Merrill Lynch and Greenlining Institute announced a $159 million economic partnership for Southern California
In 2000, Merrill Lynch and The Greenlining Institute announced a $159 million three-year initiative to encourage new investments, economic opportunities and home ownership in Asian Pacific, Latino and African-American communities in Southern California and the San Francisco Bay area.
The new program represented a dramatic expansion of Merrill Lynch’s commitment to expand relationships with business owners and individuals in historically underserved markets and followed a successful $77 million pilot that had focused on Los Angeles and Orange Counties.
The new initiative included $120 million in lending for small businesses in underserved areas, more than $15 million to promote and support affordable housing efforts, nearly $16 million to continue Merrill Lynch’s efforts to recruit and retain Financial Consultants to reach out to individuals and small businesses in traditionally underserved ethnic communities, and about $8 million for various outreach and educational programs to support businesses and non-profit organizations.
Merrill Lynch and The Greenlining Institute created a new model for new markets in those underserved communities. Through this additional funding, they renewed and extending their commitment to help generate economic empowerment within those communities in a manner beneficial to everyone.