Opportunity Finance Network (OFN), the nation’s leading network of community development financial institutions (CDFIs), and The Goldman Sachs Group Inc.’s 10,000 Small Businesses Initiative announced that PeopleFund is one of the 21 distinguished participants of the 10,000 Small Businesses CDFI Growth Collaborative. PeopleFund was selected from a pool of more than 50 applicants vying for a space in this innovative educational experience.
“The Goldman Sachs 10,000 Small Business Initiatives provides an excellent forum for CDFI’s to collaborate, exchange best practices, and better serve the thousands of small businesses who rely on us to build, sustain, and grow their businesses,” said Gary Lindner, PeopleFund President& CEO. “The CDFI’s chosen for this are among the leaders in small business lending throughoutthe U.S. We are proud to be included in this select group.”
The CDFI Growth Collaborative is a three-year program that will provide participating CDFIs with a unique, “tuition paid” learning program to help CDFI loan funds address the needs of small businesses in underserved communities across the country. By participating in it PeopleFund will strengthen its capacity to lend to small businesses through practical peer learning opportunities. The CDFI industry will benefit from new technical assistance and resources published as a resultof the program.
“CDFIs are an important vehicle through which the Goldman Sachs 10,000 Small Businesses initiative continues to spur and support lending to small businesses in underserved communities across the U.S.,” said Alicia Glen, Managing Director and head of the Urban Investment Group atGoldman Sachs. “Through a learning network of in-person peer exchanges and online education workshops, the CDFI Growth Collaborative will help CDFIs develop both the capacity and knowledge to grow their small business lending portfolio and stimulate the growth of more small businesses in their communities.”
CDFI loan funds participating in this innovative, new program will enjoy learning opportunities including information exchanges, meetings, online learning, and networking opportunities, opportunity to apply for one-on-one or small-group consulting services, focused training on topics of importance to the collaborative discussions/development of tools, policies, and best practices, as well as the opportunity to present on behalf of the collaborative at the OFN Conference.
“OFN congratulates PeopleFund for being selected as one of the CDFI loan funds participating inthe10,000 Small Businesses CDFI Growth Collaborative. While the current outlook for small business financing remains challenging, we know that CDFI small business lending is vital toeconomic growth in distressed markets. This innovative, new program will certainly contribute to the body of small business financing knowledge for the industry, and we expect participants to incorporate new learning that will benefit the low-wealth and low-income communities they serve,” said Mark Pinsky, President and CEO of OFN.CDFIs not participating in the Collaborative can also benefit from this program by: downloadingnew reports being published by OFN, such as the free technical assistance memo; attending Small Business sessions sponsored by Goldman Sachs at the annual OFN Conference; and by participating in small business-focused conference calls.
To schedule an interview with Gary Lindner, please contact Gary Lindner, President & CEO, [email protected], 512-222-1015.
PeopleFund is a non-profit 501(c)(3) organization based in Austin, Texas. Founded in 1994, PeopleFund is certified by the Department of Treasury as a Community Development Financial Institution (CDFI) and is also a Small Business Administration (SBA) micro lending intermediary. Business loans up to $250,000 are available to those outside the financial mainstream. It also provides business assistance and affordable housing programs. Since inception, PeopleFund hashelped put thousands of Texans on the path to financial security and independence.
Opportunity Finance Network (OFN), the leading network of private financial institutions, creates growth that is good for communities, investors, individuals, and the economy. Members of OFN are community development financial institutions (CDFIs) who deliver responsible lending to help low-wealth and low- income communities join the economic mainstream. Opportunity Finance Network originated more than $23.2 billion in financing in non-conforming urban, rural,and Native communities through 2009, which generated or maintained 298,511 jobs; 60,261businesses and microenterprises; 635,528 housing units; and 6,465 community facility projects. More information is available at: www.opportunityfinance.net
About the Goldman Sachs Urban Investment Group
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worthindividuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. 10,000 Small Businesses is a $500 million initiative that will unlock the growth and job-creation potential of 10,000 small businesses across the United States through greater access to business education, financial capital and business support services. It is based on the broadly held view of leading experts that a combination of education, capital, and support services best addresses the barriers to growth for small businesses. It is now operating in New York, Houston, New Orleans, Long Beach and Los Angeles and will continue to expand to communities across the country.