PRI Profile

The NYC Inclusive Creative Economy Fund is a project of the Local Initiative Support Corporation (LISC), which is a community development financial institution (CDFI) that connects public and private resources with underinvested places and people working to create opportunities for all. LISC has 33 local offices in 44 states and works with a vast network of community-based partners to make investments in housing, businesses, jobs, education, safety and health. Since its inception, LISC has invested more than $20 billion for community development.

The NYC Inclusive Creative Economy Fund program provides loans to nonprofit and mission-driven organizations that own, lease and manage affordable spaces for businesses in creative industries, so that these businesses can get started, take root and thrive. By establishing and preserving affordable spaces for light manufacturing, business incubation, maker/artist studios, and cultural activities, the Fund will foster quality middle-skill job opportunities for low- and moderate-income New Yorkers.

Highlights

As of March 30, 2019, the Fund has closed on three loans, totaling almost $13 million. Borrowers include: Greenpoint Manufacturing & Design Center, La MaMa Experimental Theater Company, and Brooklyn Navy Yard Development Corporation.