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economic development</div></h1></div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_8032924 mdc-c-link-container--align-left mdc-c-link-container--display-column___X0HDD_8032924 mdc-u-grid-gutter-md"><a data-component="mdc-c-link" href="#" class="mdc-c-link-icon___SEKyg_8032924" role="button" aria-label="Share on linkedin" data-layer-event-prefix="CTA Link" data-layer-action="click" data-layer-category="share" data-layer-subcategory="social" data-layer-subcategory2="linkedin" data-layer-text="Share on LinkedIn"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--radial___y3csX_8032924 mdc-c-icon--size-xl___3BEee_8032924 mck-linkedin-thin-icon"></span></a><a data-component="mdc-c-link" href="#" class="mdc-c-link-icon___SEKyg_8032924" role="button" aria-label="Tweet on X" data-layer-event-prefix="CTA Link" data-layer-action="click" data-layer-category="share" data-layer-subcategory="social" data-layer-subcategory2="twitter" 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href="/about-us/new-at-mckinsey-blog#/tag/social-impact" class="mdc-c-link-icon___SEKyg_8032924"><span class="mdc-c-link__label___Pfqtd_8032924">Social Impact</span></a></div><div class="BlogEntryContent_mck-c-blog-entry-content__tag-link__fxyON"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog#/tag/inclusive-economy" class="mdc-c-link-icon___SEKyg_8032924"><span class="mdc-c-link__label___Pfqtd_8032924">Inclusive Economy</span></a></div><div class="BlogEntryContent_mck-c-blog-entry-content__tag-link__fxyON"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog#/tag/diversity" class="mdc-c-link-icon___SEKyg_8032924"><span class="mdc-c-link__label___Pfqtd_8032924">Diversity</span></a></div></div></div><div class="mdc-o-content-body"><p><span class="BlogEntryContent_mck-c-blog-entry-content__display-date__vCR9M"><time dateTime="2021-05-27T00:00:00Z">May 27, 2021</time></span>We are pleased to announce a $15 million impact investment in the Black Economic Development Fund (BEDF), managed by the Local Initiatives Support Corporation (LISC). The BEDF is part of LISC’s <a href="https://www.lisc.org/project-10x/">Project 10X</a>, a $1 billion strategy to address racial gaps in health, wealth, and opportunity. </p> <p>McKinsey’s contribution, along with those of 10 public corporations, has helped the fund hit its goal of raising $250 million in capital to invest in Black-owned financial institutions, businesses, real estate developers, and anchor institutions across the US. </p> <p>Earlier this week, the BEDF <a href="https://www.liscstrategicinvestments.org/post/lisc-s-black-economic-development-fund-hits-250-million-goal-makes-first-catalytic-investments-in">announced</a> its first projects, all of which include building capacity at Black-owned banks and making loans to community-based real estate developers to help support economic opportunity in Black communities and close the racial wealth gap. </p> <p>In Columbia, South Carolina, for example, the fund will be making a $4 million deposit in the century-old Optus Bank, which invests 90 percent of its loans in under-financed communities and minority-owned businesses. Optus has a strategy to build $100 million in Black wealth over 10 years.</p> <p>Meanwhile in Pittsburgh, the fund will provide short-term pre-development financing of $1.5 million, the single missing piece of capital, to support Bridging the Gap’s mixed-income 171-apartment development on one of the largest housing sites in the city. </p> <p>And in Houston, BEDF will make a $3 million deposit to Unity National Bank, the only Black-owned bank in Texas, to grow its small business investments and pursue partnerships in affordable housing. The fund expects to announce as many as 20 additional project investments by year end. </p> <p>These businesses will greatly benefit from