As the dismal jobs numbers came out today showing unemployment at 9.2 percent, investors responded by selling off stocks. But not all Wall Street firms were cringing at the news of more job losses. In fact two financial giants are actually doing something about it.
Bank of America/Merrill Lynch is joining forces with Prologis and NRG Energy to help finance a solar energy project that will create an estimated 10,000 jobs in 28 states. According to an article in Investment Weekly, the deal involves a conditional commitment from the U.S. Department of Energy's Loan Programs Office to help finance the largest distributed rooftop solar generation project in the world.
The reported loan guarantee would support $1.4 billion of debt that would in turn facilitate a project totalling $2.6 billion and financed entirely by the private sector over the next four years.
BofA Merrill is acting as sole financial and structuring advisor and sole lender on this transaction, which is being executed under the Department of Energy's Financial Institutions Partnership Program.
Meanwhile, UBS Wealth Management Americas and the William J. Clinton Foundation are partnering up to provide small business owners in under-served communities with the knowledge and skills to support expansion and job growth. The six-month pilot program will kick off this summer in the New York City metropolitan area, and the organizations said more details will be released later.
Each participating small business owner will receive tailored pro bono advice from a dedicated UBS financial adviser, as well as access to UBS Wealth's client network of experienced business leaders.
In a released statement, former president Clinton said, "small businesses are our nation's most vital source of job creation. They have driven success and innovation since our country's inception and are at the core of our economy."