NEW YORK, June 11, 2020 – Proskauer, a leading international law firm, announced that its client, Owl Rock Capital, a leading alternative asset manager, has committed $5 million of its own capital to establish a community loan program that will extend interest- free loans to US-based small businesses. Loans will support companies in their efforts to maintain full employment, with an emphasis on minority-owned businesses impacted by COVID-19 and economic uncertainty.

“Public service and giving back to the communities where we live and work is in our DNA; it is who we are. It is why we are so happy to be working with our client, and friends, at Owl Rock to assist small businesses who have been disproportionally impacted by COVID-19. These loans will be specifically directed at minority owned companies and will help them meet payroll and keep the lights on during this very difficult times.” said Gary Creem, a Corporate partner and member of Proskauer’s Private Credit and Finance Groups. 

“Along with Owl Rock we hope that these efforts play a role in helping these businesses who have long faced social and economic injustices,” added Gary.

The program will be administered by Newtek Small Business Lending, a controlled portfolio company of Newtek Business Services Corp. (Nasdaq: NEWT).”

Owl Rock’s community loan program follows a $1 million donation to the Food Bank For New York City in April. Owl Rock continues to monitor the social and economic impact of recent events and remains dedicated to its pandemic relief efforts, as well as broader philanthropic and community activities.

Proskauer Rose LLP served as legal counsel to Owl Rock on a pro bono basis. The Proskauer team included Gary Creem, Howard Beber, Kyle Junik  and Jessica Ball.

Proskauer For Good

At Proskauer, "for good" means giving of ourselves and making a positive impact on the lives of those less fortunate. For over 140 years, we've had an unwavering commitment to our communities. Our pro bono work breaks boundaries. From high-impact litigation and complex transactions for nonprofit organizations to matters for low-income individuals seeking equal access to justice - we are committed to driving businesses as well as society, forward. We believe in the core principles of our mission: for success, for progress, for good. 

About Owl Rock Capital

Owl Rock Capital, together with its subsidiaries (“Owl Rock”), is a New York based direct lending platform with approximately $17.3 billion of assets under management as of March 31, 2020. Owl Rock is comprised of a team of seasoned investment professionals with significant and diverse experience from some of the world’s leading investment firms and financial institutions. Owl Rock’s relationship-oriented approach to investing seeks to provide companies with sizeable commitments to facilitate transactions and support their growth needs with certainty, speed and transparency throughout the entire investment process. For more information, please visit us at www.owlrock.com.