Lending
ACCION Texas Inc. Receives Grant from Starbucks and Opportunity Finance Network’s “Create Jobs for USA” Program
 Proceeds from the sale of this wristband at Starbucks locations go to the Opportunity Finance Network to create and sustain jobs in America. We have ours. Do you have yours?
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.acciontexas.org .
ACCION Texas Inc. is a multi-state nonprofit organization that provides solutions to business owners’ financing needs. ACCION Texas offers business loans and consulting to start-up and existing businesses. ~ About ACCION Texas Inc.
Established in 1994 in San Antonio, ACCION Texas Inc.’s financial and business-support services help entrepreneurs strengthen their businesses, stabilize and increase their incomes, create employment and contribute to the economic revitalization of their communities. ACCION Texas Inc. has the nation’s largest microlender portfolio and is committed to providing capital to entrepreneurs who do not have access to loans from commercial sources. Since its inception, ACCION has made more than 12,000 loans totaling more than $116 million. ACCION now operates in four states – Texas, Louisiana, Arkansas and Missouri.
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
Posted by Daniel J. Vargas on 3rd November, 2011 | Comments
Tags: Create Jobs for USA, grant, microfinance, Opportunity Finance Network, Starbucks, ACCION Texas Inc.
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