Independent Operators

Morgan Stanley aims to save NYC coffee cart industry

Photo by istock.com

December 14, 2020

The New York City coffee cart industry has seen earnings drop as much as 90% since COVID-19 hit last spring, and Morgan Stanley is stepping in to help keep the industry alive.

The bank is providing $2 million to 2,000 operators via the Robin Hood foundation, according to a Bloomberg report. The foundation is kicking in $375,00 as well and will team with the Street Vendor Project of the Urban Justice Center to allocate the monies to cart owners.

"Vendors come from communities that have been disproportionately impacted by the COVID-19 pandemic," Mohamed Attia, director of the Street Vendor Project, said in a prepared statement. "They have lost the majority 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."