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Costco commits $25 million to LISC’s Black Economic Development Fund

ImpactAlpha, September 1 – The Local Initiatives Support Corp.’s launched its Black Economic Development Fund to invest in Black-owned banks and minority businesses, along with charter schools, affordable housing projects and athletic facilities in Black communities. Costco’s $25 million commitment to  matches $25 million from Netflix. LISC is targeting $100 million for the fund. 

LISC has become the go-to manager for a number of community lending programs, including the $100 million New York Forward Loan Fund, as cities, corporations and other organizations look to meet the current racial justice movement in the U.S. and the COVID crisis, which is disproportionately impacting communities of color (see, “Maurice Jones, Local Initiatives Support Corp”).

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