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Foot Locker is on a mission to advance health, wealth, and upward mobility within Black, Indigenous, and people of color (BIPOC) communities. The Foot Locker Foundation has teamed up with the Local Initiatives Support Corporation (LISC) to fund nonprofit community organizations empowering youth in BIPOC neighborhoods, according to a press release. The funding will come in the form of grants and will focus on continuing the athletic wear company’s mission to provide economic opportunity and racial equity for all.
The Local Initiatives Support Corporation (LISC) has announced that they’ve hit the $250 million goal for their Black Economic Development Fund. As a result of hitting this goal, they’ve also announced that they’re investing in Black-led banks and real estate development opportunities. In a press release announcement, it was revealed that this fund was first funded last summer. It was part of LISC’s Project 10X, a $1 billion strategy to address racial gaps in health, wealth, and opportunity. The private investment fund has raised capital from 11 public and private corporations, with McKinsey and Company recently coming in with $15 million. Corporate investors in the Black Economic Development Fund include Netflix, which helped launch the fund, Paypal, Costco, Square, Inc., Aflac, Wayfair, DuPont, McKinsey and Co., ThermoFisher, HubSpot, and Dick’s Sporting Goods. “We’re excited about the outpouring of interest from impact investors because it speaks not only to the quality of the...
Foot Locker Inc. and the Foot Locker Foundation have both teamed up to join forces with the Local Initiatives Support Corporation (LISC) in a partnership to launch a $3 million, multi-city program that aims to empower youth as well as Black, Indigenous, and people of color (BIPOC) communities over the next two years. According to a press release, the multi-million dollar program will operate across 12 metropolitan areas where the Foot Locker brand shows up largely in local communities — including Atlanta, Baltimore, Chicago, Dallas, Detroit, Houston, Los Angeles, Miami, New York, Oakland, Philadelphia and San Francisco. The Community Empowerment Program will distribute $20,000 grants to nonprofit organizations in these cities that prioritize serving underserved youth, as well as people of color, in an effort to bridge the gaps that exist in health, wealth, equality and opportunity throughout America. “Inspiring and empowering youth culture is at the core of who we are. We are...
Michael Jordan’s Cincoro Tequila is scaling globally. The company, born in 2016 through a conversation about a shared passion for tequila, was established alongside four other NBA team owners. The founding partners have since created a portfolio of tequilas made with 100% Blue Weber agave derived from Jalisco, Mexico . Cincoro Tequila is an award-winning company and has attracted investments from Serena Williams, Michael Strahan, and Derek Jeter, as AFROTECH™ previously reported. “Cincoro has always been special to me because of the authentic friendships we’ve established around enjoying Cincoro and spending time together, designing it, experiencing it, and tasting it. We are constantly striving for greatness,” Jordan, co-founder of Cincoro Tequila, said in a news release announcing Williams’ ownership stake. “And now that we’re welcoming in some of my closest friends to the business, I’m looking forward to this next era of Cincoro alongside this all-star team.” After expanding its...
Kevin Hart’s Gran Coramino Tequila has officially reached a new milestone. According to a press release shared with AFROTECH™, since its inception in 2022, the ultra-premium tequila company has provided more than $1 million in grant funding to over 100 Black and Latinx small-business owners and entrepreneurs through its Coramino Fund. The fund, powered by the company founded by Hart and 11th-generation tequila maker Juan Domingo Beckmann, has made giving back to the community its main priority from the very beginning, honoring its “vision to celebrate life’s hard-earned moments” by donating $1 from every bottle sold to support underrepresented entrepreneurs in the United States and Mexico. “As an entrepreneur myself, I’ve seen how early financial support can impact the long-term success of the business,” Hart said in a statement. “The Coramino Fund was created to provide support to some of the hardest working people out there — entrepreneurs and small business owners.” View this...
For many small businesses, especially those owned by women and people of color, navigating the existing COVID economy presents new opportunities and challenges — particularly when it comes to the digital demands required to operate in today’s business world. That’s why Verizon teamed with Local Initiatives Support Corporation (LISC) and Next Street to create Verizon Small Business Digital Ready , a free online curriculum designed to give small businesses the tools they need to thrive in the digital economy. It includes access to personalized learning plans, coaching from experts, and networking opportunities with diverse, industry-specific businesses. “As our country works to help all sectors regain their financial footing, there is a strong need to focus on small businesses, who are the backbone of our economy. The past two years revealed that the lack of a digital presence, appropriate tech resources and support systems made it difficult for some small business owners to survive,”...
Uber and Visa have linked up to support small businesses as the new year continues to unfold. The company has announced its Grants For Growth program which will provide small businesses in 10 U.S. cities with $1 million in funding, according to a press release. The program will be led by Local Initiatives Support Corporation (LISC) with a focus on restaurant recovery and entrepreneurship. “We know that this year has been trying for many and that independently-owned businesses continue to face significant business challenges,” said Sarfraz Maredia, VP of the US and Canada Delivery at Uber in an official press release. “Uber and Visa are committed to supporting SMBs, especially through unexpected events, when they may need us most.”
Black women in business is an underfunded and underserved demographic, despite being the fastest of any population to start their own entrepreneurial ventures. To combat this fact, Fifth Third Foundation — one of the first charitable foundations founded by a financial institution — has announced a new $1.2 million program called “Innovation meets Main Street: Boosting Black Women-Owned Businesses.” It is a partnership between AEO and LISC powered by Fifth Third Bank to support Black women business-owners, a news release reports . Providing $1.2 million in funding, the Fifth Third Foundation is proud to power Innovation meets MainStreet, a new program for Black, and other minority, women entrepreneurs. See details and how to apply: https://t.co/Bgwpsdenbx pic.twitter.com/0jSU3BFz6C — Fifth Third Bank (@FifthThird) September 10, 2020 The program is set to provide a variety of targeted services, including grants, technical assistance, or capital infusions, to 35 Black- or other...
The support for HBCUs and Black-led businesses has been at an all-time high this year, and more companies and entrepreneurs are stepping up to be reliable assets for funding. Recently, Maurice Jones — President and CEO of the Local Initiatives Support Corporation (LISC) — helped donate over $100 million to Black-owned businesses and HBCUs through public and private funding, Shoppe Black reports . So far, Jones and LISC have been able to source $25 million from Netflix, $60 million from Lowe’s, $40 million from Jeff Bezos’ ex-wife, MacKenzie Scott, Black Business reports . As stated by Jones, LISC is a community development finance organization that provides access to capital, grants, loans, equity investments, tax credit equity, affordable housing, and technical assistance to places like schools, healthcare centers, and organized groups. LISC uses their services to “catalyze opportunities with the real focus on underserved and communities of color.” According to Jones , LISC...
Black businesses are struggling to survive the impact of COVID-19, but there’s been an outpour of support from major networks and corporations to help revive small businesses and alleviate stress from entrepreneurs. As part of their $7.5 Million Small Business Recovery Fund, telecommunications company Verizon announced that they are distributing $10,000 grants to minority businesses to pull through the pandemic, according to Black Enterprise . “Verizon recognizes how valuable small businesses are and that the economic stability of our communities is based on their success,” said Rose Stuckey Kirk, Chief Corporate Social Responsibility Officer of Verizon, in a press release . “It’s critical that we lean in and support these businesses so they can continue to sustain themselves during this unprecedented time of need.” Black Enterprise reported that of the recipients, 62 percent are women-owned businesses, 96 percent are minority-owned, 12 percent are veteran-owned, and 87 percent are...