Mastercard Awards Rural LISC $1.5M to Support Small Businesses
Washington, DC – Rural LISC today announced a 2-year, $1.5M grant awarded from the Mastercard Impact Fund through the Mastercard Strive USA program to enhance the Rural LISC business development organization (BDO) network and launch a learning cohort to focus on capacity building and technical assistance for small businesses in rural communities. The Mastercard Strive USA program is one of the flagship programs managed by the Mastercard Center for Inclusive Growth.
“We are excited to partner with the Mastercard Center for Inclusive Growth, which has a history of supporting inclusive markets that enable small businesses to thrive,” said Michael T. Pugh, Local Initiative Support Corporation (LISC) president and CEO. “This infusion of capital will have a significant impact on how we serve and invest in small businesses in some of the country’s most underserved communities.”
With support from the Mastercard Strive USA program, Rural LISC will further bolster its rural BDO network using a three-pronged approach which includes: developing a BDO learning cohort serving at least 50 organizations providing small business supports to 4,500 small businesses and initiating a national subject matter expert pool to provide 1:1 consultation and grants for foundational projects such as marketing, fundraising planning, digital access, and more.
“Small businesses are the heartbeat of rural economies – serving as a significant employment engine, driving two-thirds of job growth nationally over the last two decades,” said Nadia Villagrán, LISC vice president and Rural LISC director. “Our BDO network and training model directly serve to aid small businesses in building capacity, digital equity, and accessing capital that help rural communities thrive.”
According to the Small Business Administration, small businesses account for more than 85% of enterprises in the U.S. and employ 54.3% of workers in rural communities. Of these businesses, half fail within five years – often because of lack of access to capital, tools, and networks.
“We are thrilled to partner with Rural LISC to empower small businesses in rural areas,” said Sandy Fernandez, vice president for social impact for North America at the Mastercard Center for Inclusive Growth. “This grant is a testament to our commitment to fostering inclusive growth by providing not only financial support but also access to essential tools, knowledge, and networks. By enhancing the capacity of small businesses, we can drive sustainable economic development and ensure that more revenue cycles back into local communities, creating a robust and resilient rural economy.”
The Rural LISC and Mastercard initiative aims to enable participating BDOs to expand their reach and impact, leading to an increased number of small businesses served, specifically in rural areas.
To access details on Rural LISC’s work across its core programmatic areas, visit www.lisc.org/rural.
About Rural LISC
Launched in 1995, Rural LISC is the rural component of Local Initiative Support Corporation (LISC), the largest community development support organization in the country. Through a partnership base of over 145 organizations across 49 states and Puerto Rico, Rural LISC provides a wide range of services, including capacity-building grants and loans, training, technical assistance and public policy advocacy. To date, Rural LISC has leveraged nearly $3.3 billion from public and private sources to produce more than 35,000 affordable homes and apartments, over 4 million square feet of commercial and community space, including 20 early childhood care centers, and has provided technical assistance to support more than 1,000 businesses, resulting in over 20,000 jobs supported and/or retained. Rural LISC also supports nearly 20 rural-based Financial Opportunity Centers providing financial counseling, education, training and other employment services to thousands of residents. Rural LISC is committed to ensuring equity and investment in rural America. Learn more at www.lisc.org/rural.
Contact: Tiffany Taylor-Minor, ttaylorminor[AT]lisc.org
About the Mastercard Center for Inclusive Growth
The Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The Center leverages the company’s core assets and competencies, including data insights, expertise, and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs, and empower a community of thinkers, leaders, and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the Center on LinkedIn, Instagram and subscribe to its newsletter.
About Mastercard Strive
Mastercard Strive is a portfolio of philanthropic programs supported by the Mastercard Center for Inclusive Growth and funded by the Mastercard Impact Fund. Since it was launched in 2021, Mastercard Strive has supported over 10 million small businesses globally build resilience in the digital economy by helping them go digital, get capital, and access networks and know-how. Follow Mastercard Strive on LinkedIn and subscribe to the newsletter.