State Farm Teams up With LISC to Fund Businesses, Jobs, Safety and Health in 12 Metro Areas

Funding includes $10M in low-interest COVID-19 loans for businesses, nonprofits in Illinois

State Farm is expanding its 20-year relationship with the Local Initiatives Support Corporation (LISC), a national nonprofit community investment organization, with new funding to boost economic opportunity in vulnerable communities.

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The commitment includes a $4 million national grant to LISC to expand employment, revitalize commercial corridors, promote health and enhance community safety in 12 cities over the next two years. In addition, State Farm has set up a $10 million loan pool with LISC focused on its home state of Illinois. It will specifically address the needs of small businesses and community nonprofits hit hard by COVID-19 in Central Illinois communities like PeoriaBloomington and Springfield, as well as Chicago.

“This year marks our 20-year anniversary of investing in LISC—an organization vital to connecting resources to communities in need,” said Annette Martinez, senior vice president for State Farm. “We know that together, we are creating economic opportunities to help communities grow and prosper—and providing relief to small businesses and nonprofit organizations struggling due to COVID-19.”

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The $10 million pool, announced in late April, will offer low-cost loans of up to $250,000, with LISC’s local program staff in Central Illinois and Chicago connecting with businesses and nonprofits to deploy capital. The loans are one piece of the larger State Farm COVID-19 relief strategy, which includes $2 billion in premium rebates to customers.

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