Seven major foundations and banks have stepped up to help LiftFund expand its lending operations for small businesses with $422,000 in grants.
San Antonio-based LiftFund is the nation’s largest nonprofit microlender and operates in 13 states.
The grants received during the latest quarter came from the following institutions:
- Regions Bank
- Harold Simmons Foundation
- Bank of the Ozarks
- William Randolph Hearst Foundation
- The Hartford Financial Services Group
- Mary Reynolds Babcock Foundation
“We are honored that so many foundations and banks believe in the work we do,” said LiftFund President and CEO Janie Barrera in a statement. “Each time we receive a grant, or a gift we are given a chance to help an entrepreneur maximize their business potential.”
The funds will be used to support general operations, financial counseling, and educational seminars as well as lending in specific areas. The Regions Bank grant will support Alabama; the Harold Simmons Foundation and the Bank of the Ozarks will support the Dallas area; the Hearst Foundation grant will support LiftFund’s entire footprint; the LegacyTexas grant will support Texas; the Hartford Financial Service Group grant will support San Antonio; and the Mary Reynolds Babcock Foundation will support Alabama and Mississippi.
An exact comparison of how much funding LiftFund received during the quarter and how it compared to other quarters was not immediately available.
Since its inception in 1994, LiftFund has made over 16,000 loans totaling more than $190 million.
July 21, 2015