Next Street LLC, a Boston- and New York-based merchant bank, announced the launch of Next Street Capital, a new unit aimed to provide customized lending and capital solutions to small businesses in underserved urban markets, primarily in New York and Massachusetts.
As stated by Tim Ferguson, Next Street founding partner and chairman, “with the creation of Next Street Capital, we will not only be able to help our clients make sound, strategic decisions, we can also provide financing solutions that fit their requirements, which so many small businesses urgently need”.
Gloria Lee and Steve Kunin, who join the firm as partner and director, respectively, will be responsible for managing the activities of Next Street Capital.
In particular, Ms. Lee will be responsible for building and managing the firm’s structured lending and financing capabilities, as well as managing investment recommendations for review and approval by the investment committee of which she will be a member.
Ms. Lee and Mr. Kunin both join from Pembrook Community Capital where they were responsible for building a platform to provide structured capital products to underserved and economically distressed communities.