PeopleFund, a local community lender, announced today that it has received a $66,250 capital grant from the Create Jobs for USA Fund (Create Jobs), managed by Opportunity Finance Network® (OFN). Starbucks and OFN teamed up to launch the Create Jobs for USA initiative in response to the jobs crisis facing America. This money will help PeopleFund create and sustain jobs in Texas as part of this national campaign to provide financing to community businesses in underserved areas.
A leader in lending to women, minority and moderate- and low- income communities, PeopleFund inspires and empowers the community through its work providing capital, business education and community resources to underserved entrepreneurs.
“We’re pleased that Starbucks and Opportunity Finance Network recognize the important work that we are doing in Texas and honored that we received a capital grant from the Create Jobs for USA Fund,” Gary Lindner, President and CEO at PeopleFund, said. “Create Jobs is unprecedented for the CDFI industry. It is shining a national spotlight on our work and helping to provide the capital necessary so that we can continue our lending to important community businesses.”
PeopleFund is one of the top-tier community development financial institutions (CDFIs) in the nation to be awarded a grant from the fund since the program began in November 2011. Create Jobs for USA, which was seeded with an initial $5 million donation from the Starbucks Foundation, pools donations from concerned citizens and select partners into a nationwide fund held and managed by OFN, for community business lending. Donors who contribute $5 or more receive a red, white, and blue wristband with the message “Indivisible.” The wristbands are individually handmade in America and all component materials are manufactured by U.S. suppliers, so the effort is also helping support American manufacturing jobs.
Since November 1, Create Jobs has been collecting donations online and at nearly 7,000 company-operated Starbucks across the country. Thus far, the initiative has raised more than $7.5 million dollars to help create and sustain jobs. 100 percent of that money is being used to support organizations like PeopleFund. In addition to donations from concerned citizens, other like-minded companies are joining to support the program as well.
“Create Jobs for USA makes it possible for Americans to help other Americans who need jobs. By donating $5 at Starbucks stores or online, individuals can help create and retain jobs in their communities because 100% of donations collected go to community businesses across the country,” Mark Pinsky, president and CEO of OFN, explained. “PeopleFund received this grant because it has demonstrated that it will provide financing that will lead to jobs, which is good for community businesses and good for communities.”
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 apply for a loan from PeopleFund can get more information at peoplefund.org. Or to find other CDFIs, visit http://opportunityfinance.net/findacdfi.