Sign on to Support Investing in Underserved Communities: Increase Funding for CDFIs

Dear Stakeholder:

Local Initiatives Support Corporation (LISC) and the Institute for Sustainable Development (ISD) and our community partners are asking for your support to encourage the federal government to provide communities with a full range of financial, and information and technical assistance tools to retain important community assets and small businesses in the face of the COVID-19 pandemic. This should include empowering Community Development Financial Institutions (CDFIs) and assisting disaster recovery foundations, chamber foundations, and entrepreneurial organizations to form long-term recovery coordination hubs, sometimes known as Business Resilience Centers (BRCs).

Never in the history of modern business has there been such a sizable threat to the vitality and well-being of small businesses and the fabric of our communities. No single strategy will solve every problem. This is why we have to help communities and small businesses get access to the range of capital and information solutions that they desperately need. At LISC, we understand how important it is to mobilize capital and tailor financial solutions for a wide range of customers. At ISD, our work with small business and municipalities after disasters has shown how vital private sector and community technical assistance are for connecting the dots between small businesses and capital providers.

In response to this crisis, we support chamber and enterprise foundations, disaster recovery organizations, CDFIs, and municipalities coming together as civilian social and economic recovery partners to complement emergency management and relief efforts. CDFI and other private sector capital products and services, long-term recovery coordination and partnerships, and technical tools and information services are all vitally important strategies that need to be encouraged and empowered.

By forming a coalition of concerned stakeholders, thought leaders and business owners, we can create the momentum we need early on in this crisis to build support for small and medium-sized businesses (SMBs) and disenfranchised communities. Our united voices will bring weight to the 'asks' that will come and show that we as a collective are willing to advocate for local business communities now and throughout this crisis.

In light of the unfolding Coronavirus outbreak, we must come together now to support these initiatives to limit the negative economic and social fall-out from the pandemic and accelerate the path to recovery.

We respectfully ask for your support. Please sign this letter and forward to cguinessey@isdus.org.

Sincerely,

Maurice-signature

Maurice A. Jones

President & CEO

LISC

Sincerely,

steven-signature

Stephen Jordan

President & CEO

ISD