Morgan Stanley Awards $21.7 Million to OFN to Support CDFI Industry and Equitable Recovery
OFN is pleased to announce Morgan Stanley has awarded $21.7 million in funding to support human capital and professional development for the CDFI network, and to make pass-through grants to CDFIs to help increase their lending capacity in the communities they serve.
“We continue to fight for small businesses, nonprofits and community-based organizations that have been hit hardest by the economic impact of the pandemic and for communities that are struggling against persistent poverty and racial inequality,” said Lisa Mensah, president and CEO of OFN. “Through the powerful combination of grant and debt capital, as well as investments in human capital made possible with support from partners like Morgan Stanley, CDFIs are able to catalyze systemic change across underinvested communities in our nation that have been left behind for far too long.”
“Morgan Stanley shares OFN’s deep commitment to supporting community-based lenders nationwide, particularly the smaller CDFIs that are key to revitalizing and stabilizing the communities and neighborhoods they serve,” said Joy Hoffmann, executive director, community development finance at Morgan Stanley. “This new funding builds on Morgan Stanley’s multi-year commitment of supporting CDFI networks and minority-depository institutions.”
Read the full press release.
OFN member CDFIs with less than $25 million in assets that have already applied for financing from the Finance Justice Fund are automatically eligible for these grants if approved for a Finance Justice Fund loan. OFN member CDFIs that wish to apply can learn more about the Finance Justice Fund here.