- Program will target small businesses, non-profits and small landlords that did not receive federal COVID-19 assistance
- Investment follows $25 million commitment to support COVID-19 relief efforts
NEW YORK -
Morgan Stanley today announced it will make an investment of $10 million 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.
“Morgan Stanley is deeply committed to supporting our communities across New York State”, said Thomas R. Nides, Vice Chairman of Morgan Stanley. “Participating in Governor Cuomo’s New York Forward Loan Fund is an essential means of aiding the State’s small businesses and non-profits that are the backbone of local economies.”
“Governor Cuomo has made it clear that the economic recovery from COVID-19 will require innovative approaches to help businesses and organizations across New York survive,” said RuthAnne Visnauskas, Commissioner, New York State Homes and Community Renewal. “By partnering with private lenders and philanthropy, we have helped create a loan product specifically tailored to address the immediate needs of small businesses, small property owners and non-profit organizations that are facing a significant financial hardship due to this pandemic. We are thankful to Morgan Stanley and all of our financial partners for their responsiveness to this crisis and for providing owners of small multi-family properties with the monetary support they need at a time when maintaining our housing stock takes on renewed importance.”
“The National Development Council (NDC) is honored to be part of the powerful team that Governor Cuomo has put together for the NY Forward Loan Fund to bring critical capital to the state’s small businesses and non-profit organizations, said Dan Marsh, President of NDC and one of the five CDFIs to make loans to targeted borrowers. “We are grateful to Morgan Stanley for their leadership in providing capital to support this program. For years, by supporting community lenders, they have led the way in bringing the resources of “Wall Street to Main Streets” across the country, and their support of NY Forward speaks loudly and clearly of their ongoing commitment to economic recovery for all communities across the state.”
This contribution follows Morgan Stanley’s previously announced commitment of $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.
In addition, as part of the $25 million commitment, the Firm has launched the Morgan Stanley COVID-19 Hunger Relief Campaign, which incentivizes employees globally to contribute to local feeding programs. This initiative 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.
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.