For decades, Annie Donovan has led innovative efforts to spur economic opportunity and revitalize communities. Now, the former head of the CDFI Fund is bringing her considerable talent and experience to LISC, taking on the new role of chief operating officer to help drive strategies that support a broadly shared prosperity in urban and rural communities.
As she steps into her new roll as COO for LISC, Annie Donovan, former head of the CDFI Fund, shares some reflections on the current promise—and challenges—of doing community investment, the origins of her personal commitment to service and creating equitable opportunity, and the reasons she decided to come to LISC.
The Community Development Financial Institutions (CDFI) Fund, part of the U.S. Treasury Department, announced the recipients of $3.5 billion in New Markets Tax Credit (NMTC) allocations for 2019. The awards include $60 million for LISC, which will be deployed through its subsidiary, the New Markets Support Company (NMSC). Since its inception, NMSC has harnessed $1 billion in tax credits to offer flexible capital for projects that benefit low-income communities across the country--projects ranging from Cincinnati’s CityLink Center, home to 15 social service agencies, to a health clinic-plus-grocery store in Brockton, Mass. to a public library in Petersburg, Va.
Last year, LISC launched its newest subsidiary, the SBA-guaranteed lender immito, to scale our ability to reach and support underserved small businesses and help spur job growth across the country. Julie Huston, immito’s founding president, is a seasoned small business expert—in fact, she recently testified before Congress re: new budget proposals that would hamper small business entrepreneurs’ access to credit. We caught up with Huston at her base in Denver to learn more about immito, the economic and social power of small business, and why all this is so close to Huston’s heart.
New to LISC’s partnership with Kiva? Our collaboration with the crowd-funding microloan platform helps us help entrepreneurs get the capital and technical support they need to launch and grow businesses. One of our favorite parts of the relationship is getting to know determined small business owners and hearing their stories. Meet four owners who, armed with their LISC + Kiva loans, are injecting creativity, resources and dynamism into their communities.