CRF in the news
April 8, 2010
Clicking for Dollars: Community Reinvestment Fund, USA Seeks Online Support to Secure $1 Million Sam’s Club® Grant
Minneapolis-based CRF USA could deliver $180 million in small business loans and create or retain 9,000 jobs in America's financially underserved communities
Sam's Club Members should vote for CRF USA every day at samsclub.com/giving beginning April 8
MINNEAPOLIS - April 8, 2010 - Community Reinvestment Fund, USA (CRF USA), a non-profit that helps U.S. communities thrive by supporting small businesses and job creation, announced it is a finalist for a $1 million "Giving Made Simple" grant from Sam's Club, a division of Walmart. CRF USA is competing with three other organizations in the "entrepreneurship" category.
Sam's Club will award the top $1 million grant donation to the organization receiving the most votes from its 47 million U.S. members. The online voting opens April 8 and closes May 2. The organization with the second highest vote total will receive a $500,000 grant, and the remaining two finalists will each receive $250,000.
Sam's Club members should vote for CRF USA once per day during the voting period from April 8 to May 2 at samsclub.com/giving.
Community-Based Jobs: Essential for Community Improvement
"Now more than ever, small community-based businesses need financial resources. These organizations are the engine of job growth in America, responsible for more than half of all private-sector jobs," said Frank Altman, CRF USA founder and chief executive officer. "With help from Sam's Club members, CRF USA can bring better jobs to working men and women in underserved areas across the country by ensuring small business owners have access to the capital resources they need to expand and create more jobs."
Founded in 1988, CRF USA helps create jobs and business opportunities in America's low- and middle-income neighborhoods. For the past 22 years, CRF USA and its partners, including local banks, nonprofit organizations and major financial institutions, have helped secure nearly 45,000 American jobs in underserved communities. The $1 million prize will help attract additional funds to drive $180 million in loans and approximately 9,000 U.S. jobs. The impact will reach far beyond the businesses themselves, empowering workers, vendors and neighbors whose lives depend on small business success.
CRF USA Borrowers - Leading the Recovery
One CRF USA borrower shared how he struggled to finance his company's expansion despite its success and promise of job growth, due to the global credit crisis.
"Despite our proven track record of success and a positive outlook for the future, banks were unwilling to lend us the full amount of money we needed to get to the next level," said Don Anderson, president and CEO of Keller Electrical Industries in Phoenix, Ariz. "Without CRF USA, our growth would have been limited by the amount of capital we could borrow. But today with our new facility that will be completed in 2010, our business plan shows stronger continued growth and we expect to hire 125 new employees within the next five years."
To learn more about CRF USA and its work to support American small businesses, visit www.crfusa.com, follow #CRF_USA on Twitter or become a fan of CRF USA on Facebook.
Sam's Club members should vote for CRF USA every day at samsclub.com/giving beginning April 8.
About CRF USA
Community Reinvestment Fund, USA (CRF USA), a non-profit organization and certified Community Development Financial Institution, is the nation's leader in bringing capital to public and private, non-profit community development lenders through the secondary market for community development loans. Formed in 1988, CRF USA has injected more than $1 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 USA is headquartered in Minneapolis, Minn. www.crfusa.com
Sam's Club Charitable Giving Programs
Giving Made Simple is a new addition to a long history of charitable contributions made by Sam's Club at both the national and local level. Last year, Sam's Club associates logged more than 113,879 hours to the company's Volunteerism Always Pays grant program, which resulted in $948,000 worth of charitable grants to education, workforce development, environmental and health and wellness focused organizations. Sam's Club also donated more than 38 million pounds of food last year to U.S. food banks through Walmart's partnership with Feeding America; and participates in disaster assistance, events such as the Salvation Army Red Kettle Holiday Drive as well as Children's Miracle Network fundraising.
Posted by: CRFUSA