gaining access to the flexible capital they need to grow. <span>“</span>The BEDF identifies and invests in minority-owned institutions and their communities, creating economic opportunities, developing housing and improving quality of life,” says Eric Kutcher, McKinsey senior partner and chief financial officer. “This critical financing allows them to turn a corner and grow, laying the groundwork for other investors and organizations to follow.” </p> <div data-module-category="" class="PullQuote_mck-c-pullquote__DbaQ5 mck-o-md-center"><blockquote data-component="mdc-c-blockquote" class="PullQuote_mck-c-blockquote__6n21p mdc-c-blockquote mdc-c-blockquote--is-quotes___TozKo_8032924"><p>This partnership is part of our broader commitment to fight racism and social inequity...</p><cite class="mdc-c-blockquote__cite-container"><div class="mdc-c-blockquote__author-name___u4L7-_8032924">Eric Kutcher, McKinsey senior partner and chief financial officer</div></cite></blockquote></div> <p>Community context is a critical factor in closing the racial wealth gap, according to <a href="https://www.mckinsey.com/industries/public-and-social-sector/our-insights/the-economic-impact-of-closing-the-racial-wealth-gap">our research</a>, which found that 65 percent of the Black population is concentrated in 16 states that rank below the national averages in economic opportunity, employment, healthcare access and quality, and broadband access. </p> <p>“The BEDF’s targeted financing can energize Black businesses and communities and create a multiplier effect,” Eric adds. <span>“This partnership is part of our broader commitment to fight racism and social inequity, as exemplified in our <a href="https://www.mckinsey.com/about-us/diversity/overview/10-actions">10 actions</a> to combat racism announced last year. We will draw on our strengths and expertise to help advance racial equity and social justice within our firm and throughout our communities.”</span></p> <br class="t-last-br"/></div></div><aside class="mdc-u-grid-col-lg-start-11 mdc-u-grid-col-lg-span-2 BlogEntryContent_mck-c-blog-entry-content__side-bar__YsMpJ"><section class="RelatedBlogPosts_mck-c-related-blog-posts__GnKmg"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-c-heading--title___5qyOB_8032924 mdc-c-heading--border___K8dj3_8032924 mdc-u-ts-5">related</h3><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class="BlogItem_mck-c-blog-item__A6TBP BlogItem_mck-c-blog-item--transparent-bg__UXfdT mck-u-animation-slide-up"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/what-will-it-take-to-build-more-black-owned-businesses" class="mdc-c-link___lBbY1_8032924"><picture data-component="mdc-c-picture" class="BlogItem_mck-c-blog-item__picture__8xtXH"><style>.picture-what-0 { aspect-ratio: 8/5 }</style><img alt="What will it take to build more Black-owned businesses?" class="picture-what-0" src="/~/media/mckinsey/about%20us/mckinsey%20blog/what%20will%20it%20take%20to%20build%20more%20black-owned%20businesses/shelley-stewart_hero_1536x864.jpg?cq=50&mw=767&car=8:5&cpy=Center" loading="lazy"/></picture></a><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 BlogItem_mck-c-blog-item__text-container__WEEHk BlogItem_mck-c-blog-item__text-container--related__VjvZk"><h4 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-6"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/what-will-it-take-to-build-more-black-owned-businesses" class="mdc-c-link-heading___Zggl8_8032924 mdc-c-link___lBbY1_8032924">What will it take to build more Black-owned businesses?</a></h4><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_8032924">From his London Tech Week keynote, partner Shelley Stewart explains how greater Black business ownership could help unleash $1 trillion in economic output.