The Citi Foundation has committed $10 million to the Local Initiatives Support Corporation (LISC) as part of Global Citizen’s Global Goal: Unite for Our Future campaign. This donation will enable the revitalization of economic development in communities that have been disproportionately impacted by COVID-19.
The Citi Foundation’s financial support will specifically enable LISC to invest in New York State's NY Forward Loan Fund (NYFLF), a $100 million effort to help revitalize women- and minority-owned businesses as well as low-income communities impacted by statewide closures due to the COVID-19 pandemic.
LISC, as manager of NYFLF, will distribute funds around New York State through community development financial institutions (CDFIs), providing loans to small businesses that have been unable to obtain support from the US Small Business Administration's Paycheck Protection Program.
Since LISC was founded in 1979, the organization has invested $22 billion in communities across the country. By supporting affordable housing, schools, businesses, community health, safety, and jobs, LISC works to revitalize under-resourced communities and bring greater economic opportunities to their residents. Since the beginning of the COVID-19 pandemic, LISC has generated support for communities through its Rapid Relief and Resiliency Fund. This fund provides grants, loans, and tech infrastructure to community-based organizations and to thousands of small businesses that have been hit hard by the pandemic.
The Citi Foundation’s contribution to LISC builds on its commitment to providing relief and resources to communities impacted by COVID-19. To date, Citi and the Citi Foundation have committed over $100 million around the globe to organizations like No Kid Hungry and other groups that provide relief to frontline health care workers.
Citi is continuing to offer assistance programs and relief tools to its customers impacted by the COVID-19 pandemic. For more information, please visit citi.com/COVID19.