LISC

The Menkiti Group Celebrates Major Milestones on Historic MLK Gateway Project in Anacostia

Retrieved on: 
Monday, November 15, 2021
Ward, Ifeanyi Menkiti, SE, Private sector, Commerce, Ministry of Finance, Planning and Economic Development (Uganda), Department of General Services, Eighth Ward, Chase Bank, Food market, Local Initiatives Support Corporation, DGS, Economic development, Culture, California Department of Housing and Community Development, Technology, General Services Administration, Intention, MLK, Anacostia River, Economy, Heart, Industrial bank, CEO, Department, Housing, Multimedia, City, PNC Financial Services, EagleBank, Community development, SF, Government, LISC, Oil, Renewable energy, Management, Financial services

The development of both phases of the project is being led by local D.C.-based Black-owned integrated real estate services company, The Menkiti Group.

Key Points: 
  • The development of both phases of the project is being led by local D.C.-based Black-owned integrated real estate services company, The Menkiti Group.
  • MLK Gateway is a powerful example of a successful collaboration between the D.C. Government, private sector, and local residents.
  • Located at the corner of Good Hope Road and Martin Luther King Jr. Avenue SE, MLK Gateway is a community-oriented project that drives neighborhood impact in the heart of historic Anacostia.
  • "We are proud to deliver phase one and break ground on the second phase of this catalytic project east of the river," said Bo Menkiti, Founder and CEO, The Menkiti Group.

Citi’s Action for Racial Equity Initiative Invests $1 Billion to Address the Racial Wealth Gap in the U.S.

Retrieved on: 
Tuesday, November 9, 2021
Banking, Professional Services, Philanthropy, Other Construction & Property, Construction & Property, Foundation, Other Professional Services, Urban Planning, Human Resources, Finance, Other Philanthropy, Consulting, Omni, Industry, Carver State Bank, Lead, MDI, MLT, Getty Images, Color, Leadership, Getty, Association, Plague, Time, Marketing, United Bank, Mechanics and Farmers Bank, Deloitte, Industrial bank, CEO, Local Initiatives Support Corporation, African Americans, Goal, Paul, Weiss, Rifkind, Wharton & Garrison, Advertising, Citibank, Program, Black Box (Brown Eyed Girls album), Diversity, Certification, Housing, Farmer, Liberty Bank, National Bankers Association, Investment, Social finance, Partnership, Board, Mechanics, MDIS, LISC, Equity, CFO, Drug, Renewable energy, Financial services, Security (finance), Management, Shipbuilding, Bank, Public relations, Citi, the Citi Foundation, CITI, THE CITI FOUNDATION

We are meeting the challenge of helping close the racial wealth gap with urgency, said Jane Fraser, CEO, Citi.

Key Points: 
  • We are meeting the challenge of helping close the racial wealth gap with urgency, said Jane Fraser, CEO, Citi.
  • In just one year since launching Action for Racial Equity, we have already invested $1 billion into initiatives expanding economic opportunity for communities of color.
  • Building on the momentum of progress shared earlier this year , Citi has deepened its commitments in the last six months.
  • Furthermore, Citi announced its commitment to conduct a third-party racial equity audit to assess its efforts to help close the racial wealth gap in the U.S.

Camille Walker Banks takes helm of LISC Detroit

Retrieved on: 
Wednesday, November 3, 2021
LLP, Safety, Housing, University, City, Bank, Wayne State University, Local Initiatives Support Corporation, Michigan Economic Development Corporation, Partnership, Credit union, Goldman, National Coalition Building Institute, Gaps, Economic development, LISC, Investment, KPMG, CEO, Growth, Work, National Association, Wayne, Program, Health, Detroiters, BS, Npower, Metro Detroit, Education, Management

DETROIT, Nov. 3, 2021 /PRNewswire/ --The Local Initiatives Support Corporation (LISC) has named Camille Walker Banks, a lifelong Detroiter and seasoned economic development leader, as the new executive director of LISC Detroit.

Key Points: 
  • DETROIT, Nov. 3, 2021 /PRNewswire/ --The Local Initiatives Support Corporation (LISC) has named Camille Walker Banks, a lifelong Detroiter and seasoned economic development leader, as the new executive director of LISC Detroit.
  • Banks replaces Tahirih Ziegler, who spent more than a decade as executive director and helped lead LISC's growth in Detroit to $296 million in total grants, loans and equity investments since 1990.
  • Ziegler has been promoted to Midwest vice president to help steer a cohort of LISC program offices throughout the region.
  • "LISC Detroit is one of LISC's oldest and most dynamic program offices," said Lisa Glover, interim LISC president and CEO.

