On November 1st Boston Community Capital's Loan Fund received a $231,000 capital grant from the Create Jobs for USA Fund, a collaboration between Starbucks and Opportunity Finance Network (OFN). The money will help Boston Community Capital to create and sustain jobs in low-income communities as part of a national campaign to support small, community businesses.
Boston Community Capital 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
“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. “Boston 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’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 Elyse Cherry, CEO at Boston Community Capital. “Create Jobs for USA is unprecedented for the CDFI industry. It is shining a national spotlight on our work and will help Boston Community Capital to create and sustain jobs in low-income communities.”
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.
About Opportunity Finance Network
About Create Jobs for USA