Expanding Black Business Credit Initiative Closes $29 Million for the Black Vision Fund
The Expanding Black Business Credit network (EBBC) announced on March 17 the final close of its Black Vision Fund. The fund will lend long-term funds to six successful community development financial institutions (CDFIs) with long histories of inclusive investing in order to expand their lending activity to small businesses in underserved communities. A primary goal is to reduce the racial wealth gap that plagues the Black community.
The fund will be managed by LISC New Markets Support Company (NMSC), an affiliate of Local Initiatives Support Corporation, and benefits from an anchor contribution from EBBC made possible by a significant grant from Wells Fargo. Additional funding partners include Amalgamated Bank, Ceniarth, David and Lucile Packard Foundation, Jewish Community Federation and Endowment Fund, Local Initiatives Support Corporation (LISC), and Opportunity Finance Network (OFN). All of these funders have contributed long-term, low-interest loan capital to the Black Vision Fund which will be on-lent to participating CDFIs. The CDFIs, in turn, will provide financing to eligible small businesses operating in or benefiting disadvantaged communities, including Black-owned small businesses.
Read the full press release.
Learn more about the Black Vision Fund in this article from ImpactAlpha.