May 23, 2016
The grant will help CRF reduce loan acquisition costs and provide new technology solutions to other mission-driven lenders
MINNEAPOLIS - May 18, 2016 - Community Reinvestment Fund, USA (CRF), a Minneapolis-based national non-profit and Community Development Financial Institution (CDFI), has been awarded a $2 million grant from Sam's Club Giving Program. The grant will help CRF increase access to capital for underserved small business owners by growing the capacity and capability of other mission-driven lenders through helping them streamline processes and reduce costs directly associated with loan origination.
"We are honored by this latest grant from the Sam's Club Giving Program," said Frank Altman, President and CEO of CRF. "Their steadfast and continued support is critical to our efforts to create jobs and strengthen neighborhoods by delivering much needed financing to underserved small businesses."
Sam's Club Giving Program awarded more than $8 million in grants to eight organizations through a five-year Small Business Mobility Initiative. The Initiative, which is in its second year, is aimed at bolstering community lending resources and unlocking access to affordable capital for America's underserved small business owners.
"Sam's Club has a long history of helping small businesses get access to big business savings, save money and grow their businesses--that's the reason our founder Sam Walton started Sam's Club in 1983," said Kathleen McLaughlin, Walmart's Chief Sustainability Officer and President of the Walmart Foundation, which oversees the Sam's Club Giving Program. "When small businesses succeed, economic growth and job creation follow, which is why Sam's Club and the Sam's Club Giving Program are committed to creating small business prosperity by awarding grants to national nonprofit organizations that help to increase access to capital and better education for underserved business owners across the U.S."
Community Reinvestment Fund, USA (CRF), a non-profit organization and certified Community Development Financial Institution (CDFI), is a national leader in bringing capital to underserved areas. Founded in 1988, CRF has injected more than $2 billion into low-income and economically disadvantaged communities around the country to help stimulate job creation and economic development, provide affordable housing, and support community facilities. CRF is headquartered in Minneapolis, MN. For more information, visit www.crfusa.com.
About Sam's Club and the Sam's Club Giving Program
Sam's Club, the nation's eighth largest retailer and a leading U.S. membership club, offers savings and surprises to millions of members in 652 U.S. club locations and at SamsClub.com. The Sam's Club Giving Program was established by the Walmart Foundation in 2008 and has a focus on small business support. Sam's Club and the Sam's Club Giving Program, have granted $28 million since 2011 in support of micro- and small business growth. In addition, Sam's Club provides annual community grants to a variety of nonprofits, offers associate volunteer programs, and donates products to local food banks. For more information visit SamsClub.com/giving.
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Posted by: CRFUSA