CSH is one of just 28 community development financial institutions (CDFIs) in the nation to win a grant in the inaugural funding round of the Create Jobs for USA Fund.
Starbucks and Opportunity Finance Network have joined forces to help create and sustain jobs in communities across the country with this bold initiative to spark new financing to community businesses so they can hire and preserve jobs.
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 100% of these donations will go to CDFIs to finance under-served community businesses, and help create and sustain jobs in under-served communities.
The Create Jobs for USA Fund is collecting donations at www.CreateJobsforUSA.org and at nearly 7,000 company-operated Starbucks across the country. One hundred percent of the donations will support organizations like CSH, by lending for job creation and retention across the U.S. 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. “CSH received this grant because it has demonstrated that it will provide financing that is good for community businesses and good for communities.”