LISC programs aim to boost Black businesses

Related Stories March 11, 2024 March 8, 2024 March 5, 2024 March 1, 2024 February 19, 2024 Mamadou “Ben” Diallo and his wife, Kameelah Shaheed-Diallo, own upscale custom clothier J. Benzal. The business is moving its downtown store to a larger space after the Diallos worked with Local Initiatives Support Corp. to secure financing to buy the building. (IBJ photo/Mickey Shuey) With business close to bursting at the seams, upscale custom clothier J. Benzal is set to move its downtown store to a larger, bespoke space along Washington Street—thanks in part to a local program focused on helping Black-owned companies acquire real estate. The Indianapolis office of the New York City-based Local Initiatives Support Corp. launched its Real Estate Assistance Fund in 2022 in partnership with Columbus-based manufacturer Cummins Inc. The program, which received about $440,000 from the Cummins Advocating for Racial Equity initiative, is intended to help central Indiana Black business owners combat long-standing challenges in securing bank loans. The program offers low interest rates as well as grants of up to $40,000 (as much as 10% of the property value) that can be used to pay for real estate purchases or improvements. To date, the fund has helped...