As a Certified Development Financial Institution, LISC is known for its capacity, connections, and commitment to creating stronger communities. For over forty years, we have been doing this work – and that longevity is why we are able, and honored, to provide a model for resiliency during the COVID-19 pandemic and beyond.
This work is part of our core mission, and it is a mission we could not complete without the generous support from our donors, both local and international. This month, we are celebrating one of those amazing donors, HSBC Bank, which has provided over $75,000 to support our local economic relief and capacity building efforts during COVID-19.
“Supporting nonprofits and CDFIs is at the center of HSBC’s community development strategy because they are the backbone of our communities,” said Adey Tesfaye, a LISC LA Local Advisory Committee (LAC) member and the Vice President & National Community Development Manager at HSBC Bank USA. “By reaching deep into neighborhoods, nonprofits and CDFIs have the unparalleled ability to identify and address local needs.”
HSBC has worked with LISC for years, supporting our mission through a combination of capital, grants and meaningful advisory partnerships. As members of our Local Advisory Committee and our Economic Development Project Review Committee in 2019, HSBC provided critical support in our projects, ranging from economic development and small business lending to sponsorship of our Advanced Housing Development Training Institute.
LISC LA is grateful for HSBC’s continued support, and their generous contribution to our COVID-19 relief programs, which have created a world of difference in the lives of Angelenos this year. Over the past year, LISC LA has utilized the funding from HSBC to support the city and county of Los Angeles in managing the LA COVID-19 Regional Recovery Fund, in addition to developing toolkits for local governments, providing critical grants to local small businesses, and providing resources for financial emergencies at the organizational and personal level.
LISC LA is moving into 2021 with the Black Economic Development Agenda (BEDA), which strives to further support the ongoing work of Black- and women-owned businesses and organizations, while also ensuring a continuous commitment to narrowing the racial and gender wealth gaps and investing in historically divested communities. LISC LA and HSBC recognize that these investments must be made in tandem with relief and resiliency building strategies, as the COVID-19 pandemic has further exacerbated the severity of existing inequities, both in Los Angeles and nationally.
“The racial and socioeconomic inequities highlighted by the COVID-19 pandemic, and the recent civil unrest, have reemphasized the importance of investing in the communities HSBC serves,” said Tesfaye. “We deeply value our 25 year relationship with LISC, and are proud to partner with them as they continue to support our communities in the recovery process.”
HSBC and LISC LA will continue to work together to effectively serve our communities during COVID-19 and beyond, with a commitment to supporting economic development in historically divested neighborhoods. Thanks to the ongoing support from HSBC, LISC LA is ready to uplift joy and excellence, support equitable economic development, and tackle problems of injustice at their source.