On a recent episode of Money + Meaning, George Ashton, LISC’s managing director of Strategic Investments discusses the newly launched Black Economic Development Fund. Targeting up to $250 million and initially seeded by $25 million investments from both Netflix and Costco, the Black Economic Development Fund will work to close the racial wealth gap through both a direct and indirect investment strategy: directly through investments in black-led businesses and anchor institutions, and indirectly through working with black-led financial institutions.
We have, really, a direct and indirect strategy: so, direct investments in the communities and Black-led businesses, and with Black-led income institutions, and then, indirectly, working with Black-led financial institutions through a combination of helping people with their loan portfolios, getting them access to equity, and also giving them some deposits, as well.
Listen to the full podcast with George Ashton about bridging the racial wealth gap at LISC.
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