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Local Leaders Announce Impact Lending

Boston Mayor Marty Walsh joins leadership from Northeastern University and LISC Small Business President and CEO Kevin Boes at the Bolling Building in Roxbury, to announce the launch of the region's first university-supported loan program for women- and minority-owned businesses. This initiative, called the Impact Lending program, enables local small-business owners to secure loans, at below-market interest rates, to acquire crucial resources to expand their businesses.

 

Impact Lending for Local Small Businesses

We're thrilled to announce Impact Lending, an initiative between Northeastern University and LISC to help Boston small businesses access capital and connect to contract opportunities at Northeastern. Impact Lending will pour $6.5 million in loans and technical assistance into the small businesses that create jobs, drive economic growth, and add character to Boston's neighborhoods. Read about this innovative new program in the Boston Globe, and check out our own Kevin Boes on Boston Neighborhood Network News.

   

New support for local businesses

Northeastern University has teamed up with the Local Initiatives Support Corporation (LISC) on a program that will drive loans and university contract opportunities to small businesses in Boston—with a particular focus on women- and minority-owned enterprises in low-income neighborhoods. The initiative, called Impact Lending, will enable local entrepreneurs in nine zip codes near the university to secure loans at below-market interest rates so they can grow their businesses.

Northeastern has committed $2.5 million in seed funding, which supports a revolving loan fund of more than $6.5 million. The university is partnering with LISC, a national nonprofit that has invested $16 billion to revitalize distressed communities across the country, to make and manage the loans, which will range from $1,000 to $1 million. LISC considers Impact Lending a model for leveraging the buying power and community engagement of anchor institutions—one that could steer tens of millions of dollars in growth capital to underserved enterprises. 

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Photo by Darlene DeVita Photography

Boston LISC Staff Blog

Boston LISC Staff members share their perspective on LISC's work, the community development world. and many other topics.

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