Published article in Non-Profit Quarterly - June 30, 2021 by Steve Dubb
In May, LISC (Local Initiatives Support Corporation) announced that its Black Economic Development Fund (BEDF) had met its $250 million fundraising goal. BEDF aims to convert corporations’ public racial equity fund commitment into investments that can help boost the capacity of Black-owned economic institutions. The fund is part of LISC’s Project 10X, which seeks to invest $1 billion over 10 years to reduce the racial wealth gap. To date, $400 million toward that goal has been raised.
“If this works out, I can’t foresee any reason our investors wouldn’t want to keep it going and expand it,” - George Ashton says.