Entrepreneurs of Color are a powerful force for positive change. They drive economic development forward–especially in overlooked or underinvested communities. They create jobs. They build wealth.
EOCF is designed to not only get much-needed capital directly into the hands of African American, Latinx, and other small business owners, but also provide critical support such as coaching, operational guidance, and training. The program leverages LISC’s work as a leading nonprofit community development financial institution to help local community development financial institutions (CDFIs) do more to finance loans and provide participating business owners a critical boost. To date, the EOCF has enlisted a growing number of national and local supporters including JPMorgan Chase & Co., the W.K. Kellogg Foundation, Fifth Third Bank, and U.S. Bank and the CDFIs Accion, the Detroit Development Fund, and Capital Impact.
What does EOCF do?
The EOCF helps entrepreneurs of color start businesses, keep them running, or–in recent months–to survive a crisis. Too often, African American and Latinx business run into obstacles raising money and struggle to secure loans or to come up with sufficient working capital to fund their ideas. The EOCF brings banks, CDFIs, and philanthropic investors together. We pool their combined talents and resources to channel needed funding to hard-working entrepreneurs who are pushing for a chance to succeed.
How does the EOCF work?
Our program connects sources of funding with entrepreneurs of color who head small companies. One important part of our mission is helping CDFIs expand their capacity to fund small businesses. When needed, we can help them not only identify opportunities in the communities they serve, but ways to increase their financial muscle.
For more information on how to connect with the Entreprenuers of Color Fund, contact Smallbusiness@lisc.org.
If you are an investor interested in learning more about opportunities with EOCF, please contact StrategicInvestments@lisc.org.
