People Incorporated Financial Services Receives Grant from Starbucks and Opportunity Finance Network’s “Create Jobs for USA” Initiative
May 14, 2012
Abingdon, VA – People Incorporated Financial Services, a local community lender, announced today that it has received a capital grant from the Create Jobs for USA Fund, a collaboration between Starbucks and Opportunity Finance Network (OFN). The money will help People Incorporated create and sustain jobs in the Southwest and Northern Shenandoah Valley regions of Virginia as part of a national campaign to support community businesses in underserved communities.
People Incorporated 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 allocating awards in November of 2011. TheCreate Jobs for USA Fund pools donations from Starbucks customers, partners/employees, and concerned citizens into a nationwide fund, held and managed by OFN, for community business lending. Donors who contribute $5 or more will receive a red, white, and blue wristband with the message “Indivisible.” The wristbands are individually handmade in the U.S.A. and all component materials are manufactured by U.S. suppliers, so the effort is also helping support American manufacturing jobs.
Since November 1 The Create Jobs for USA Fund has been 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 People Incorporated lending for job creation and retention across the US.
“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. “People Incorporated 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 grant to us,” said Robert G. Goldsmith, President and CEO at People Incorporated. “Create Jobs for USA is unprecedented for the CDFI industry. It is shining a national spotlight on our work and will help People Incorporated to create and sustain jobs.”
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 People Incorporated can get more information at www.peopleinc.net. Or to find other CDFIs, visit http://opportunityfinance.net/findacdfi.
People Incorporated is committed to promoting the economic self-sufficiency and a better quality of life for the citizens of the regions through small business ownership, job creation, and asset development. In support of this goal, People Incorporated Financial Services provides business and financial literacy training, individual technical assistance, marketing services and access to credit to entrepreneurs and others throughout the region.
For more information about People Incorporated, please contact Deborah Wagner, Director of Community Economic Development, 276-619-2239.
About People Incorporated Financial Services
Headquartered in Abingdon, VA, People Incorporated Financial Services is a non-profit, certified Community Development Financial Institution that promotes economic self-sufficiency and access to capital for low-income residents and communities by providing business development and lending services, technical assistance, financial and credit literacy training, and marketing services to help businesses attract private investment and create jobs. Since 1992, People Incorporated Financial Services has deployed over $20 million in loan funds, and has helped to create and/or retain over 1,600 jobs in low-income communities. People Incorporated Financial Services is an affiliate corporation of People Incorporated, one of the nation’s most successful and innovative Community Action Agencies. For more information about People Incorporated’s programs and services visit People Incorporated on the web at www.peopleinc.net.
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