Nonprofit Finance Fund Receives $231,000 from Starbucks and Opportunity Finance Network’s “Create Jobs for USA” Program

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Local CDFI Receives First Round Capital Grant in New Initiative to Spur Job Creation in the US

FOR IMMEDIATE RELEASE

New York, NY - November 2, 2011 – A local community lender today received a $231,000 capital grant from the Create Jobs for USA Fund, a collaboration between Starbucks and Opportunity Finance Network (OFN). The money will help Nonprofit Finance Fund (NFF) to create and sustain jobs across the U.S. as part of a national campaign to support small, community businesses. 

Nonprofit Finance Fund is one of just 28 community development financial institutions (CDFIs), in the nation to win a grant in the inaugural funding round. The grant was made possible by a $5 million seed contribution from the Starbucks Foundation. The Fund expects to raise tens of millions of dollars more, according to a spokesman, and one hundred percent of these donations will go to CDFIs to finance underserved community businesses, and help create and sustain jobs in underserved communities

Starting yesterday, The Create Jobs for USA Fund is collecting donations at www.CreateJobsforUSA.org and at nearly 7,000 company-operated Starbucks across the country. 100% of the donations will support organizations like NFF in lending for job creation and retention across the US. CDFIs that are Members of Opportunity Finance Network (OFN) will compete for these funds on a rolling basis. 

“Create Jobs for USA is making it possible for Americans who have $5 to help people who don’t have $5 to spare by creating and retaining jobs in their communities,” explained Mark Pinsky, President and CEO of OFN. “Nonprofit Finance Fund received this grant because it has demonstrated that it will provide financing that is good for community businesses and good for communities.” 

“We’re pleased that Starbucks recognizes the important work that CDFIs are doing, and honored that the Create Jobs for USA Fund has made a first-round grant to us,” said Antony Bugg-Levine, CEO of Nonprofit Finance Fund. “Create Jobs for USA is unprecedented for the CDFI industry. This capital will enable us to extend our lending to nonprofit organizations that not only account for 10 percent of the workforce nationwide but also sustain and enrich our local communities through the services they deliver.”

Community development financial institutions (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 learn more about the program, or apply for a loan, can get more information at: http://opportunityfinance.net/findacdfi.

Nonprofit Finance Fund works to create a strong, well-capitalized and durable nonprofit sector that connects money to mission effectively, supporting the highest aspirations and most generous impulses of people and communities. NFF is the only national CDFI that focuses exclusively on lending to nonprofits.  

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About Nonprofit Finance Fund (www.nonprofitfinancefund.org)
Nonprofit Finance Fund (NFF) is a national leader in nonprofit, philanthropic and social enterprise finance. Founded in 1980, NFF provides loan financing, access to capital and direct advisory services that build the capacity and the financial health of nonprofits. A leading community development financial institution with over $80 million in assets, NFF has provided over $235 million in loans and access to additional financing via grants, tax credits and capital in support of over $1.3 billion in projects for thousands of nonprofit clients nationwide. NFF has a staff of 70 serving nonprofits nationally from offices in New York City, Philadelphia, Newark, New Jersey, Boston, Detroit, Washington, D.C., San Francisco, and Los Angeles.

About Opportunity Finance Network
Opportunity Finance Network (OFN) is the national network of Community Development Financial Institutions (CDFIs)—private financial institutions that are 100 percent dedicated to delivering responsible, affordable lending to help low‐income, low‐wealth, and other disadvantaged people and communities join the economic mainstream. CDFIs in the OFN network serve all 50 states, and OFN Member CDFIs originated more than $23.2 billion in financing in urban, rural, and Native communities through 2009. More information is available at: www.opportunityfinance.net

About Create Jobs for USA
Starbucks and Opportunity Finance Network have joined forces to help create and sustain jobs in communities across the country. Create Jobs for USA is a bold initiative to spark new financing to community businesses so they can hire and preserve jobs. Learn more or donate now at: www.createjobsforusa.org