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 constantly fundraises for businesses and organizations year-round and they also receive investments from other donors who are equally invested in Black economic advancement.
Jones — who previously served as the Deputy Undersecretary of HUD and the Secretary of Commerce in Virginia — has shown to have an outstanding commitment to underserved communities during his time as CEO. He’s assisted in creating opportunities for people across 35 cities in America and over 2,100 rural counties in 44 states, Black Business reports.
LISC is now shifting their focus to what they can do to spread these funds out to those who need them.
“We’re hopeful that we can provide financing for HBCU [capital] projects to help them get across the finish line,” said Jones to Shoppe Black. “We’re also going to try to participate in financings where they need a loan or someone needs another source of financing to make a deal pencil – we want to be part of that as well.”
For more information on LISC’s initiatives, visit their website.