A national effort to boost economic opportunities for underemployed workers and underserved communities got a major boost, as State Farm announced a $4 million grant to the Local Initiatives Support Corporation (LISC) to fuel work in 11 cities.
LISC Phoenix received $400,000 from State Farm, it intends to expand its network of Financial Opportunity Centers (FOC) in Phoenix, responding to the Phoenix-Metro area’s need for an integrated services delivery platform that helps neighborhoods and struggling families stabilize their finances and connect to living wage jobs. In addition, State Farm will continue to support development of commercial revitalization, building off its prior support for Apache Boulevard.
“We appreciate the work of LISC in our community and State Farm’s investment in the nonprofit which will ensure Tempe continues to offer families an affordable place to live,” said Tempe Mayor Mark Mitchell. “State Farm has been a great supporter of LISC and the City of Tempe in the past and I’m glad to see them teaming up to support proven initiatives that can help those in our community who need a little extra help.”
The new grant will help LISC strengthen its national Financial Opportunity Center (FOC) program, which is proven to help people increase their incomes, build credit, and save for the future. FOCs help people work toward economic stability through education, long-term financial coaching, and employment support, such as literacy and numeracy training needed to secure work and advance in key local industries.
“State Farm is proud to help Phoenix residents achieve financial security by supporting the work of the Local Initiatives Support Corporation,” said State Farm Vice President Agency – Sales Laura Kunewa. “Our employees, agents, and agent team members across Arizona are committed to being ‘like a good neighbor,’ and we pride ourselves on partnerships with great organizations like the LISC.”
With prior State Farm support, LISC Phoenix began a three-year initiative called ‘Our Future is On the Line,” encouraging the region to embrace Transit-Oriented Development (TOD) and focusing upon programs and projects that bring private investment and equitable development along the light rail corridor.
“With State Farm’s support we’re working to bring a new Financial Opportunity Center to the light rail corridor where it can be easily reached by families who need it,” said Terry Benelli, Executive Director of LISC Phoenix.