The Local Initiatives Support Corporation (LISC) and Uber Eats have partnered to launch the Black Restaurant Fund, an investment program that aims to provide growth capital to Black restaurant owners and break down systemic financial barriers that limit their opportunities. The financing program is unique in that it does not have fixed repayment terms; rather, it is a flexible investment that requires repayment only after owners achieve targeted revenue growth.
Black-owned restaurants have historically faced economic challenges, which have limited their ability to grow and thrive. This program aims to close the resource gap by connecting Black food entrepreneurs to flexible capital to fuel growth and expansion, while also seeding wealth creation in Black communities.
The Black Restaurant Fund directly addresses the capital gap by focusing on restaurants in economically disadvantaged communities that have employees, are partners of Uber Eats, and generate revenues from $250,000 to $3 million. The program is expected to help fuel 35 businesses over the next three years.
Through this initiative, LISC and Uber are taking a different approach to underwriting by looking beyond traditional metrics to consider the real-world potential of these enterprises. This enables the development of collaborations and investment products that support plans for sustainable growth, while also helping owners build a financial track record that can open doors to conventional investors in the future.
To learn more about the Black Restaurant Fund or to request a conversation about your restaurant, visit https://www.liscstrategicinvestments.org/uber-black-restaurant-fund.