In The News

Pro Bono Heroes: MoFo Team Crafts New Aid for Businesses Shuttered by COVID


29 Oct 2021

Suz Mac Cormac was featured in Reuters for her work with the California Small Enterprise Task Force and the California Rebuilding Fund, a $1 billion private-public loan program to support the state's smallest entrepreneurs.

As one of the founders of the programs, Suz led a core team of 17 Morrison & Foerster lawyers in developing an innovative blended finance structure for the fund. The team donated 5,300 combined hours of work for their effort to become Legal Action's Pro Bono Heroes for October.

"We all independently recognized that [federal aid] was not reaching small businesses in the poorest communities," Suz said. The California Rebuilding Fund, which by mid-October had funded 778 loans totaling $50 million, was designed to fill the gap.

The model for the fund's structure, which leverages state guaranty funds, philanthropic funds, senior bank capital, and subordinated loans from foundations and program-related investments. "It hadn't been used before," Suz said. "We created it."

Read the full article, which also features a video interview with Suz.



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