President and CEO of LISC Donates $100 Million to HBCUs

Following the turn of recent activities to bridge the wealth gap between races in the United States, especially in the black community, many organizations and individuals have stepped to fund many minority-owned businesses and organizations.

Maurice Jones, president and CEO of the Local Initiatives Support Corporation (LISC) aided in the donation of more than $100 million to African American-owned businesses and HBCUs through both public and private funding rounds.

Through the funding rounds, Jones has been able to source funds from big names like Lowe’s, ($60 million), Mckenzie Scott ($40 million), and Netflix ($25 million).

Jones describes LISC as a community development finance organization that provides easy access to capital, loans, grants, tax credit equity, equity investments, affordable housing, and technical assistance to healthcare centers, schools, and organizations. According to Jones, LISC uses its services to “catalyze opportunities with real focus on underserved and communities of color.” In addition, the LISC organizes year-round fund-raising for businesses and organizations, as well as receive investments from donors who are interested in the development and advancement of the Black economy.

“We’re hopeful that we can provide financing for HBCU [capital] projects to help them get across the finish line,” Jones said. “We’re also going to try to participate in financings where they need a loan or someone needs another source of financing to make a deal pencil – we want to be part of that as well.”

The Local Initiatives Support Corporation (LISC) is a non-profit financial organization that provides access to capital for underserved, disadvantaged, and low-income communities at a more affordable rate.

The LISC currently supports community development initiatives across 44 states, 35 cities, and 2,100 rural counties. In a 2018 report, LISC posted grants, loans, and investments worth $1.5 billion, with leverage of $4.4 billion in total development. LISC receives support from more than 700 partners across America.

Maurice Jones, who is the current CEO of the LISC, formerly served as the Deputy Undersecretary of HUD and Secretary of Commerce in Virginia.