National Equity Fund Closes $85 Million in Committed Capital for its Emerging Minority Developer Fund (EMDF) to Stand up to Racism and Empower Emerging BIPOC Low-Income Housing Tax Credit (LIHTC) Developers

Retrieved on: 
Wednesday, November 3, 2021
People, BMO Harris Bank, SVP, Housing, BIPOC, National Equity Fund, Inc., PNC Financial Services, Local Initiatives Support Corporation, Partnership, Fifth Third Bank, Comerica, CIBC, KeyBank, Truist Financial, Ally Financial, LISC, Investment, CEO, Multimedia, Investor relations, U.S. Bank Center (Milwaukee), Low-Income Housing Tax Credit, LIHTC, NEF, Racism, Fund, Security (finance), Bank

CHICAGO, Nov. 3, 2021 /PRNewswire/ --This week, National Equity Fund (NEF) closed an initial $85 million in investor commitments for its Emerging Minority Developer Fund (EMDF).

Key Points: 
  • CHICAGO, Nov. 3, 2021 /PRNewswire/ --This week, National Equity Fund (NEF) closed an initial $85 million in investor commitments for its Emerging Minority Developer Fund (EMDF).
  • "Our partnership with National Equity Fund will help support this fund that removes barriers and uplifts businesses who positively impact individuals and families through affordable housing initiatives."
  • "We are committed to solving the nationwide affordable housing crisis and we are incredibly proud to be involved in this first-of-its-kind fund."
  • "Our definition of success is not getting the first fund closed," said Mark Siranovic, head of Investor Relations for NEF.

NAWBO Helps Bring Digital Transformation to Diverse Small Businesses Throughout U.S. with Verizon Small Business Digital Ready

Retrieved on: 
Monday, November 1, 2021
Woman, Technology, NAWBO, Industry, Curriculum, Human, Partnership, Small business, Digital divide, National Association of Women Business Owners, Marketing, LISC, National Association, Program, Solution, Cable television

WASHINGTON, Nov. 1, 2021 /PRNewswire/ -- Today, the National Association of Women Business Owners (NAWBO) announced its plan to help bring a new online curriculum to small businesses across the U.S.: Verizon Small Business Digital Ready .

Key Points: 
  • WASHINGTON, Nov. 1, 2021 /PRNewswire/ -- Today, the National Association of Women Business Owners (NAWBO) announced its plan to help bring a new online curriculum to small businesses across the U.S.: Verizon Small Business Digital Ready .
  • Verizon Small Business Digital Ready offers businesses support, aiming to enable digital readiness and drive digital transformation through a customized curriculum that accounts for industry, size and interests.
  • Developed by small businesses, Verizon Small Business Digital Ready provides a personalized experienceproviding resources, networking and coaching tailored to a small business's specific needs.
  • The program can help small businesses move forward in four ways:
    Content presented by small businesses through brief, information-packed lessons small businesses can use right away.

National Equity Fund and Pacific Crest Affordable Housing Partner to Create 96 Units of Much Needed Affordable Housing in High-Rent Bend, Oregon using Low-Income Housing Tax Credits

Retrieved on: 
Tuesday, October 26, 2021
Rehabilitation, Housing, City, HUD, Empire.Kred, National Equity Fund, Inc., Workforce, Local Initiatives Support Corporation, Partnership, Ageing, View, Community service, Federal, Pacific Crest, Income, LISC, LLC, Investment, Multimedia, Friends, Solution, Acquisition, First Interstate Bank, Oregon Housing and Community Services Department, Population, NEF, Renewable energy, Real estate

Phase two is expected to be completed in October 2022 providing the additional 48 units.

Key Points: 
  • Phase two is expected to be completed in October 2022 providing the additional 48 units.
  • This translates to monthly estimated rents ranging from $431 - $1,089 (based on HUD figures which change slightly from year to year), with all utilities included.
  • National Equity Fund, Inc., based in Chicago, IL is a nonprofit affordable housing investor and one of the nation's largest syndicators of Federal Low-Income Housing Tax Credits.
  • Pacific Crest Affordable Housing, LLC is an award-winning developer of high-quality housing for low-income tenants in Central Oregon.

Local Initiative Support Corporation’s Black Economic Development Fund Partners with The New Jersey “40 Acres and a Mule” Fund to Invest Up to $25M in New Jersey

Retrieved on: 
Wednesday, October 20, 2021
Secretary of State of New Jersey, Bank of America, Work, Arm, Bank, Fund, Local Initiatives Support Corporation, Organization, Social justice, Acre, LISC, U.S. Securities and Exchange Commission, Gaps, New Jersey Institute of Technology, GLOBE, Health, Partner (business rank), SI, LLC, City, Partnership, SEC, NJCC, CDFI, Investment, Drug

LISC is one of the U.S.s largest Community Development Finance Institutions (CDFIs) investing in communities of opportunity across the country.

