News from CRF
June 10, 2010
A Down Payment on Recovery: Community Reinvestment Fund, USA Receives $500,000 Check from Sam's Club to Jump-Start Small Business Lending
Minneapolis-based non-profit placed second in online voting initiative; Sam's Club representatives praised CRF USA's "commitment to entrepreneurship" during check presentation
MINNEAPOLIS - June 10, 2010 - Community Reinvestment Fund, USA (CRF USA), a non-profit that helps U.S. communities thrive by supporting small businesses and job creation, today received a $500,000 "Giving Made Simple" grant from Sam's Club, a division of Walmart. The grant, awarded after a month-long online voting campaign, will help hundreds of small businesses nationwide get the financing they need and create jobs.
"We are so grateful to our supporters, and Sam's Club members and associates in particular, for recognizing the work we're doing in communities across the country," said Frank Altman, CRF USA founder and CEO. "With American recovery dependent on small business success, we know this grant from Sam's Club will help improve the lives of people living and working in low-income communities."
For the past 22 years, CRF USA and its partners, including local banks, non-profit organizations and major financial institutions, have helped secure nearly 45,000 American jobs in underserved communities - including more than 7,200 in Minnesota. The $500,000 Sam's Club grant will help attract other funds to drive an additional $90 million in loans and approximately 4,500 jobs. The impact will reach far beyond the businesses themselves, empowering workers, vendors and neighbors whose lives depend on small business success.
"Our members and associates were all inspired by the hard work and dedication CRF USA has shown in helping small business owners succeed," said Cindy Davis, Executive Vice President, Membership, Marketing and Ecommerce at Sam's Club. "We are excited to see the social and economic impact this grant will have on the communities that Sam's Club serves."
CRF USA will put its grant dollars to work immediately, supporting its business loan programs that help small business owners and entrepreneurs get the financing they need to grow, hire and succeed. "Small businesses' greatest need today is accessible, affordable financing," Altman said. "Thanks to Sam's Club, CRF USA is able to meet this essential need and create financial stability for thousands of American business owners, their families, employees and communities."
Community Reinvestment Fund, USA (CRF), 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 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 is headquartered in Minneapolis, Minn. www.crfusa.com
About Sam's Club
Sam's Club is a division of Wal-Mart Stores, Inc., (NYSE:WMT). The first Sam's Club opened its doors in Midwest City, Okla., in 1983. Today, Sam's Club serves more than 47 million U.S. Members with locations nationwide, as well as in Brazil, China, Mexico and Puerto Rico. Sam's Club saves its members on average 30.4 percent over grocery and specialty retailers by offering superior values on quality merchandise and services for home or work. Saving is made simple at Sam's Club. Visit samsclub.com for more information.
Posted by: CRFUSA