Shearman & Sterling provided legal counsel to Citi Community Capital on its launch of the $200 million Communities at Work Fund that will help fuel small business lending in low-wealth and low-income U.S. communities. The Fund will provide financing to both nonprofit and for profit Community Development Financial Institution (CDFI) Loan Funds that will then lend to local businesses in low-income communities. The Fund will help sustain and grow U.S. businesses, drive job creation and contribute to the economic recovery of communities that are underserved by traditional financial institutions.

Citi will provide $199 million of capital through a combination of equity and loans with Calvert Foundation and Opportunity Finance Network (OFN) contributing the balance. The Fund will be managed by Calvert Foundation and OFN with Citi contributing underwriting and risk management expertise.

The Shearman & Sterling team included partners Lisa Brill (New York-Property) and Roger Baneman (New York-Tax) and associate Keith Tagliavia (New York-Property).