Clear Vision Impact Fund Announces First Closing
Siebert Williams Shank Affiliated Clear Vision Impact Fund Announces its First Closing with Support of Several of the Nation’s Largest Corporations
Clear Vision obtained capital commitments of more than $100 million of the planned $250 million impact loan fund. The fund plans to commence making loans to support small businesses that employ, train, and serve minorities and underserved communities nationally.
NEW YORK, March 11, 2021 (GLOBE NEWSWIRE) — Siebert Williams Shank & Co., LLC’s affiliated Clear Vision Impact Fund (Clear Vision), formed to enhance employment, job training, and the accessibility of educational opportunities in historically underserved communities, announced today that it expects to begin making loans to small businesses that are either minority-owned or operated, or that serve underperforming communities that have experienced a persistent lack of capital to support economic growth.
The formation of Clear Vision was announced in August 2020 with an initial capital commitment from Microsoft Corporation; the other leading global corporations that now have made capital commitments to the fund include Apple, Comcast Corporation, Constellation Brands, and eBay. Each of these companies have made commitments to advance the principles of racial equity and economic opportunity, and have made capital commitments to Clear Vision as part of their strategy to achieve these goals.
“Providing capital to minority-owned businesses is critical to ensuring economic growth and job opportunities for the future across communities nationwide,” said Gary Wipfler, Apple Vice President and Corporate Treasurer. “Apple is proud to be part of the Clear Vision Impact Fund and support their work to address inequality by expanding access to economic opportunity.”
“Suzanne, Chris, and team have created an incredible platform to provide minority-owned businesses operating in underserved markets with immediate and much needed capital at a critical time,” said Mike Cavanagh, Chief Financial Officer, Comcast Corporation. “We hope that our $25 million investment in the Clear Vision Impact Fund and ongoing great partnership with Siebert Williams Shank & Co. will have a meaningful impact on diverse communities nationwide, as our company continues to accelerate its efforts to address systemic inequality and create a more equitable society.”
“Minority-owned businesses are under-represented in our industry and many other business segments as pervasive and systemic barriers have existed for these companies and their leaders for far too long,” said Bill Newlands, Constellation Brands’ president and CEO. “We are proud to partner with Siebert Williams Shank & Co. and the other companies that have joined together through the Clear Vision Impact Fund to play a role in creating meaningful progress. By working together and committing to sustained action, we can provide more equitable opportunity for these businesses, their employees, and the communities they support.”
“eBay’s purpose is to empower people and create economic opportunity for all,” said eBay’s Interim CFO, Andy Cring. “We are proud to help further this purpose by investing $25 million in the Clear Vision Impact Fund to bolster small and medium sized businesses that are based in, or serve, underserved communities nationally.”
“We’re pleased to see the progress with the Clear Vision Impact Fund and that our investment, along with others, helped reach this important milestone,” said Tahreem Kampton, Treasurer and CIO at Microsoft.
“The members of the Siebert Williams Shank and Clear Vision Impact Fund teams are gratified to have received the support and confidence of these industry-leading corporate partners that have enabled this important mission,” said Christopher J. Williams, principal of Clear Vision’s general partner and Chairman of Siebert Williams Shank & Co. “We look forward to enhancing the economic prospects for the diverse community members that will benefit from the economic growth that is made possible through this critically important investment initiative.”
About the Fund Sponsor Clear Vision’s sponsor is an affiliate of Siebert Williams Shank & Co., LLC, a leading non-bank financial services firm serving clients across industries and asset classes. It is the only U.S. investment bank certified as both a minority-owned and women-owned enterprise.