LISC announced today that the Entrepreneurs of Color Fund (EOCF) has surpassed its $500 million goal for small business lending across the country—more than two years ahead of schedule. LISC is now expanding the program to double its impact, aiming to support $1 billion in financing for underserved businesses and communities. “We are working to level the playing field—to connect promising but overlooked businesses to affordable financing so that whole communities can benefit from economic development and growth,” said Steve Hall, LISC vice president of Small Business Lending.

LISC has been awarded $5 million through the CDFI Fund’s Capital Magnet Fund program, which will be invested to develop some 675 units of affordable and permanent supportive housing over the next five years in a range of LISC markets. Half of those units will be dedicated to households making 50% or less of their community’s Area Median Income. Since 2010, LISC has stewarded $24.8 million in Capital Magnet Fund awards for the creation of affordable housing.

LISC is bringing its successful Entrepreneurs of Color Fund (EOCF) to Miami, to help get growth capital to diverse small business owners who historically have been shut out of conventional lending streams. EOCF, which currently operates in 10 U.S. cities, will partner with four Dade County economic development nonprofits to connect Miami-area entrepreneurs to the dollars and technical assistance they need to flourish and create jobs.

CDFI Fund’s Equitable Recovery Program Awards LISC $4.9M

LISC is excited to share the news we received a $4.9 million award through the CDFI Fund’s Equitable Recovery Program to continue to expand our 10X initiative, specifically focusing on communities of color most impacted by the COVID-19 pandemic. This award will expand our work with developers and entrepreneurs of color across our footprint, as we leverage these funds to provide grants and low cost loan capital to eligible partners.

LISC has once more been named Emeritus Impact Manager for the ImpactAssets 50 (IA 50), a who’s-who of fund managers dedicated to creating positive social and environmental impact. The IA Emeritus category represents impact fund managers who have been on the IA 50 for at least five years. LISC is one of seven community development financial institutions (CDFIs) that were selected for this year’s IA 50, reflecting the critical role CDFIs continue to play to build more inclusive and equitable communities.

LISC has been named one of the ImpactAssets 50, a who’s-who of fund managers dedicated to creating positive social and environmental impact. LISC is one of seven community development financial institutions (CDFIs) that were selected for this year’s IA 50, reflecting the critical role CDFIs have played during the COVID-19 pandemic.