LISC’s Black Economic Development Fund invests $122 million to support growth of Black-owned banks, businesses
The Local Initiatives Support Corporation (LISC) announced today that its Black Economic Development Fund (BEDF) has committed nearly half its capital, having closed on $122 million in investments for Black-owned banks and businesses throughout the country. The $250 million fund includes investments from Netflix, Paypal, Square, HubSpot, Aflac, Costco, Dicks Sporting Goods, ThermoFisher Scientific, Wayfair, McKinsey & Company, and Dupont. It aligns with LISC's larger Project 10X strategy to break down systemic racial barriers, including $1 billion in investments that support small businesses, community nonprofits, mission-driven lenders, anchor institutions and innovative urban and rural initiatives. "Over the last two years,
Seven Black-Owned Banks To Award $25M Grant To Major League Soccer
By Cherranda Smith, Black Information Network A group of seven Black-owned banks is partnering with the Major League Soccer on a $25 million grant seeking to close the racial wealth gap in the US.The historic deal between the MLS and the National Black Bank Foundation (NBBF) was announced Thursday (March 10) and marks the first time ever that a sports league has conducted a commercial financial transaction exclusively with Black financial institutions. "Major League Soccer's partnership with the National Black Bank Foundation is a tangible step in the efforts to close the racial economic gap in the