Morgan Stanley and the Broward County, Fla., chapter of the Urban League, are launching an $8 million fund for minority-owned businesses in the county, which includes Ft. Lauderdale and surrounding areas.
Business owners “get lost in the shuffle” between Miami and Palm Beach, says Germaine Smith-Baugh of the local Urban League.
The $8 million Capital Access Fund replicates a similarly named initiative the partners launched in Cuyahoga County, Ohio. The three-year Ohio fund provides business owners with between $10,000 to $2 million in low-interest loans and aims to create 300 local jobs by supporting small-business growth.
As of July, the Ohio fund had issued $2.3 million in loans to 15 businesses.