maced receives $116,000 from starbucks and opportunity finance network’s “create jobs for usa” program
Local CDFI Receives First Round Capital Grant in New Initiative to Spur Job Creation in the US
November 2, 2011
Berea, Ky — A local community lender today received a $116,000 capital grant from the Create Jobs for USA Fund, a collaboration between Starbucks and Opportunity Finance Network (OFN). The money will help the Mountain Association for Community Economic Development (MACED) to create and sustain jobs in Appalachian Kentucky as part of a national campaign to support small, community businesses.
MACED 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.
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 MACED 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 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. “MACED 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 Justin Maxson, President at MACED. “Create Jobs for USA is unprecedented for the CDFI industry. It is shining a national spotlight on our work and will help MACED to create and sustain jobs in Appalachian Kentucky.”
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.
MACED works with people in eastern Kentucky and Central Appalachia to create economic opportunity, strengthen democracy and support the sustainable use of natural resources. For more information about MACED, please visit www.maced.org.