Christiansburg, Virginia, November 2, 2011 – A local community lender 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 Virginia Community Capital (VCC) to create and sustain jobs in throughout the Commonwealth of Virginia as part of a national campaign supporting small businesses.
VCC 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 VCC 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. “Virginia Community Capital received this grant because it has demonstrated that it will provide financing that is good for community businesses and good for communities.”
“We are pleased Starbucks recognizes the important work CDFIs are doing, and honored the Create Jobs for USA Fund has made a first-round grant to us,” said Jane Henderson, VCC President and CEO. “Create Jobs for USA is unprecedented for the CDFI industry. It is shining a national spotlight on our work and will help VCC create and sustain jobs in Virginia.”
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.
Virginia Community Capital’s mission is to support housing and community development ventures, to increase jobs, and to build sustainable communities by offering flexible financial products and advisory services. VCC operates three lines of business: Lending, Savings and Advisory Services.
For more information about Virginia Community Capital, please contact Bill Skeen in our Richmond office at 804-344-5484 or visit our website at www.vacommunitycapital.org.
About Virginia Community Capital
Virginia Community Capital (VCC) is a multi-million dollar non-profit, community development financial institution (CDFI) and banking entity providing innovative loan and investment solutions for affordable housing and economic development projects in the Commonwealth of Virginia. Our mission is to offer innovative, flexible financial products designed to support housing and community development ventures, increase jobs and build sustainable communities. VCC offers loan capital broader than bank lending to projects that have a positive community impact in low- to moderate-income communities in underserved geographies and markets. To learn more about the organization, visit: www.vacommunitycapital.org.
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.