An investment of $2.5 million from Verizon is making it possible for LISC to begin offering critical relief and resiliency-building support to small businesses facing immediate financial threat because of the COVID-19 pandemic. The funding will go to make grants of up to $10,000, especially to entrepreneurs of color, women-owned businesses and other enterprises in historically under-served places who don’t have access to flexible, affordable capital. Verizon will highlight and bolster these efforts through their inaugural "Pay It Forward Live" online concert series.
A new $3 million grant from Ally Financial will help fuel homeownership and small businesses in four cities, advancing LISC’s work to support a broadly shared prosperity. “There is incredible talent in our communities,” said LISC CEO Maurice A. Jones, commenting on the importance of the Ally partnership. “The job to be done is to match that talent with incredible opportunity.”
Did you hear what’s brewing in Chicago? Starbucks Coffee Company announced a $10 million investment to drive economic opportunity in the city’s underserved communities. The funds, which are slated to help finance more than 500 loans to support small businesses and create jobs, will be disbursed among four community lenders with expertise in those neighborhoods, and LISC Chicago is one. The investment “will deliver clear benefits to residents, while making our neighborhoods safer and stronger,” said LISC Chicago ED Meghan Harte.
LISC is working with Wells Fargo on an effort to spur economic recovery across Puerto Rico. A new grant is supporting LISC’s Kiva Puerto Rico Match Fund to help entrepreneurs launch and grow small businesses, while also helping LISC expand its capacity to support disaster recovery nationwide. It builds on LISC's long experience in communities hit hard by major hurricanes, tornados, floods and fires.
LISC is ramping up its national economic development work with the launch of a new small business lender called immito. “Nothing catalyzes opportunity in a community like new businesses launching and expanding,” said Maurice A. Jones, LISC president and CEO. immito is expected to do $100 million in annual lending and will spark entrpreneurship and growth in communities across the country, especially those where demand for capital access is high.