LISC and Uber Eats announce Black Restaurant Fund to expand access to growth capital, fuel underserved businesses and communities

NEW YORK, Feb. 7, 2023 /PRNewswire/ -- The Local Initiatives Support Corporation (LISC) and Uber Eats [NYSE:UBER] are teaming up to launch a new investment program that will provide growth capital to Black restaurant owners and help break down some of the systemic financial barriers that often limit their opportunities. The Black Restaurant Fund, announced at Uber and Eat Okra's Black Business Resource Launch Party in Atlanta, will provide financing with a unique twist: unlike traditional loan products, the investments do not have fixed repayment terms. Instead, they are patient, flexible investments that only require repayment after owners achieve targeted revenue growth. "Black-owned restaurants have historically been locked out of economic opportunity, which limits their ability to grow and thrive," said Julia Paige, Uber's director of social impact. "Uber and LISC created…