A new $100 million loan fund will provide flexible, low-interest capital to small businesses and nonprofits in New York State reeling from the economic impact of the Covid-19 pandemic. LISC will administer the funding, which will be distributed via five community development financial institutions and will go to enterprises, especially women- and minority-owned ones, with 20 or fewer employees that didn't receive lending capital through the SBA's Paycheck Protection Program.
The LISC Lending department has been included for the fifth consecutive year as an ImpactAssets 50 2020 Fund, a who’s-who of fund managers dedicated to creating positive social and environmental impact. This year saw a record number of applications. As a leader in community development financing, LISC received the ranking in light of our $475 million outstanding portfolio balance and a delinquency rate under 2%.
Dale Royal, a community developer with 30 years’ experience bringing economic development, affordable housing and transportation opportunities to underserved neighborhoods, will be the inaugural executive director of LISC’s newest office in Atlanta, GA. LISC has already invested $18 million in Atlanta for workforce and youth development projects, and our SBA lending affiliate, immito, has just closed its first transformative loan in the city. Royal’s arrival will take that commitment to another level, leveraging his expertise in connecting communities with the capital to help them flourish.
For the fourth consecutive year, LISC’s Lending department has been honored among the ImpactAssets 50, a who’s-who of fund managers dedicated to creating positive social and environmental impact. The team’s outstanding portfolio balance of $420 million and delinquency rate under 2% earned this year’s recognition.
"This rating reaffirms LISC’s ongoing capacity to support inclusive growth and broadly shared prosperity across the country,” said Maurice A. Jones, LISC president and CEO. S&P pointed to LISC’s financial stability, track record of performance and community impact as compelling indicators for its ‘AA’ rating.