State Farm pledges $2 million grant to help underserved communities

State Farm pledges $2 million grant to help underserved communities | Insurance Business America

State Farm pledges $2 million grant to help underserved communities

To help those whose lives have been impacted by the COVID-19 pandemic, State Farm is offering a $2 million grant to the Local Initiatives Support Corporation (LISC), a nonprofit with which the insurer has a decades-long partnership.

The grant will support LISC programs aimed at helping underserved communities. Said programs will “fuel financial stability for families, strong businesses, affordable housing, and better health and safety,” a release said, ultimately giving a boost to their respective local economies. Specifically, the grant will be used to fund programs in 12 metro areas: Atlanta, Bay Area, Central Illinois (i.e., Bloomington-Normal, Peoria, Springfield), Chicago, Houston, Indianapolis, Milwaukee, Minneapolis/St. Paul, New York, Philadelphia, Phoenix, and Puget Sound.

Programs to be prioritized for the fund include financial opportunity centers that offer integrated support services for workers; commercial corridor revitalization to support small businesses; affordable housing; and community safety programs focused on violence intervention.

State Farm revealed that since it began its partnership with LISC in 2000, it has invested over $151 million in the nonprofit’s programs and projects. LISC has since managed to build and/or rehabilitate 68,000 affordable homes, create more than 23 million square feet of retail, community, and educational space, and serve more than 238,000 people through income- and wealth-building initiatives.

"For 100 years, State Farm has been a good neighbor in communities across the country," said State Farm director of public affairs Apsara Sorensen. "A part of our philanthropic mission is to build safer, stronger communities. With that, we are thrilled to continue our support of LISC and their holistic approach to developing and revitalizing communities."

"State Farm has been helping LISC fuel strong communities of opportunity for more than 20 years," said LISC CEO Lisa Glover. “Especially now, as we work with local partners to promote a robust, equitable recovery from COVID-19, these are critical resources that will help families earn more, help businesses grow more and help communities build a broadly shared prosperity, where everyone has a fair chance to succeed."