NEW YORK, Nov. 11, 2020 /PRNewswire/ -- DICK'S Sporting Goods, Inc., the largest U.S.-based, omni-channel sporting goods retailer, is investing $12.5 million in the Black Economic Development Fund to fuel minority lenders and anchor institutions and businesses as part of an effort to close the racial wealth gap.
DICK'S is the first sports-related company to invest in the fund, which is managed by the Local Initiatives Support Corporation (LISC), a national impact investor that has invested more than $22 billion to promote economic opportunity in urban and rural communities.
With investments from DICK'S and other corporate investors, LISC expects to raise more than $100 million for the fund by year-end. Investments will include deposits in Black-owned banks and financing for minority businesses, charter schools, affordable housing projects, and athletic facilities – all designed to support economic development in communities of color.
"DICK'S started as a small business with just two stores in upstate New York, so we understand the critical importance of access to capital," said DICK'S Sporting Goods Chairman and CEO Ed Stack. "We're pleased to be able to take action and help Black-owned businesses get the resources they need to grow and continue to be an essential part of communities."
LISC announced the fund this summer, encouraging corporations to make investments that are specifically designed to improve economic opportunity for Black Americans and, at the same time, boost the national economy as well. The racial wealth gap has cost the U.S. economy an estimated $16 trillion over the last two decades.
"One of the most exciting aspects of this fund is that it offers companies like DICK'S, which already have strong philanthropic commitments, an opportunity to also invest their assets in ways that help promote inclusive growth and opportunity," said George Ashton, managing director of LISC Strategic Investments, the organization's fund management and venture capital arm.
"This isn't charity," he explained. "It is a treasury strategy that directs corporate funds to businesses that fuel broad social and economic benefits. This investment strengthens the American consumer base, builds up our communities, and makes our economy work better for everyone," Ashton said.
About DICK'S Sporting Goods
Founded in 1948, DICK'S Sporting Goods, Inc. is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of October 31, 2020, the Company operated 732 DICK'S Sporting Goods locations across the United States, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a blend of dedicated teammates, in-store services and unique specialty shop-in-shops dedicated to Team Sports, Athletic Apparel, Golf, Lodge/Outdoor, Fitness and Footwear.
Headquartered in Pittsburgh, PA, DICK'S also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as GameChanger, a youth sports mobile app for scheduling, communications and live scorekeeping. DICK'S offers its products through a dynamic eCommerce platform that is integrated with its store network and provides customers with the convenience and expertise of a 24-hour storefront. For more information, visit the Investor Relations page at dicks.com.
With residents and partners, LISC forges resilient and inclusive communities of opportunity across America – great places to live, work, visit, do business and raise families. Since 1979, LISC has invested $22 billion to build or rehab more than 419,000 affordable homes and apartments and develop 70.3 million square feet of retail, community and educational space. For more, visit www.lisc.org or www.liscstrategicinvestments.org.
Catherine Carlsdedt, LISC
608.217.5008 or [email protected]
Rachel Ross, Dick's Sporting Goods
412.277.1512 or [email protected]
SOURCE Local Initiatives Support Corporation (LISC)