</div></div></div><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class="BlogItem_mck-c-blog-item__A6TBP BlogItem_mck-c-blog-item--transparent-bg__UXfdT mck-u-animation-slide-up"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/why-sponsorship-is-key-to-helping-black-employees-advance" class="mdc-c-link___lBbY1_8032924"><picture data-component="mdc-c-picture" class="BlogItem_mck-c-blog-item__picture__8xtXH"><style>.picture-whys-0 { aspect-ratio: 8/5 }</style><img alt="Why sponsorship is key to helping Black employees advance&mdash;and more takeaways from our new research" class="picture-whys-0" src="/~/media/mckinsey/about%20us/mckinsey%20blog/why%20sponsorship%20is%20key%20to%20helping%20black%20employees%20advance/private-sector-hero-small-155301969-1536x864.jpg?cq=50&mw=767&car=8:5&cpy=Center" loading="lazy"/></picture></a><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 BlogItem_mck-c-blog-item__text-container__WEEHk BlogItem_mck-c-blog-item__text-container--related__VjvZk"><h4 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-6"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/why-sponsorship-is-key-to-helping-black-employees-advance" class="mdc-c-link-heading___Zggl8_8032924 mdc-c-link___lBbY1_8032924">Why sponsorship is key to helping Black employees advance—and more takeaways from our new research</a></h4><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_8032924">Two partners discuss our newest research, which offers a big-picture view and on-the-ground insights about what it means to be a Black employee in the US private sector.</div></div></div></section></aside></div></div></div><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="StandalonePromo" class="BlogPromo_mck-c-blog-promo__hSsYu BlogPromo_mck-c-blog-promo--full-width__pKXqL mck-u-animation-slide-up BlogEntryContent_mck-c-blog-entry-content__promobar___qKLu" data-layer-region="blog-one-click-module"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 mdc-u-grid-gutter-lg"><div class="mck-o-container"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 mdc-u-grid-gutter-lg mck-o-container--wrapped mck-o-container--mobile-spacing BlogPromo_mck-c-blog-promo__content__31yfC BlogPromo_mck-c-blog-promo__content--center__JdBp3"><div class="mdc-u-align-center"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-3">Never 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Entry","placeholders":{"jss-main":[{"uid":"e18e4703-f541-45d8-89c1-d5d8407f1708","componentName":"BlogEntry","dataSource":"","fields":{"data":{"blogEntry":{"title":{"jsonValue":{"value":"McKinsey commits $15 million to support Black-owned businesses and help fuel economic development"}},"sEOTitle":{"value":""},"description":{"jsonValue":{"value":"Our contribution will help the Black Economic Development Fund invest in Black-owned financial institutions, businesses, real estate developers, and anchor institutions across the US."}},"sEODescription":{"value":""},"displayDate":{"jsonValue":{"value":"2021-05-27T00:00:00Z"}},"body":{"value":"\u003cp\u003eWe are pleased to announce a $15 million impact investment in the Black Economic Development Fund (BEDF), managed by the Local Initiatives Support Corporation (LISC). The BEDF is part of LISC\u0026rsquo;s \u003ca href=\"https://www.lisc.org/project-10x/\"\u003eProject 10X\u003c/a\u003e, a $1 billion strategy to address racial gaps in health, wealth, and opportunity. \u003c/p\u003e\n\u003cp\u003eMcKinsey\u0026rsquo;s contribution, along with those of 10 public corporations, has helped the fund hit its goal of raising $250 million in capital to invest in Black-owned financial institutions, businesses, real estate developers, and anchor institutions across the US. \u003c/p\u003e\n\u003cp\u003eEarlier this week, the BEDF \u003ca href=\"https://www.liscstrategicinvestments.org/post/lisc-s-black-economic-development-fund-hits-250-million-goal-makes-first-catalytic-investments-in\"\u003eannounced\u003c/a\u003e its first projects, all of which include building capacity at Black-owned banks and making loans to community-based real estate developers to help support economic opportunity in Black communities and close the racial wealth gap. \u003c/p\u003e\n\u003cp\u003eIn Columbia, South Carolina, for example, the fund will be making a $4 million deposit in the century-old Optus Bank, which invests 90 percent of its loans in under-financed communities and minority-owned businesses. Optus has a strategy to build $100 million in Black wealth over 10 years.