CRF in the news
March 11, 2013
Community Reinvestment Fund, USA Receives an Additional $45,000 Capital Grant from Create Jobs for USA Fund
Create Jobs for USA Program to Help Community Reinvestment Fund, USA Generate Jobs across the U.S.
(Minneapolis, MN) March 11, 2013 - Community Reinvestment Fund, USA (CRF), a local community lender, announced today that it has received a $45,000 capital grant from the Create Jobs for USA Fund (Create Jobs), managed by Opportunity Finance Network® (OFN). Starbucks and OFN teamed up to launch the Create Jobs for USA initiative in response to the jobs crisis facing America. This is the third grant from Create Jobs for USA bringing the total to $275,000. The money will help CRF create and sustain jobs across the U.S. as part of this national campaign to provide financing to community businesses in underserved areas.
A leader in the U.S., CRF inspires and empowers the community through its work to improve the lives of disadvantaged people and strengthen distressed communities through innovative finance.
"CRF is grateful for the Create Jobs for USA Fund's continued support of CRF's mission and we are honored to received this capital grant," Frank Altman, president and chief executive officer at CRF, said. "Create Jobs for USA Fund's continued generosity will allow us to support the small businesses that are essential to the success of the economic recovery."
CRF is one of the top-tier community development financial institutions (CDFIs) in the nation to be awarded a grant from the fund since the program began in November 2011. Create Jobs for USA, which was seeded with an initial $5 million donation from the Starbucks Foundation, pools donations from concerned citizens and select partners into a nationwide fund held and managed by OFN, for community business lending. Donors who contribute $5 or more receive a red, white, and blue wristband with the message "Indivisible." The wristbands are individually handmade in America and all component materials are manufactured by U.S. suppliers, so the effort is also helping support American manufacturing jobs.
Since November 2011, Create Jobs has been collecting donations at www.CreateJobsforUSA.org and at nearly 7,000 company-operated Starbucks across the country. Thus far, the initiative has raised more than $15 million dollars to help create and sustain jobs. 100 percent of that money is being used to support organizations like CRF. In addition to donations from concerned citizens, other like-minded companies are joining to support the program as well. You can visit createjobsforUSA.org to learn more about the companies involved in the initiative.
"Create Jobs for USA makes it possible for Americans to help other Americans who need jobs. By donating $5 online, individuals can help create and retain jobs in their communities because 100% of donations collected go to community businesses across the country," Mark Pinsky, president and CEO of OFN, explained. "CRF received this grant because it has demonstrated that it will provide financing that will lead to jobs, which is good for community businesses and good for communities."
CDFIs provide financing to community businesses in underserved markets where would-be community business owners may not qualify for credit from traditional lending institutions. Community businesses include small businesses, microenterprises, nonprofit organizations, commercial real estate developers, and affordable housing developers. All of these community businesses help to create and sustain local jobs.
Community business owners who would like to apply for a loan from CRF can get more information at www.crfusa.com. Or to find other CDFIs, visit http://opportunityfinance.net/findacdfi.
For more information about CRF, please contact Katelyn Bednarski at email@example.com.
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Posted by: CRFUSA