Unlocking Corporate Treasuries for Racial Equity with George Ashton of LISC

Money + Meaning

On this week’s episode, Alex is joined by George Ashton III, Managing Director of Strategic Investments at Local Initiatives Support Corporation or LISC. George recently helped launch LISC's Black Economic Development Fund. Targeting up to $250mm and initially seeded by $25mm 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. Our conversation covers the growth of CDFIs, their role in community development, the economic incentive for corporations to help close the racial wealth gap, and how more corporations can unlock their balance sheets for impact.