The Local Initiative Support Coalition (LISC) recently created the Black Restaurant Fund, made possible by a donation from Uber, to invest in the growth of Black-owned restaurants and food service businesses with an equity-like investment program. Interested business owners can learn more about the program here and submit an intake form to determine eligibility.
What Does the Fund Provide?
Growth Capital is an innovative financing product that gives business owners the time they need to invest in and stabilize their companies. Unlike loan products, growth capital does not have fixed repayment terms; instead it is designed as a long-term investment where businesses repay only when they are successful in growing their revenue. This funding is similar to an equity investment, but without the owner surrendering any control over the business.
How Does LISC Invest?
LISC makes Growth Capital investments in restaurants ranging from $25,000 to $250,000. Restaurants may use these funds to support growth and expansion plans such as:
- Expanding into new locations;
- Diversifying into new product lines, business lines, or business strategies; and
- Streamlining, automating, or creating efficiencies in business processes
Who is Eligible?
- Black-owned restaurants or food services businesses, and those serving the Black community
- Earning annual revenues above $250,000 and below $3,000,000
- In operation for at least two years, with an ability to deploy capital toward business improvement and growth
- Active Uber Eats partner (verified by Uber)
- Located in an economically disadvantaged community
If you know of a Virginia restaurant that is interested in applying, please reach out to Virginia LISC by contacting George Piazza at email@example.com.
Photo Credit: Local Initiative Support Coalition