The time is now to impact change around the world, and starting in one’s own backyard is the first and most important step we can all make—a lesson we can look to from industry leaders and social justice advocates like Costco. To conduct business in the U.S. is to know and consider racial barriers, holding up a mirror for ourselves and our legacies. While many are fighting this battle quietly, Costco recently took a $25 million stand, committing to the Local Initiatives Support Corporation's (LISC) newly rolled out Black Economic Development Fund.
"We are thrilled to be a part of an investment strategy that will help some of the communities where we operate in the U.S.," said Craig Jelinek, President and CEO of Costco. "With LISC, we are supporting a more inclusive economy, to break down race and class as barriers to opportunity and growth."
This commitment by Costco promises to fuel Black-led financial institutions and community development efforts, and encourages corporations to make investments specifically designed to improve economic opportunities for Black Americans, according to a press release.
"This commitment from Costco illustrates how corporations can leverage their capital to both meet their own objectives and drive deep and lasting gains for American families," said Maurice A. Jones, LISC President and CEO. "With this fund, we are talking about much more than bank deposits and loans. This is about investing in vibrant small businesses and growing local incomes. It's about directing capital toward a traditionally underserved population. At its core, this fund is focused on building a stronger future for Black communities and our country."
What can we expect to see with this recent commitment and investment? The fund seeks to help close the racial wealth gap, directly impacting the U.S. economy. According to LISC, the current cost of not bridging this gap could cost the U.S. as much as $1.5 trillion by 2028, clearly outlining not just the human aspect of the move, but the business side as well.
Costco stands to be ahead of a brand impression curve, joining Netflix in seeding the fund and additional public and private corporations' commitments standing to invest over $100 million by the fund's first closing this fall.
To read more about Costco's commitment to LISC and what the fund will seek to bolster, click here.
Our team at Deli Market News knows that steps like the ones Costco is taking can ripple through an industry and through a country as we look to make social changes on a global stage. Our hope is that, one word at a time, we can support those voices leading the charge and offer a platform for the greater good.