LISC Central Illinois closed a $500,000 loan to fellow CDFI Justine PETERSEN Housing & Reinvestment Corporation through our State Farm Small Business Rescue Fund. With this support from State Farm, LISC partnered with Justine PETERSEN to provide microloans to small businesses across our region that need financial assistance as we emerge from COVID operating restrictions.
The widespread practice of “social distancing” in response to the spread of COVID-19 dramatically reduced the revenue of small businesses in every community, and has evidenced disproportionate financial impacts on small minority businesses and those serving traditionally disinvested communities. LISC, with the help of State Farm, created a fund that will enable both loans to be deployed to small businesses, nonprofits and CDFIs - such as Justine PETERSEN - supporting small businesses for their most urgent needs, including operational costs like paying employees, vendors, and rent.
To learn more about Justine PETERSEN, click here.
To learn more about State Farm, click here.