Citigroup Awards LISC $200,000 to Fund Workforce Preparation Project to Benefit Low-Income Residents of Chicago Neighborhoods.

Business Editors

CHICAGO--(BUSINESS WIRE)--February 13, 2002

The Citigroup Foundation has awarded a $200,000 grant payable over two years to the Local Initiatives Services Corporation (LISC) for its Workforce Preparation Project.

The Project represents a partnership between LISC, Project Match, and three local community development corporations (CDCs). The award supports LISC's efforts to help strengthen low-income communities by putting in place employment programs that open their doors to any resident who wants to work or get training, particularly those who have not found their way to or succeeded in other programs.

Using tools and techniques developed over 17 years by Project Match, LISC's network of neighborhood employment centers are set up to offer a diverse group of job seekers personalized services. For some, it is quick internet access using a computer to search for job leads or to update a resume; others want more one-on-one help to set up job interviews and develop a resume; still others want intensive assistance from an employment counselor that extends over a long period of time.

Each employment center has cultivated a continuum of employers who are willing to hire residents with varying skills levels--the key to operating a successful program for unemployed and underemployed adults.

"We are dedicated to helping individuals realize financial self-sufficiency and are pleased to support this special initiative that aims to achieve this goal," said C. Mack, President of Citibank, F.S.B. "We are confident that the Workforce Preparation Project will provide valuable assistance for many individuals whose success will be directly reflected in an overall better quality of life for all of our communities in Chicago."

"We are very pleased to receive this generous grant from our Citigroup partners," said Andrew Mooney, Senior Program Director of LISC/Chicago. "The funds will allow LISC and Project Match to help Chicago residents obtain stable employment at family-sustaining wages regardless of how many jobs and how long it takes."

Three community development organizations -- Woodlawn Preservation and Investment Corporation, Southeast Chicago Development Commission, and Marquette Development Center -- have been working with LISC and Project Match since 1999. Together, their employment programs have grown significantly to become valued neighborhood institutions that have found jobs for hundreds of people. Through start-up grants, LISC helped each organization pay for training by Project Match and purchase their materials. Since then, LISC has begun to provide annual operating grants to participating centers that keep their doors open to all residents, achieve a record of positive outcomes, and succeed in maintaining high quality service.

More information on the Workforce Preparation Program may be obtained by calling Ms. Granitz at 1-312-360-0800.

Local Initiatives Support Corporation (LISC) is a non-profit organization that raises its capital from foundations, banks and corporations in Chicago and nationally. LISC/Chicago is part of the national LISC network, which operates in more than 100 cities and rural areas across the country. The largest organization of its kind in the United States, LISC was established by the Ford Foundation in 1979 and has been operating in Chicago since 1980. LISC/Chicago's service area is metropolitan Chicago, including Northwestern Indiana.

LISC/Chicago has invested $200 million in 60 community-based organizations as they have built more than 12,000 units of housing and three million square feet of commercial and industrial space. These organizations also have developed day-care centers, health-care centers, schools, job programs, community safety programs, and many other initiatives utilizing LISC's support.

Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers. The Citigroup Foundation primarily focuses its grant making in three areas: financial education, educating the next generation, and building communities and entrepreneurs. Additional information may be found at: www.citigroup.com.