across the country,” said Maurice A. Jones, LISC president and CEO. S&P pointed to LISC’s financial stability, track record of performance and community impact as compelling indicators for its ‘AA’ rating.
LISC is helping three local nonprofit organizations in Michigan, Maine and Washington, D.C. develop Pay for Success programs as part of $1.3 million in funding from the Social Innovation Fund (SIF). The programs will focus on families, youth and health, and tie public funding commitments to specific outcomes. SIF is part of the Corporation for National and Community Services, the federal agency that also oversees AmeriCorps.
A new program in Boston offers a blueprint for anchor institutions looking to help improve the economic outlook for nearby communities. Northeastern University has teamed up with LISC on a new Impact Lending small business program that will provide growth capital to entrepreneurs, especially women- and minority-owned businesses in low-income areas, and position them to compete for procurement contracts with the university. LISC officials joined Boston Mayor Martin J. Walsh and university President Joseph Aoun for the announcement.