Economic Development
At LISC Charlotte, we know economic development drives strong, vital communities. Entrepreneurship is a key catalyst that promotes growth and helps bring about an equitable economy with opportunity for all.
We approach our work to promote economic growth from two key angles. First, our primary focus is putting the resources small businesses need to succeed within reach. We work with public and private sector sources to get lifeblood capital into the hand of small business owners to transform ideas into marketable, viable realities. We act as a liaison between government and private sector initiatives and small business owners. LISC Charlotte helps to ensure that both new establishments and long standing restaurants, childcare facilities, retailers and others get the support they need - from training to grants to emergency funding during the 2020 pandemic.
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As the local office of LISC, we are there to provide lending to help entrepreneurs finance what they need to succeed from the acquisition of property and equipment or hiring of new staff to expand operations. We work with small business owners operating in or serving disadvantaged communities to help them move from startup to strength.
We know we cannot do it alone. LISC Charlotte is there to build a team to support entrepreneurship. To accomplish that, we support local community development organizations that join with us to lift up local businesses. We provide capacity building in many ways including consultation, training, and facilitating access to philanthropic and public support.
City of Charlotte Micro Business Relief Fund
Charlotte small businesses - restaurants, childcare facilities, salons, retailers and more - were disproportionately impacted by COVID-19 and the economic crisis it triggered.
- At the height of the 2020 pandemic, LISC Charlotte worked directly with city agencies to run a $1 million funding initiative to get emergency capital into the hands of small business owners. We collected applications, screened applicants and distributed $10,000 grants to 79 small businesses to help cover expenses such as rent, utilities, and payroll or to purchase equipment and make accommodations to adapt to social distancing and other measures.
- We pooled together private money and funding from LISC’s national Payment Protection Program to get $3.17 million to just over 140 Charlotte businesses. The relief provided critical support to establishments owned by two groups that were hit hard by the pandemic: entrepreneurs of color (about 96% of the recipients) and women business owners (69% of the recipients).
Funding, Training, Mentorships
LISC Charlotte is helping local businesses look toward the future, even as they weather current factors. We provide direct technical assistance to BIPO entrepreneurs and developers from identifying funding sources to coaching and scaling up capacity building. Through the LISC national office and our local partners, we can tailor lending products and locate philanthropic sources to help entrepreneurs weather their first critical years of operation and expand to meet the challenges of new markets.
- Channeled approximately $3.1 million to small businesses with funding raised from LISC’s nationwide headquarters and private sector donors.
- Committed $70,000 to help the local organization, Historic West End Partners build their capacity to support HWE a Historically African-American neighborhood in Charlotte City.
- Worked with the City of Charlotte’s economic development office and Knight Foundation on commercial projects to revitalize West End corridors.
- Teamed with corporate sponsors including Lowes and US Bank to set up technical assistance programs to train and mentor small business owners.
Our corporate partners are stepping up as well to provide volunteer expertise and hands-on-mentorship. In 2020, we have launched a pilot training partnership with the help of Lowe’s to give support and guidance to local entrepreneurs.
Work with Business Development Organizations
An important part of our work is empowering local business development organizations so they can join us to provide small businesses with capital and vital funding, training and mentorship both during their first years in operation and later as they expand and grow. We see our Business Development Organizations (BDOs) like The National Institute for Minority Economic Development and it’s Women Business Center in Charlotte, Aspire Community Capital and Carolina Small Business Development Fund, as invaluable partners to support our efforts.