With $54 million in new loans already closed in 2023, LISC is starting the year strong in spite of a challenging economic climate. Connie Max, LISC's EVP for Lending, describes how our partnerships continue to help us provide patient, flexible and affordable capital to borrowers who are overlooked by conventional lenders.
With $54 million in new loans already closed in 2023, LISC Lending is starting the year strong. We’re excited for the momentum we’re continuing to build on from 2022, with over $325 million in lending to affordable housing developments, nonprofit community spaces, charter schools centered on racial equity, and small business owners.
But with this momentum, we also acknowledge that we are in a challenging economic moment. Higher costs are everywhere: raw goods for construction, basic pantry staples, rent, childcare. Business and government leaders are warily eyeing the risk of recession, while the Federal Reserve continues to increase interest rates at the most aggressive rate since the 1980s to bring down inflation.
LISC serves communities with the least to spare even in good times. They face persistent health, wealth and opportunity gaps that are exacerbated by economic upheaval, and often face capital barriers that make it difficult to access quality affordable housing, health care and living wage jobs. That’s why CDFIs like LISC are so important. We don’t shy away from projects and programs that require more time and intensive resources; in fact, providing patient, flexible and affordable capital is our core work.
LISC participates in a variety of guarantee and credit enhancement programs to extend our reach, supporting responsive programs that fuel communities throughout the country. For example, from public guarantee programs like the Health Resources and Services Administration to California's Small Business Guarantee program, we aggregate a diversity of resources to meet the needs of our community partners. Each program provides additional flexibility for LISC to extend financing to projects supporting and driven by community even in times of uncertainty.
And so, we press forward, driven by our commitment to equity and opportunity and collaborating with local stakeholders who make progress possible. We look forward to investing in projects that elevate the deep talent and creativity of the people and places where we work.
ABOUT THE AUTHOR
Connie Max, Executive Vice President, Lending
Connie Max currently serves as LISC’s executive vice president of Lending. Ms. Max leads the daily operations of the lending division including, originations, closings and asset management of its $425 million portfolio. Ms. Max also supports efforts to raise and deploy special funding sources. Most recently, Ms. Max served as Vice President and Chief Credit Officer for the Nonprofit Finance Fund managing the approval and portfolio management processes. Previously, she served as the Director of Prudential Financial’s Social Investment Division, managing a portfolio of socially motivated investments of debt, equity and tax credits.