Contact: Grace Cleaves, Director of Marketing and Communications, Coastal Enterprises Inc., gfc@ceimaine.org, 207-772-5356 x270, 207-632-7693 cell
Ron Phillips, President, CEI, rlp@ceimaine.org, 207-882-7552
Coastal Enterprises Inc. Receives $170K from Starbucks and Opportunity Finance Network’s “Create Jobs for USA” Program
Local CDFI Receives First Round Capital Grant in New Initiative to Spur Job Creation in the US
FOR IMMEDIATE RELEASE
November 10, 2011
Wiscasset, ME. A local community lender today received a $173,500 capital grant from the Create Jobs for USA Fund, a collaboration between Starbucks and Opportunity Finance Network (OFN). The money will help Coastal Enterprises, Inc. to create and sustain jobs in Maine as part of a national campaign to support small, community businesses.
CEI 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 November 1st, 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 CEI who make commercial loans for job creation and retention across the US. CDFIs that are Members of 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. “Coastal Enterprises 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 Ron Phillips, CEO at Coastal Enterprises. “Create Jobs for USA is unprecedented for the CDFI industry. It is shining a national spotlight on our work and will help CEI to continue to create and sustain jobs in Maine.”
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, or apply for a loan, can get more information at: http://opportunityfinance.net/findacdfi.
CEI is a local Maine nonprofit that does commercial lending and free business technical support for all sizes of businesses, from micro to large.
For more information about CEI please contact Grace Cleaves at 207-772-5356 or go to www.ceimaine.org.
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About Coastal Enterprises Inc.
CEI is a nonprofit organization that provides rural business financing, technical assistance and policy advocacy for small and medium sized companies that create jobs, improve the economic development in their areas, or offer environmental benefits. More information is available at: www.ceimaine.org.
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.
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