Northeastern University Aims to Help Black Entrepreneurs

nelogoNortheastern University in Boston has announced a new program aimed at helping entrepreneurs in the area who are women or members of minority racial or ethnic groups. The Impact Lending program will offer loans at below market rates to these entrepreneurs for the purposes of expanding their businesses. The loans can be used for a variety of busi­ness needs, including hiring new staff, obtaining new equip­ment and facil­i­ties, and pur­chasing inventory. The goal of the pro­gram is to serve 85 small busi­nesses and create 330 jobs in the first two years.

The university is committing $2.5 million in seed funding for the project, which it says will allow for a revolving fund of $6.5 million in loans. The uni­ver­sity has part­nered with Local Ini­tia­tives Sup­port Cor­po­ra­tion (LISC), a non­profit organization that pro­vides loans and advi­sory ser­vices to under­served small busi­nesses. LISC will admin­ister and oversee the loans, ranging from $1,000 to $1 mil­lion, with the university’s seed funding serving as a guarantee.

Boston Mayor Martin J. Walsh, notes that “Boston is home to a diverse net­work of entre­pre­neurs and small busi­ness owners. Ensuring that these local small busi­nesses are able to expand will con­tribute to Boston’s eco­nomic growth. Diver­sity is key to our city’s suc­cess, and I’m proud to sup­port North­eastern and LISC in the Impact Lending program.”

Related Articles

Leave a Reply

Get the JBHE Weekly Bulletin

Receive our weekly email newsletter delivered to your inbox

Latest News

Alcorn State University Recruited for Federal Student Pathway Program for Careers in Public Service

The Pathway Public Service Program was established in 2019 to develop the next generation of diverse, qualified, and motivated public health servants. Over the past five years, the program has hired over 100 student interns.

Five Black Scholars Selected for New Faculty Positions

The five Black scholars who aer taking on new roles are Khadene Harris at Rice University in Houston, Nakia Melecio at the Georgia Institute of Technology, Bettina Drake at Washington University in St. Louis, Arlette Ngoubene Atioky at Goucher College in Maryland, and Kandi Hill-Clarke at the University of Memphis.

Getty Images to Preserve Digital Photo Archives at Delaware State University

Currently, Delaware State University's photo archives contain thousands of photographs taken over the course of the university's 133 year history. Thanks to a new partnership with Getty Images, those images will be digitized and made available on gettyimages.com.

Porché Spence Recognized for Outstanding Commitment to Advancing Diversity in Ecology

Dr. Spence currently serves as an assistant professor of environmental studies at North Carolina A&T State University. Throughout her career, she has developed several educational programs geared towards introducing students of color to environmental science fields.

Featured Jobs