NEW YORK, June 11, 2020 / PRNewswire / – Owl Rock Capital, a leading alternative wealth manager, announced today that it has committed $ 5 million of its own capital to a community loan program that provides interest-free loans to small US businesses. Loans will aid businesses in their efforts to maintain full employment, with a focus on minority-owned businesses affected by COVID-19 and other economic and social crises.
Marc Lipschultz, Co-Founder and President of Owl Rock Capital Partners, said, “Our community loan program is designed to help small businesses disproportionately affected by recent events meet their payrolls and keep the lights on. The COVID-19 pandemic and other recent tragedies within the black community highlight long-standing racial inequality and economic inequality in the United States.
The program is administered by Newtek Small Business Lending, a controlled portfolio company of Newtek Business Services Corp. (Nasdaq: NEWT). Barry Sloane, Chairman, President and Chief Executive Officer of Newtek, said, “It is more important than ever to ensure fair and abundant access to credit so small businesses can survive this tumultuous time. We look forward to working with Owl Rock, to invest much needed capital in needy companies. ”
Owl Rock’s community loan program follows: a $ 1 million Donate to the Food Bank for New York City in April. Owl Rock continues to monitor the social and economic impact of recent events and remains dedicated to its pandemic relief efforts, as well as other philanthropic and community activities.
Proskauer Rose LLP served as legal advisor to Owl Rock on a pro bono basis.
About Owl Rock Capital
Owl Rock Capital, along with its subsidiaries (“Owl Rock”), is a new York based direct credit platform with approx. $ 17.3 billion of managed assets to March 31, 2020. Owl Rock is made up of a team of seasoned investment professionals with extensive and diverse experience from some of the world’s leading investment firms and financial institutions. Owl Rock’s relational investment approach aims to provide companies with extensive commitments to facilitate transactions and support their growth needs with security, speed and transparency throughout the investment process. For more information, please visit us at www.owlrock.com.
David Wells / Kelly Smith Aceituno / Josh Clarkson
SOURCE Owl Rock Capital