Part of a $30 million impact investing commitment by the online retailer, the funds will support BEDF investments in Black-led financial institutions, anchor institutions, and businesses, with the overarching goal of improving access to capital and expanding economic opportunity in Black communities. The remaining $10 million of the commitment will be reserved for future investments.
“Our investment in the Black Economic Development Fund is part of our broader commitment to stand against racism in every form and to continuously work to foster diversity, equity, and inclusion both at Wayfair and in our communities,” said Wayfair CEO, co-founder, and co-chair Niraj Shah. “We are proud to join forces with LISC and other like-minded corporate investors in this fund to help close the racial wealth gap by improving economic equality and driving social mobility so that underserved businesses, families, and communities can thrive.”
“This investment from Wayfair will help us tackle the economic underpinnings of racial injustice,” said Lisa Glover, interim president and CEO of LISC. “By aligning their treasury strategies with their corporate values, Wayfair is helping deliver capital to underserved markets, strengthen the American consumer base and grow the diversity of our economy. We are very excited to be the stewards of their commitment to the cause of racial equity.”