CSDC receives capital grant to Help Spur Job Creation in the US
(Hanover, MD, April 27, 2012) The Charter Schools
Development Corporation (CSDC), a community development loan fund
specializing in financing for charter school organizations,
announced today that it has received a $230,000 capital grant from
the Create Jobs for USA Fund, a collaboration between Starbucks and
Opportunity Finance Network (OFN). The grant will help CSDC expand
its mission as a local community lender to public charter schools
and, in turn, create and sustain both administrative and teaching
jobs in the charter schools served by CSDC as part of a national
campaign to support community businesses in underserved
communities. Research has shown that charter schools are
of the best vehicles for creating jobs and spurring investment in economically distressed communities with high unemployment rates.
CSDC 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. 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% of the donations will support organizations like CSDC 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. “CSDC 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 so that we can continue to support high performing charter school organizations,” said Laura Fiemann, Senior Vice President of Western and CDFI Operations at CSDC. “Create Jobs for USA is unprecedented for the CDFI industry. It is shining a national spotlight on our work and will help CSDC to create and sustain jobs in those communities most in need of public school choice.”
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.
CSDC promotes innovation and excellence in education by financing and developing facilities for great public charter schools nationally. As the only CDFI in the country focused exclusively on the facility and capital financing needs of charter school organizations, CSDC’s mission is to promote community development by targeting and providing technical assistance and financing to public charter schools enrolling and serving predominately low income student populations, located in economically distressed census tracts, and/or located in communities with poor performing traditional schools. CSDC has a special focus on new schools, and helps charter school entrepreneurs and leaders finance, build, expand and replicate their school models, turning educational visions into reality, with the goal of ultimately improving student achievement by increasing school choice and catalyzing competition within the American K-12 public education system.
For more information about CSDC please contact Laura Fiemann at (303) 297-1128.
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