LISC is taking swift action in response to the coronavirus pandemic, to mitigate economic impact on residents in the hundreds of communities where we work. We are launching the LISC Rapid Relief and Resiliency Fund to assemble and deploy resources to our local partners, small businesses and residents who are being hit hardest. The Fund will deliver operating capital, emergency subsidies and IT support, as well as technical assistance, to keep our partners and their communities strong and functioning through this unprecedented situation.
We are thrilled that Verizon has already stepped in with a groundbreaking $2.5 million investment that will fuel LISC grants of up to $10,000 for small businesses confronting acute financial hardship and who need this capital in order to survive. And U.S. Bank has provided a $500,000 grant to provide crucial assistance to the community-based partners and small businesses that are part of our national network.