Local CDFI – WWBIC to help spur job creation in the US
The Wisconsin Women’s Business Initiative Corporation (WWBIC) a local community lender announced 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 WWBIC create and sustain jobs in WWBIC’s statewide market as part of a national campaign to support community businesses in underserved communities.
The Wisconsin Women’s Business Initiative Corporation (WWBIC) is one of the toptier 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. The Create 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 percent of the donations will support organizations like WWBIC’s 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. “WWBIC 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 Wendy K. Baumann, WWBIC’s President/CVO at WWBIC. “Create Jobs for USA is unprecedented for the CDFI industry. It is shining a national spotlight on our work and will help WWBIC to create and sustain jobs in Wisconsin.”
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.
For 25 years, WWBIC has been…”putting dreams to work” and in 2011 alone, WWBIC approved 120 loans totaling $3.4 million and provided quality business and financial education to over 3,000 unduplicated entrepreneurs and business owners. WWBIC provides hope and opportunity!
Community business owners who would like to apply for a loan from WWBIC can get more information at WWBIC my go online to www.wwbic.com. Or to find other CDFIs, visit http://opportunityfinance.net/findacdfi.