WALTHAM, Mass., Feb. 11, 2021 /PRNewswire/ -- Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today announced it has committed to investing up to $25 million in minority-serving financial institutions.
"Unequal access to capital is hurting Black-owned businesses, Black entrepreneurs and Black communities in the United States," said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. "Minority-serving financial institutions provide a bridge to empowering historically disenfranchised communities. For Thermo Fisher, supporting these institutions is part of our commitment to addressing inequalities through our business and hiring practices."
The company has committed $20 million to the Black Economic Development Fund (BEDF), which was launched by the Local Initiatives Support Corporation (LISC) to increase financing to Black-led financial institutions, anchor institutions, and businesses. LISC is one of the nation's oldest and largest Community Development Financial Institutions (CDFIs) and has invested more than $22 billion to expand economic opportunity in nearly every state.
"We know from experience that when investments address racial disparities in health, wealth and opportunity, they also help fuel lasting economic growth," said George Ashton, president of LISC Fund Management, LLC, which oversees the BEDF. "Forward-looking companies like Thermo Fisher are making impact investments that break down barriers and bridge capital gaps for Black businesses, which ultimately helps our economy work better for everyone."
In addition, Thermo Fisher will deposit $5 million in Hope Credit Union's Transformational Deposits program. Hope Credit Union seeks to provide financing to low-wealth families, people of color and financially underserved communities to finance small businesses, housing, healthcare and other vital needs. HOPE uses Transformational Deposits to import the capital needed to increase economic opportunities for individuals and families across five Deep South states (Mississippi, Alabama, Arkansas, Tennessee, and Louisiana).
"Investments in Black owned financial institutions are a proven way to advance economic mobility," said Bill Bynum, chief executive officer, Hope Credit Union. "Black owned financial institutions are more likely to lend to businesses, support employment and locate in Black communities. Thermo Fisher's Transformational Deposit is an important step towards closing the racial wealth gap."
In addition to these investments, in August 2020 Thermo Fisher launched "The Just Project" with a donation of $25 million in diagnostic instruments, test kits and related supplies to support the safe reopening of historically black colleges and universities (HBCUs) in the U.S. The company also announced that it is committed to hiring at least 500 students from HBCUs over the next three years.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue exceeding $30 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, improving patient diagnostics and therapies or increasing productivity in their laboratories, we are here to support them. Our global team of more than 80,000 colleagues delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services and Patheon. For more information, please visit www.thermofisher.com.
Together with residents and partners, LISC help forge resilient and inclusive communities of opportunity across America – great places to live, work, visit, do business and raise families. Since 1979, LISC has invested more than $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. LISC Fund Management, LLC, a LISC affiliate, creates and manages mission-driven investment vehicles on behalf of investors and funders to drive equitable growth across the US. For more information about LISC, please visit www.lisc.org. For more information about LISC Fund Management, LLC please visit liscstrategicinvestments.org/fund-management.
About BEDF Fund
The Black Economic Development Fund (BEDF) is an impact investment fund built to address economic challenges in Black communities and to help close the racial wealth gap. The fund targets Black-led financial institutions, businesses and anchor institutions with the goal of growing these organizations and strengthening their contributions to Black communities. The funddeploys capital across a diverse set of industries, borrowers and geographies in the US. The BEDF is managed by the LISC Strategic Investments team and the LISC Fund Management, LLC, a LISC affiliate.
For more information on the BEDF, please visit https://www.liscstrategicinvestments.org/black-economic-development-fund.
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SOURCE Thermo Fisher Scientific