\u003c/p\u003e\n\u003cp\u003eMeanwhile in Pittsburgh, the fund will provide short-term pre-development financing of $1.5 million, the single missing piece of capital, to support Bridging the Gap\u0026rsquo;s mixed-income 171-apartment development on one of the largest housing sites in the city. \u003c/p\u003e\n\u003cp\u003eAnd in Houston, BEDF will make a $3 million deposit to Unity National Bank, the only Black-owned bank in Texas, to grow its small business investments and pursue partnerships in affordable housing. The fund expects to announce as many as 20 additional project investments by year end. \u003c/p\u003e\n\u003cp\u003eThese businesses will greatly benefit from gaining access to the flexible capital they need to grow. \u003cspan\u003e\u0026ldquo;\u003c/span\u003eThe BEDF identifies and invests in minority-owned institutions and their communities, creating economic opportunities, developing housing and improving quality of life,\u0026rdquo; says Eric Kutcher, McKinsey senior partner and chief financial officer. \u0026ldquo;This critical financing allows them to turn a corner and grow, laying the groundwork for other investors and organizations to follow.\u0026rdquo;\u0026nbsp; \u003c/p\u003e\n[[Pullquote 1]]\n\u003cp\u003eCommunity context is a critical factor in closing the racial wealth gap, according to \u003ca href=\"https://www.mckinsey.com/industries/public-and-social-sector/our-insights/the-economic-impact-of-closing-the-racial-wealth-gap\"\u003eour research\u003c/a\u003e, which found that 65 percent of the Black population is concentrated in 16 states that rank below the national averages in economic opportunity, employment, healthcare access and quality, and broadband access. \u003c/p\u003e\n\u003cp\u003e\u0026ldquo;The BEDF\u0026rsquo;s targeted financing can energize Black businesses and communities and create a multiplier effect,\u0026rdquo; Eric adds. \u003cspan\u003e\u0026ldquo;This partnership is part of our broader commitment to fight racism and social inequity, as exemplified in our \u003ca href=\"https://www.mckinsey.com/about-us/diversity/overview/10-actions\"\u003e10 actions\u003c/a\u003e to combat racism announced last year. We will draw on our strengths and expertise to help advance racial equity and social justice within our firm and throughout our communities.\u0026rdquo;\u003c/span\u003e\u003c/p\u003e\n\u003cbr class=\"t-last-br\" /\u003e"},"hidePromoBar":{"boolValue":false},"hideDek":{"boolValue":true},"mobileReady":{"boolValue":true},"selectedModalSubscriptions":{"targetItems":[]},"hideFromSearchEngines":{"boolValue":false},"parent":{"id":"C91995569C2442E0B263E2BDE578903E","name":"New at McKinsey Blog","title":{"value":"New at McKinsey Blog"},"description":{"value":"A collection of stories about our people, our capabilities, our research, and the ever-changing face of our firm."