Morgan Stanley, LISC make Clinton Global Initiative commitment
Building on a successful pilot program that brought support to some of the nation’s most distressed neighborhoods, Morgan Stanley, along with the Local Initiatives Support Corporation (LISC) and CDC Small Business Finance, announced a $25 million Clinton Global Initiative (CGI) Commitment to Action for an expansion of the Job Creation and Community Revitalization Fund.
LISC's New Markets Support Company manages the fund.
This CGI Commitment to Action more than doubles the impact of the 2012 pilot program, allowing the program to expand to more communities and provide additional opportunities for small businesses in underserved markets across the country to access capital through year-end 2015. First launched by Morgan Stanley and LISC in 2012, the initial $10 million fund has been invested in a range of companies, from a dental practice in Milwaukee and a construction firm in Phoenix to a neighborhood café in Indianapolis – all of which have added jobs in economically distressed areas as a result.
Read the full announcement.