Mor­gan Stan­ley, LISC launch fund to fuel growth

The Pak Banker - - Front Page -

NEW YORK

Mor­gan Stan­ley and the Lo­cal Ini­tia­tives Sup­port Cor­po­ra­tion (LISC) to­gether have launched a Small Busi­ness Loan Fund to sup­port com­mer­cial ex­pan­sion and cre­ate jobs in com­mu­ni­ties bat­tling eco­nomic de­cline.

Small busi­nesses too of­ten lack suf­fi­cient cap­i­tal to build and grow, said Au­drey Choi, Man­ag­ing Di­rec­tor and Head of Global Sus­tain­able Fi­nance at Mor­gan Stan­ley.

This fund will pro­vide fi­nanc­ing for small busi­nesses seek­ing to ac­quire the re­sources they need to ex­pand, and there­fore con­trib­ute to the eco­nomic devel­op­ment of the com­mu­ni­ties in which they op­er­ate.

Mor­gan Stan­ley is pro­vid­ing $10 mil­lion in debt fi­nanc­ing and eq­uity cap­i­tal to help launch the Small Busi­ness Loan Fund, while LISC is al­lo­cat­ing its fed­eral New Mar­kets Tax Cred­its (NMTC) to the fund. NMTC is a tax credit pro­gram ad­min­is­tered by the U.S. De­part­ment of the Trea­sury to bring pri­vate in­vest­ment dol­lars to low-in­come neigh­bor­hoods.

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