LISC and State Farm expanded their long-time partnership this week with new funding to boost economic opportunities in 11 cities. "Millions of people are looking for opportunities to earn higher wages and build stronger futures for their families,” said Maurice Jones, LISC president and CEO. "Our partnership with State Farm is vital to advancing this important work.”
Economic opportunity program set to expand outreach in 11 cities
State Farm provides $4 million grant to help LISC grow businesses, jobs, safety
NEW YORK (March 21, 2018)—A national effort to boost economic opportunities for underemployed workers and underserved communities got a major boost this week, as State Farm announced a $4 million grant to the Local Initiatives Support Corporation (LISC) to fuel work in 11 cities.
The new grant will help LISC strengthen its national Financial Opportunity Center (FOC) program, which is proven to help people increase their incomes, build credit, and save for the future. FOCs help people work toward economic stability through education, long-term financial coaching, and employment support, such as literacy and numeracy training needed to secure work and advance in key local industries. In 2017, State Farm also made the first formal commitment in support of LISC’s expansion to Atlanta, which will start with the establishment of the first LISC-supported FOC in the city.
“We know that healthy, sustainable communities are made up of people who have living wage jobs and feel confident about their economic futures,” said Annette Martinez, vice president – human resources for State Farm. “The FOC program offers multiple interventions to help people develop good fiscal habits and skills needed to be financially stable over the long term.”
In select LISC markets, State Farm funding will also help seed business growth and improve safety—both vital to quality of life in areas struggling to attract economic activity—and advance LISC’s model that builds partnerships between law enforcement, community leaders and residents to increase community safety and stability.
“LISC has an incredible opportunity to invest in America’s talent and prepare that talent for quality living-wage jobs,” said Maurice A. Jones, president and CEO, LISC. “Millions of people are looking for opportunities to earn higher wages and build stronger futures for their families. Our priority at LISC is to ensure that they have access to the education and training necessary to compete for meaningful and sustainable employment. Our partnership with State Farm is vital to advancing this important work.”
With residents and partners, LISC forges resilient and inclusive communities of opportunity across America – great places to live, work, visit, do business and raise families. Since 1980, LISC has invested $18.6 billion to build or rehab 376,000 affordable homes and apartments and develop 63 million square feet of retail, community and educational space.
The mission of State Farm is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its nearly 19,000 agents and nearly 70,000 employees serve more than 84 million policies and accounts – more than 81 million auto, fire, life, health and commercial policies, and more than 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 33 on the 2017 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.