Return on Inclusion | May 9, 2022

Northwestern Mutual invests $5 million in two Black-led lenders in Milwaukee

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, May 9 — Northwestern Mutual is investing in Legacy Redevelopment Corp. and Northwest Side Community Development Corp. to provide loans to Black-owned businesses in Milwaukee, where the financial services giant is based.

“Black business owners, for a variety of reasons, have had limited access to traditional financial markets, and this latest investment will deepen our mission to make a bold and long-term impact that drives access and equity,” says Northwestern’s Ray Manista.

Northwestern made the investment through the $100 million impact fund it created last June to back Black fund managers. The Northwestern Mutual Black Founder Accelerator works with gener8tor to help U.S. Black founders in fintech, insuretech, digital health and data analytics.