The LISC Rapid Relief and Resiliency Fund will inject much-needed, flexible resources into historically under-invested communities. These are the places that are suffering most from the economic fallout gripping our nation due to the Covid-19 pandemic. Our aim is to raise up to $100 million in grants, loans and other investments for the Fund.
LISC is in close, daily contact with thousands of community-based partners working on the front lines of this crisis, and they are our best intelligence on the challenges posed by the pandemic.
Americans who were economically vulnerable before the pandemic now face an even more uncertain future. Many have lost their jobs and don’t know where their next paycheck will come from. Those who still have jobs – many of which cannot be performed remotely – struggle to find childcare and safe, reliable transportation. Although costs such as federal student loans may be deferred, and foreclosures and evictions may be suspended, these expenses must be paid eventually. This means mounting debt for people who were already treading water financially long before Covid-19 reached our shores.
Many small businesses forced to shut down temporarily are at serious risk of closing permanently. These enterprises are the lifeblood of communities, providing critical goods and services as well as jobs to locals. Unfortunately, many already operate on narrow profit margins. With no revenue coming in and little or no reserves to pay their expenses, many will have no choice but to lay off workers and close their doors forever. Small businesses desperately need emergency assistance to bridge the gap and stay afloat until the crisis passes.
Community organizations that people turn to in times of need lack sufficient resources to keep up with skyrocketing demand. These groups are not only called upon to serve more people; they must also operate in a new way, delivering services remotely to ensure everyone’s safety. Efforts to help people meet longer term, aspirational goals – for example, training for a new career or saving to buy a home – must be put on the back burner. The focus now is on meeting residents’ basic needs such as through emergency rental assistance, access to food and child care, and help applying for unemployment.
To assist small businesses to stay afloat and to support community organizations to meet unprecedented client demand, the LISC Fund will provide grants and patient, flexible loan capital to meet the following expenses:
In addition to financial resources, small businesses and community organizations will need to employ new tactics around marketing, finance, technology and human resources. LISC will provide technical assistance to help our partners hone the skills to do just that.
Up to $100 million will be raised and invested in urban and rural communities across the U.S.
Hundreds of small businesses will benefit from an infusion of financial resources to help them stay afloat
Through our local partners, thousands of residents will be assisted with rent, food, child care, and other basic needs
To help us reach our $100 million goal for the LISC Rapid Relief and Resiliency Fund:
We are grateful to the foundations, corporations and individuals who have stepped up to support the LISC Rapid Relief and Resiliency Fund. Learn more about our supporters here.