Posted by Daniel J. Vargas on 3rd November, 2011
Microlending leader ACCION Texas Inc. today received a $173,500 capital grant from the Create Jobs for USA Fund, a collaboration between Starbucks and Opportunity Finance Network (OFN). The money will help ACCION Texas create and sustain jobs in Texas, Louisiana, Arkansas and Missouri as part of a national campaign to support small, community businesses.
ACCION Texas 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 today, 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 ACCION Texas in their work spurring job creation and retention across the US. CDFIs that are Members of the 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 share 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. “ACCION Texas Inc. 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 Janie Barrera, President and CEO of ACCION Texas Inc. “Create Jobs for USA is unprecedented for the CDFI industry. It is shining a national spotlight on our work and will help ACCION create and sustain jobs throughout our service area.”
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 can get more information at:http://opportunityfinance.net/findacdfi . To apply for a business loan, information can be found at:www.liftfund.com.