Morgan Stanley, LISC launch fund to fuel growth
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.