On August 3, Morgan Stanley and OFN announced Morgan Stanley has awarded $5 million in funding to OFN for pass-through grants of approximately $50,000-$150,000 to eligible community development financial institutions (CDFIs) with less than $20 million in assets. This funding will help CDFIs support communities disproportionately affected by COVID-19 and will strengthen the ability of the mission-based lenders to support COVID-19 rebuilding and recovery efforts.
Stay tuned for more details about the CDFI grant application.
“We continue to fight for small businesses, nonprofits, and community-based organizations that have been hit hardest by the economic impact of COVID-19 and for communities that continue to struggle against persistent racial and economic inequality,” said Lisa Mensah, president and CEO of OFN. “With its generous grant, Morgan Stanley is empowering our member lenders that specialize in serving these communities to grow and remain strong in these uncertain times.”
“Smaller CDFIs in OFN’s national membership often have the hardest time attracting resources,” said Joan Tally, managing director of Morgan Stanley’s Community Development Finance. “Morgan Stanley shares OFN’s commitment to community investment and we are pleased to continue to support their mission with this funding, which will enhance CDFIs’ ability to meet the pressing needs in their communities.”
Read the full press release.