Wells Fargo is granting $15 million to LISC to support small businesses reeling in the wake of the economic fallout from Covid. LISC will use the funds in a partnership with Kiva, the crowd-funding social impact platform, to get grants and low-cost loans to more than 2,800 entrepreneurs in urban and rural markets nationwide. The capital will be targeted at preventing further loss in revenue, sustaining employment and averting vacancies among vulnerable small business owners.
As part of its 20-year partnership with LISC, State Farm has committed a new $4 million grant to help expand employment, revitalize commercial corridors, promote health and enhance community safety in 12 cities over the next two years. In addition, State Farm has set up a $10 million loan pool with LISC to assist small businesses and community nonprofits in Central Illinois and Chicago hit hard by Covid-19.
To help small businesses—especially minority- and women-run enterprises in places bearing the brunt of the pandemic’s economic impact—LISC and Verizon are pleased to announce the first round of grantees of the Verizon Covid Small Business Relief Fund, now totaling $7.5 million. Some 225 entrepreneurs, stalwarts in their communities who have had limited access to mainstream capital sources, will put their $10K grants to use to keep their businesses, families and local economies afloat and strong.
LISC has named Steven Dow, most recently executive director at CAP Tulsa, to lead its expanding investment activity in Houston. “Steven is an innovator and change-maker with a deep personal connection to Houston and a wealth of experience working in the public, private and nonprofit sectors,” said Maurice A. Jones, LISC president and CEO. “We are thrilled that he has come back to his hometown to help LISC respond to local issues and catalyze long-term opportunities for children and families throughout the city.”
LISC has tapped Valerie White, a senior official with New York state’s economic development agency, to be the new executive director of LISC NYC. “Valerie is a remarkable individual who understands how to fully engage the public, private and philanthropic sectors in ways that catalyze opportunity for our communities,” said Maurice A. Jones, LISC president and CEO.