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.
Synchrony Foundation awarded a $2 million grant to LISC to provide emergency relief to small businesses hit hard by the pandemic, especially minority- and women-owned businesses. This grant is part of a larger recovery program announced by Synchrony that also includes connecting small businesses to customizable digital tools and consulting expertise.
The Nielsen Foundation awarded a $1 million, three-year grant to LISC to support Black-owned small businesses impacted by Covid-19 shutdowns and recent social unrest. The funding will target historically disinvested neighborhoods in New York City, Chicago, Los Angeles, and the Twin Cities.
Lowe’s Companies has joined forces with LISC to provide COVID-19 relief grants to minority- and women-owned businesses in historically underserved communities.
This week, 200 more small businesses from underinvested communities across urban and rural America are receiving grants of up to $10K to help cover payroll, rent and other critical operating costs in the wake of the Covid-19 pandemic. That brings the total number of grantees to 400, all of whom are benefiting from a $7.5 million commitment by Verizon. The twice-weekly Pay It Forward LIVE series will also come to a close on Thursday with a performance by Dave Matthews—the very artist who kicked off the livestream campaign to bring attention (and funding) to the plight of entrepreneurs hit hardest by the crisis.