Key Points: 
  • LISC is one of the U.S.s largest Community Development Finance Institutions (CDFIs) investing in communities of opportunity across the country.
  • The partnership will amplify efforts to improve access to capital for Black businesses and strengthen economic opportunity for Black communities in New Jersey.
  • The BEDF is managed by the Local Initiatives Support Corporations Strategic Investments team and LISC Fund Management, LLC, a LISC affiliate.
  • The NJ FAM Fund will operate as a private investment vehicle with assistance from broad public support.

LISC collaborates with local developer to revitalize a commercial strip in Charlotte's Historic West End, with support from Knight Foundation

Retrieved on: 
Tuesday, October 19, 2021
Cream, John S. and James L. Knight Foundation, Acquisition, City, Jet's Pizza, Local Initiatives Support Corporation, Gold Line, Growth, Ice cream, Social media, Pharmacy, LISC, Ward, Research, Community development, Education, Small business, Johnson C. Smith University, Community development financial institution, Entrepreneurship, Economic development, Democracy, LLC, Partnership, Journalism, Organization, Culture, Student, CDFI, Environment, Color, Fair, Risk management, Mining, Management

LISC used that capital to offer low-cost financing and technical assistance to Sankofa Development, the local minority developer that spearheaded the project.

Key Points: 
  • LISC used that capital to offer low-cost financing and technical assistance to Sankofa Development, the local minority developer that spearheaded the project.
  • We're thrilled to be able to support LISC with this project and future projects that positively contribute to the Historic West End."
  • Without support from the Knight Foundation and LISC Charlotte, this would not have been possible," said Ward.
  • LISC Charlotte's economic development strategy focuses on providing resources to minority developers for commercial projects, creating jobs, and supporting small business activity in our target neighborhood, Historic West End.

Amped Kitchens Addresses Chicago's Growing Need for Food Production Space

Retrieved on: 
Thursday, October 14, 2021
CCLF, New Markets Tax Credit Program, CPG, Halo Top Creamery, Beyond Meat, Program, Time, PNC, Chicago Community Loan Fund, Amped, PNC Financial Services, LISC, SCORE, NMTC, Local Initiatives Support Corporation, Zenith, USDA, Restaurant, Entrepreneurship, COO, Applebee's, Food delivery, Security (finance)

Amped Kitchens began the $25 million renovation of the long-vacant Zenith factory at 5801 West Dickens Avenue in late 2019. This facility offers 64 private kitchens (from 150 square-feet to almost 2,000 square-feet). Each lease includes key amenities needed by growing food businesses: refrigerated, frozen, and dry storage -- as well as office space, meeting rooms, attended shipping docks, packing rooms, and an on-site USDA office. In addition, Amped Kitchen tenants have access to expedited government approvals and easier certification pathways, including organic and kosher. Amped's "plug-and-play" kitchen model offers tenants huge time and capital savings versus building their own space.

Key Points: 
  • Today, with partner Chicagoland Food & Beverage Network, Amped Kitchens will celebrate its diverse base of food makers and introduce the space to the Chicago food-making community.
  • Amped Kitchens began the $25 million renovation of the long-vacant Zenith factory at 5801 West Dickens Avenue in late 2019.
  • Amped Kitchens currently leases to established and fast growing food businesses including CPG companies, restaurants needing commissary/central kitchen space, meal subscription companies, and anyone looking for R&D or pilot production space.
  • This Chicago location is Amped Kitchens' third U.S. facility and its first outside of Los Angeles.

HubSpot Ventures Announces the Launch of New $100 Million Fund to Support Scaling Companies

Retrieved on: 
Wednesday, October 13, 2021
Organization, Technology, Center, Local Initiatives Support Corporation, Growth, CRM, HubSpot, Marketing, LISC, NYSE, Multimedia, MIT Center for Digital Business, News, Student, Investment, ERP, CEO, Howard University, Glassdoor, Software, SVP, Economic development, Compare the Market Australia, Partnership, Cryptocurrency, Video game, Tutoring

Through this new fund, HubSpot will invest in more exceptional companies that are committed to helping their customers succeed.

Key Points: 
  • Through this new fund, HubSpot will invest in more exceptional companies that are committed to helping their customers succeed.
  • HubSpot Ventures formally launched in 2018 as a $30 million fund aimed at providing startups with the financial and educational resources needed to help them grow.
  • From revenue operations to ERP systems, these companies provide valuable tools for customers with a wide range of complex use cases.
  • HubSpot (NYSE: HUBS) is a leading customer relationship management (CRM) platform that provides software and support to help companies grow better.