Morgan Stanley 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.
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“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.”
“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.”
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“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.”
