This month, LISC LA is grateful to celebrate the generous contributions of the James Irvine Foundation. With a multi-year commitment to LISC LA, the Irvine Foundation is leading the way in funding for the development of LISC LA’s proposed micro equity fund, in addition to being the seed funder for our Black Business Excellence Technical Assistance Program (BBET).
The Irvine Foundation has always been a highly respected leader in community development throughout California. In 2020 alone, the Foundation contributed $109 million in grants to promote financial mobility among those individuals and organizations who need it most. Their mission to economically advance workers earning low incomes and small businesses is an integral component of our partnership. LISC LA is honored to serve that mission by beginning the development process for the micro equity fund.
The fund, which is currently in planning stages at the national and regional levels, will invest recoverable grant dollars into BIPOC-owned businesses in the form of an equity-like product. This strategy allows local entrepreneurs of color to maintain direct ownership of their business, while benefiting from a flexible capital source provided by the program.
LISC LA has a track record of success when it comes to implementing initiatives with tangible impacts in the communities we serve, and the Foundation’s trust in our work is a testament to those successes. The Foundation’s support of this program’s development will allow LISC LA to expand its reach to minority owned businesses, and will expand capacity to support Californians as the state begins its road to economic recovery.
In addition to the micro equity fund, the Foundation grant is supporting our upcoming BBET work. The BBET program is a supportive accelerator program that provides wraparound services for Black owned businesses in the personal care industry. The BBET program, which is part of LISC LA’s Black Economic Development Agenda, will provide 10 weeks of training and advising courses for 30 Black-lead small businesses, and will include one-on-one advising sessions, networking opportunities, and capital investments.
The James Irvine Foundation has provided a truly unprecedented commitment to our work at LISC LA in supporting the development of new initiatives and the continuation of existing programs. In combination, their support will allow LISC LA to empower Black and women-owned businesses in the immediate future and through long term, sustainable community programming.
The Foundation has paved the way for the beginning of the micro-equity program, and we are incredibly grateful for both their trust in our development team and their overarching support of our existing programs at LISC LA. To learn more about opportunities for investment in the micro equity fund development process, subscribe to our newsletter or email Emma Kloppenburg at EKloppenburg@lisc.org.