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LISC NYC, Upstart Co-Lab Launch Impact Investment Fund for Arts
PHILANTHROPY NEWS DIGEST
New York City, N.Y. (October 27, 2018) — LISC NYC, in partnership with Upstart Co-Lab, has announced the launch of an impact investment fund to finance affordable, inclusive creative workspaces and foster quality jobs for low- and middle-income New Yorkers.
Announced in conjunction with the SOCAP18 conference on impact investing, the NYC Inclusive Creative Economy Fund will enable LISC to provide loans to nonprofit and mission-driven organizations that own, lease, and manage affordable spaces for small businesses in creative industries, including business incubation, maker/artist studios, and cultural activities.
To that end, the fund has raised an initial $2.5 million from Deutsche Bank, the Altman Foundation, Building for the Arts NY, Elaine Chen Fernandez, Gary Hattem, ImpactAssets (on behalf of the Enablement Fund and the Luna & Skye Giving Fund), Kat Taylor, Katherine Fulton and Katharine Kunst, Lisa and Dick Cashin, and the Phillips Foundation. Accredited investors can purchase general obligation notes that pay 2.75 percent per annum and mature on May 31, 2026; LISC may redeem part or all of the notes starting April 30, 2024. The start-up costs of the fund were covered by ArtPlace America, the Citi Foundation, Deutsche Bank, the New York Community Trust, and the Rockefeller Brothers Fund.