},"url":{"path":"/about-us/new-at-mckinsey-blog"},"heroImage":{"alt":"","src":null,"description":null},"heroBackgroundColor":{"targetItem":{"displayName":"Dark Blue Gradient"}},"heroImageTopOffset":{"value":"100"},"horizontalCropPosition":{"targetItem":{"displayName":"Left"}},"heroImageRenderStyle":{"targetItem":{"displayName":"Full Height Hero"}}},"ancestors":[{"displayName":"McKinsey Blog","name":"New at McKinsey Blog","id":"{C9199556-9C24-42E0-B263-E2BDE578903E}","template":{"id":"{D47350B4-752D-4AEB-9F9E-0478AC2A95EB}"}},{"displayName":"About Us","name":"About Us","id":"{45E65F7E-6B6B-4878-9252-A33F066F365F}","template":{"id":"{85FF0530-7883-480F-9A4C-82123F72FFD8}"}},{"displayName":"Home","name":"Home","id":"{367E4041-0C4A-4A6D-99D7-7D83F5A73EA7}","template":{"id":"{85FF0530-7883-480F-9A4C-82123F72FFD8}"}},{"displayName":"McKinsey","name":"McKinsey","id":"{258857D0-50FA-4C3E-8C11-55EDFF84A992}","template":{"id":"{061CBA15-5474-4B91-8A06-17903B102B82}"}},{"displayName":"Content","name":"content","id":"{0DE95AE4-41AB-4D01-9EB0-67441B7C2450}","template":{"id":"{E3E2D58C-DF95-4230-ADC9-279924CECE84}"}},{"displayName":"sitecore","name":"sitecore","id":"{11111111-1111-1111-1111-111111111111}","template":{"id":"{C6576836-910C-4A3D-BA03-C277DBD3B827}"}}],"promoDetails":{"_1clickSubscription":{"targetItems":[{"title":{"value":"New at McKinsey blog"},"displayName":"New at McKinsey blog","alertCode":{"value":"N37"},"description":{"value":""}}]},"promoBarTitle":{"value":"Never miss a story"},"promoBarDescription":{"value":"Stay updated about McKinsey news as it happens"},"promoBarCallToActionLink":{"queryString":"","className":"btn","anchor":"","linkType":"internal","url":"/user-registration/manage-account/edit-subscriptions-mvc","text":"Subscribe","targetItem":{"name":"Edit Subscriptions MVC"}},"promoBarRenderStyle":{"targetItem":{"key":{"value":"Center"},"value":{"value":"Center"}}}},"authors":{"targetItems":[]},"blogEntryTags":{"targetItems":[{"name":"Social Impact","blogTagTitle":{"value":"Social Impact"}},{"name":"Inclusive Economy","blogTagTitle":{"value":"Inclusive Economy"}},{"name":"Diversity","blogTagTitle":{"value":"Diversity"}}]},"heroImage":{"alt":"A happy family","src":"/~/media/mckinsey/about us/mckinsey blog/announcing our support of the black economic development fund/bedf-hero-small-1182268296-1536x864.jpg","description":""},"thumbnailImage":{"src":"/~/media/mckinsey/about us/mckinsey blog/announcing our support of the black economic development fund/bedf-hero-small-1182268296-1536x864.jpg"},"showCaption":{"boolValue":false},"heroImageTopOffset":{"value":""},"horizontalCropPosition":{"targetItem":null},"heroBackgroundColor":{"targetItem":{"key":{"value":"Deep Blue"},"value":{"value":"deep-blue"}}},"heroImageRenderStyle":{"targetItem":null},"relatedPosts":{"targetItems":[{"template":{"id":"D929136A019A478680723E3A60B2F31C"},"url":{"path":"/about-us/new-at-mckinsey-blog/what-will-it-take-to-build-more-black-owned-businesses"},"title":{"value":"What will it take to build more Black-owned businesses?"},"description":{"value":"From his London Tech Week keynote, partner Shelley Stewart explains how greater Black business ownership could help unleash $1 trillion in economic output."},"displayDate":{"jsonValue":{"value":"2020-10-15T00:00:00Z"}},"image":{"src":"/~/media/mckinsey/about us/mckinsey blog/what will it take to build more black-owned businesses/shelley-stewart_hero_1536x864.jpg","alt":"Shelley Stewart"}},{"template":{"id":"D929136A019A478680723E3A60B2F31C"},"url":{"path":"/about-us/new-at-mckinsey-blog/why-sponsorship-is-key-to-helping-black-employees-advance"},"title":{"value":"Why sponsorship is key to helping Black employees advance\u0026mdash;and more takeaways from our new research"},"description":{"value":"Two partners discuss our newest research, which offers a big-picture view and on-the-ground insights about what it means to be a Black employee in the US private sector."},"displayDate":{"jsonValue":{"value":"2021-02-22T00:00:00Z"}},"image":{"src":"/~/media/mckinsey/about us/mckinsey blog/why sponsorship is key to helping black employees advance/private-sector-hero-small-155301969-1536x864.jpg","alt":"Diversity initiatives produce few results to date"}}]},"contentType":{"targetItem":{"displayName":"Blog post - 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