Morgan Stanley (NYSE: MS) is pleased to announce $10 million in grants to support the National Urban League (NUL) and expand a number of critical initiatives in communities where the Urban League operates. The funds will support the following initiatives:
- Infrastructure support for NUL’s Urban Empowerment Fund, credit union and NUL’s financial literacy and homeowner counseling programs.
- NULs Workforce Development Program with an emphasis on technology programs that help close the digital divide by expanding broadband access for communities and households that lack affordable high speed internet. The current pandemic has demonstrated the importance of equitable internet access for working and attending school from home.
- A four-year internship program in NUL’s Office of the President to provide rising leaders the opportunity to work alongside NUL’s executive management.
“We are proud to further our commitment to our longstanding partner the National Urban League to support underserved communities that have disproportionally been impacted by the COVID 19 pandemic and its economic consequences,” said Thomas R. Nides, Vice Chairman of Morgan Stanley. “This funding will help maximize the positive impact of the NUL on the communities it serves.”
“We are excited to have Morgan Stanley’s support to strengthen our highly impactful economic empowerment initiatives, which advance our relentless efforts to close the racial wealth gap in America,” said Marc H. Morial, President and CEO of the National Urban League.
This is the latest action Morgan Stanley has taken to support communities grappling with the economic and health crisis in the wake of the COVID-19 pandemic. Previous commitments Morgan Stanley has made include:
- $10 million in grants to support Minority Depository Institutions (MDIs) including Industrial Bank of Washington, D.C., and Citizens Trust Bank of Atlanta, GA, that will allow the banks to bolster loan loss reserves to help weather the economic impact of COVID-19.
- A $10 million investment to support the New York Forward Loan Fund, part of Governor Andrew M. Cuomo’s initiative to reinvigorate New York’s small businesses and critical non-profits. The New York Forward Loan Fund will provide sustainable capital to Community Development Financial Institution’s (CDFI) to make low cost recovery loans in communities hard hit by the COVID-19 health and economic crisis.
- $25 million in grants to support the ongoing relief efforts to the global COVID-19 crisis. These grants have been given to organizations that are fighting hunger as well as organizations focused on disease control, caring for the sick and financial support for those most vulnerable in our communities who are struggling with the economic loss. As part of the $25 million commitment, the Firm has launched the Morgan Stanley COVID-19 Hunger Relief Campaign, which has facilitated employee contributions to critical feeding partners in all of the Firm’s major global locations and the Firm has matched employee contributions dollar for dollar up to $5,000 per employee for designated feeding programs.
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