News from CRF
July 7, 2010
FOR IMMEDIATE RELEASE
For more information contact:
Community Reinvestment Fund, USA
Grant will support ongoing CRF involvement in economic development
MINNEAPOLIS - July 7, 2010 - Community Reinvestment Fund, USA (CRF), a non-profit organization that connects community development lenders with the capital resources of Wall Street, today announced it received a $25,000 grant from GE Money Bank. This is the latest in a series of grants made to CRF by GE Money Bank.
The GE Money Bank contribution will help fund CRF's comprehensive community lending programs in the Twin Cities Metropolitan Area. The grant will ensure that minority-, woman-, and immigrant-owned small businesses and entrepreneurs, as well as other small enterprises have the resources they need to invest in their businesses and communities.
"We are honored to receive the generous grant from GE Money Bank," said Frank Altman, president and chief executive officer for CRF. "This contribution will help CRF provide loan capital to locally-based community development lenders so they can make community enhancing loans and create much needed jobs across the Twin Cities."
With market conditions affecting credit availability and more distressed communities seeking capital than ever before, CRF is able to initiate economic recovery at the grassroots level. Today, CRF has funded more than $1.1 billion in loans in over 730 communities across the United States. CRF has also helped create and or retain more than 43,000 jobs, the development of more than 16,600 housing units, and the financing of nearly 550 minority or women owned businesses.
"We're delighted to be supporting CRF and the Twin Cities community, where GE has deep and long established roots. GE, which employs thousands of people who call the Twin Cities home, provides credit to countless small businesses and consumers in the area and throughout Minnesota," said Alan Urie, senior vice president for GE Money Bank. "CRF, which has funded 630 loans in the Twin Cities that have helped create and or retain thousands of jobs, is a community partner that we're proud to be associated with and support."
Community Reinvestment Fund, USA (CRF), a non-profit organization and certified Community Development Financial Institution (CDFI), 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 has injected more than $1.1 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 is headquartered in Minneapolis, Minn. www.crfusa.com.
About the GE Money Bank
GE Money Bank, a subsidiary of General Electric Capital Corporation, is a federal savings bank that delivers fast, dependable financial solutions to consumers, businesses and merchants. GE Money Bank's primary business is to provide loans to credit customers throughout the United States via sales finance products, private label credit cards, and dual credit cards. GE's expertise in financial services dates back more than 75 years when the GE Credit Corporation was formed to finance the purchase of home appliances in the U.S. during the Great Depression. General Electric Capital Corporation is a wholly owned subsidiary of General Electric Company.
Posted by: CRFUSA