Morgan Stanley and Robin Hood launch marketing campaign to help New York avenue distributors
NEW YORK–(BUSINESS WIRE) – Morgan Stanley and Robin Hood announced today that they will be providing funding to 2,000 street vendors in New York City in partnership with The Street Vendor Project. Street vendors have reported losses of 70-90% of their income during COVID, and many have been banned from aid programs.1 To fill this gap and help sellers pay rent, afford utilities, and buy groceries, this funding is being used NYC more than 2,000 provided vendors starting at $ 1,000 cash in cash. Morgan Stanley has committed $ 2 million in this effort. Robin Hood is donating an additional $ 375,000 and will help manage the grants and distribute cash to reach the target audience.
There are roughly 20,000 New Yorkers selling groceries and merchandise on the streets and sidewalks of New York City, most of whom are black women, military veterans, and low-wage immigrants. And while street vendors add an estimated $ 293 million to the city’s economy, the informal nature of their work or immigration status has excluded them from government disaster relief and unemployment insurance. As a result, 76% of vendors struggling with fines, garage rental costs, and increases in sales permits have been forced to balance their lives and livelihoods by borrowing money, withdrawing savings, seeking financial help from friends and family, or pawning assets According to a survey carried out by women in informal employment in June and September 2020: Globalization + Organization (WIEGO) in collaboration with the Street Vendor Project.
To learn more about this initiative and support NYC street cart operators, please click here.
“New York City street vendors are central to the New York City cultural fabric. With our headquarters in Times Square, many of our employees rely on these providers for their morning coffee or a quick lunch. Morgan Stanley is committed to helping those in our community who serve us every day as they face unprecedented economic hardship, ”said James Gorman, chairman and chief executive officer of Morgan Stanley. “We are proud to partner with Robin Hood and the Street Vendor Project to provide economic relief to vendors during an extremely difficult time and to encourage others to join us on this important mission.”
“Street vendors play a central role in New York’s cultural and economic identity, but COVID-19 has dealt them a heavy blow. Last year, as the pandemic exacerbated racial and economic disparities, street vendors were forced to face the crisis on their own are ineligible for benefits because of their immigrant status and the nature of their work, “said Wes Moore, Robin Hood Chairman of the Board.” Street vendors in New York City are on the brink with no safety nets to catch them I must do everything I can to help them to fight this pandemic – now and in the long run. ”
“Rain or shine, New York’s street vendors keep our city going with a hot coffee, a churro, or an affordable and nutritious halal lunch. Vendors come from communities disproportionately affected by the COVID-19 pandemic They have lost most of their income during the pandemic and despite their critical role in our city’s culture and economy, every level of government has left them out in the cold with no financial relief, ”said Mohamed Attia, director of the Street Vendor Project of the Urban Justice Center: “We are so grateful to Morgan Stanley and Robin Hood for this generous donation that has helped over 2,000 of our city’s smallest businesses recover.”
Almost every fourth vendor claims to have household members with COVID-19 or COVID-19 symptoms, with catastrophic consequences for the entire family. While sellers have slowly returned to the streets since June, the sharp decline in commuters, office workers and tourists has meant a correspondingly sharp decline in business for sellers. Now that cases are rising and the weather is changing, Morgan Stanley and Robin Hood plan to expand the breadth and depth of the program through a concerted campaign calling on businesses and individuals to expand the impact of this initiative.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services company providing investment banking, securities, investment management and wealth management services. With offices in more than 41 countries, the company’s employees serve customers worldwide, including corporations, governments, institutions and individuals. For more information on Morgan Stanley, please visit www.morganstanley.com.
About Robin Hood
Founded in 1988, Robin Hood finds, drives and develops the most effective and scalable solutions to lift families out of poverty in New York City. Models that can work across the country. This year, Robin Hood will invest nearly $ 200 million to provide families in poverty in New York City with COVID relief, legal advice, housing, food, workforce development training, educational programs and more. Robin Hood follows every program with strict standards. Since Robin Hood’s board of directors covers all overheads, 100 percent of every donation goes directly to poverty reduction. Learn more at robinhood.org.
Via Street Vendor Project
The Street Vendor Project (SVP) is a grassroots organization that works to defend the rights and improve working conditions of the approximately 20,000 people who sell food and goods on the streets of New York City. We believe in the importance of sales as a source of income for immigrants and other New Yorkers who may not have access to more formal employment opportunities. Founded in 2001, SVP strives to improve and expand sales as a viable, lawful employment option for immigrants and other entrepreneurs, and to increase public appreciation for how central sales are to our city’s culture and economy. Through direct legal representation, small business training, organization of support, leadership development and strategic advocacy for legislation, SVP builds power and community among providers. The Street Vendor Project is part of the Urban Justice Center, a nonprofit that legally represents and advocates various marginalized groups of New Yorkers. To learn more about the mission and efforts of the Street Vendor Project, please visit: www.streetvendor.org.
1 WIEGO (in brief) Covid-19 crisis and informal economy: New York City. Women in informal employment Globalization and organization as well as the street vendor project
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