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/PRNewswire/ The Black Economic Development Fund (BEDF), managed by the Local Initiatives Support Corporation (LISC), has reached its $250 million goal for.
LISC raises $400 million in early capital for Project 10X to address deep racial disparities, promote growth and opportunity
National CDFI is rolling out first investments as part of $1 billion Project 10X plan
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NEW YORK, May 24, 2021 /PRNewswire/ The Local Initiatives Support Corporation (LISC) today announced that it has raised more than $400 million for its Project 10X initiative to bridge racial gaps in health, wealth and opportunity bringing it 40 percent of the way to its $1 billion goal for the 10-year investment effort.
LISC, one of the nation s largest community development financial institutions (CDFIs), launched Project 10X in November 2020. The initiative builds on more than 40 years of LISC investments in affordable housing, economic development, health, safety, education and jobs, all designed to create opportunity for people and communities that have been excluded from full participation in the nation s pros
Operator
Good day, and thank you for standing by. Welcome to the Wayfair Q1 2021 Earnings Release and Conference Call. [Operator Instructions] I would now like to hand the call over to our speaker today, Jane Gelfand, Head of Investor Relations, Corporate Development and Capital Markets. Please go ahead.
Jane Gelfand
Head of Investor Relations & Special Projects
Good morning, and thank you for joining us. Today, we will review our first quarter 2021 results. With me are Niraj Shah, Co-Founder, Chief Executive Officer and Co-Chairman; Steve Conine, Co-Founder and Co-Chairman; and Michael Fleisher, Chief Financial Officer. We will all be available for Q&A, following today s prepared remarks.
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Wayfair Inc. (NYSE:W), one of the world’s largest online destinations for the home, today announced that it has committed $30 million to social impact investing, including a $20 million investment in the Black Economic Development Fund (BEDF). The BEDF invests in Black-led financial institutions, anchor institutions and businesses to improve access to capital and expand economic opportunity for Black communities. The BEDF was launched and is managed by the Local Initiatives Support Corporation (LISC), one of the nation s oldest and largest community development financial institutions.
“Our investment in the Black Economic Development Fund is part of our broader commitment to stand against racism in every form and to continuously work to foster diversity, equity and inclusion both at Wayfair and in our communities,” noted Niraj Shah, CEO, co-founder and co-chairman, Wayfair. “We are proud to join forces with LISC and other like-minded corporate inv