This story has been updated.
The first CEO to take the helm of LiftFund after the retirement of founder Janie Barrera has left the nonprofit “to pursue new opportunities outside of the organization,” the board chairman wrote in an email to supporters Monday evening.
Laurie Vignaud served as president and CEO from July 10, 2023 to June 30, wrote Jeff Brouillard, chairman of the LiftFund board of directors. “Laurie brought fresh perspective and new ideas to LiftFund as we continue to transition and evolve along with our peers in the industry — and we respect her positive contributions.”
Amy Hereford, an attorney who has served as LiftFund’s general counsel and chief external affairs officer, has been named president and CEO by the board, Brouillard wrote.
“Amy has been an indispensable part of LiftFund,” he wrote. “Her outstanding leadership, deep commitment to our mission and proven ability to navigate significant challenges uniquely qualify her to lead us in our continued forward march.”
Vignaud brought more than 30 years of executive experience in banking and community development to LiftFund, including more than a decade at Capital One and, more recently, as president and CEO of Unity National Bank of Houston, the only Black-owned bank in Texas.
LiftFund is a nonprofit Community Development Financial Institution (CDFI) and Community Development Corporation (CDC) which offers loans to high-risk businesses and entrepreneurs who aren’t eligible for traditional bank loans.
Founded in 1994 as Accion Texas by Janie Barrera, a former nun, LiftFund now operates in 15 states. Along with loans, LiftFund provides free business consultation services to clients.
“One hundred percent of the customers or clients that come to LiftFund and become borrowers are not eligible for bank loans” because they are too high-risk, said Barrera in a June 2023 interview with the San Antonio Report, one month after announcing Vignaud would succeed her as president and CEO.
Reached Tuesday, Barrera said she is “delighted” that the board chose Hereford as the new CEO and president.
LiftFund has been a key partner of the City of San Antonio and Bexar County in distributing millions in federal pandemic relief funds. In February, the city and LiftFund announced a new round of its popular 0% interest loan program for eligible businesses.
In 2020, philanthropist MacKenzie Scott gave LiftFund a $10 million unrestricted gift, which the nonprofit used to lower interest rates for its small business loans.
Since its inception, LiftFund, with a total lending portfolio balance of $62 million, has provided more than $493 million to more than 27,000 businesses in its 15-state service area and boasts an average 96% repayment rate.
Attempts to reach representatives of LiftFund were not immediately successful Tuesday morning.
Correction: This story has been updated to remove an inaccurate reference to Amy Hereford’s biography and correct LiftFund’s portfolio balance and loan history.
Disclosure: Janie Barrera is a member of the San Antonio Report’s board of directors.
