Giving Compass' Take:
- George Ashton speaks on LISC about Black Economic Development Fund, a direct and indirect strategy to bridge the racial wealth gap in the US.
- How has COVID-19 exacerbated the racial wealth gap? What can you do to support research for real solutions that limit inequities in social mobility?
- Read about how American public policy drives the racial wealth gap even wider.
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On a recent episode of Money + Meaning, George Ashton, LISC's managing director of Strategic Investments discusses the newly launched Black Economic Development Fund. Targeting up to $250 million and initially seeded by $25 million investments from both Netflix and Costco, the Black Economic Development Fund will work to close the racial wealth gap through both a direct and indirect investment strategy: directly through investments in black-led businesses and anchor institutions, and indirectly through working with black-led financial institutions.
We have, really, a direct and indirect strategy: so, direct investments in the communities and Black-led businesses, and with Black-led income institutions, and then, indirectly, working with Black-led financial institutions through a combination of helping people with their loan portfolios, getting them access to equity, and also giving them some deposits, as well.
Listen to the full podcast with George Ashton about bridging the racial wealth gap at LISC.