LISC and Citi work together across the country to revitalize neighborhoods, help small businesses thrive, and build financial capability skills for individuals and families. This month, LISC is honoring Citi for their support of two major economic development initiatives in New York City.
Citi Community Development is supporting LISC New York City’s Commercial Corridor Challenge, a partnership between the New York City Department of Small Business Services, Citi Community Development, and LISC NYC. This partnership was created to strengthen and revitalize neighborhood districts by supporting community-based organizations to implement initiatives to attract more foot traffic and increase sales for local merchants in underserved neighborhoods. The initial round of the Corridor Challenge, completed in summer 2018, provided financial and technical assistance to three community partners. Their work included projects that boosted the visibility, promotion, and safety of commercial corridors in the Bronx, Staten Island, and Brooklyn. With Citi’s catalytic support, LISC NYC has launched a second round, which will codify and elevate learnings on supporting commercial corridors across the community development field. Grants and technical assistance to four additional community partners will support them as they carry out beautification initiatives, seasonal pop-up markets, and street fairs aimed at activating public spaces, supporting small businesses and cultivating a sense of civic pride that draws visitors to commercial corridors in Queens, Upper Manhattan, and the Bronx.
“Rapidly changing neighborhoods can bring opportunities, but sometimes, those opportunities result in unintended tradeoffs,” said Greg Schiefelbein, New York Tri-State Market Director, Citi Community Development. “We are excited to expand the Commercial Corridor Challenge to reach more neighborhoods and continue to help ensure that small business owners—and the communities they serve—benefit from New York City’s growth.”
Greg Schiefelbein currently serves on LISC NYC’s Local Advisory Committee and has helped LISC NYC to strategically grow its economic development initiatives.
LISC is also very grateful to the Citi Foundation for providing LISC NYC with two rounds of Community Progress Makers funding totaling $1 million to advance its emerging strategy for inclusive economic development. This funding includes financing, technical assistance and thought leadership to support real estate projects focused on the needs of underserved areas, making sure critical economic, social and cultural assets can take root and thrive. The Citi Foundation’s Community Progress Makers support enabled LISC NYC to engage a variety of stakeholders in this effort, including impact investors from artist-endowed foundations and civic-minded individuals who invested over $5 million in LISC’s Inclusive Creative Economy Fund.
LISC extends heartfelt thanks to Citi and the Citi Foundation for their partnership to foster equitable economic development to benefit low and moderate-income communities throughout New York City and across the country.
Citi Community Development is committed to financial inclusion and economic empowerment for individuals and families. Their support advances the field’s ability to develop programs tailored to neighborhoods and their needs.