FOR IMMEDIATE RELEASE
National Job Creation Initiative Awards Local CDFI Capital Grant to Spur Jobs in New Jersey
Create Jobs for USA Program to Help New Jersey Community Capital and Fellow Community Lenders Generate Jobs across the U.S.
(New Brunswick, NJ) June 1, 2012 – New Jersey Community Capital (NJCC), a statewide community lender, announced today that it has received a $133,500 capital grant from the Create Jobs for USA Fund (Create Jobs), managed by Opportunity Finance Network® (OFN). Starbucks and OFN teamed up to launch the Create Jobs for USA initiative in response to the jobs crisis facing America. This money will help NJCC create and sustain jobs in New Jersey as part of this national campaign to provide financing to community businesses in underserved areas.
A leader in neighborhood revitalization, NJCC inspires and empowers the communities it serves through its work of investing financial and technical resources into the creation of affordable housing, community service facilities, and area businesses. Through its real estate affiliate, Community Asset Preservation Corporation, and several other innovative strategies, NJCC has also pioneered new solutions that are spurring foreclosure crisis recovery in distressed communities of the state. Through its efforts, NJCC improves the lives of low-income New Jersey residents with quality homes, strong educational opportunities, and local job opportunities.
“We’re pleased that Starbucks and Opportunity Finance Network recognize the important work that we are doing across New Jersey and honored that we received a capital grant from the Create Jobs for USA Fund,” Wayne Meyer, President of NJCC, said. “Create Jobs is unprecedented for the CDFI industry. It is shining a national spotlight on our work and helping to provide the capital necessary so that we can continue our lending to important community businesses.”
NJCC 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 in November 2011. Create Jobs for USA, which was seeded with an initial $5 million donation from the Starbucks Foundation, pools donations from concerned citizens and select partners into a nationwide fund held and managed by OFN, for community business lending. Donors who contribute $5 or more receive a red, white, and blue wristband with the message “Indivisible.” The wristbands are individually handmade in America and all component materials are manufactured by U.S. suppliers, so the effort is also helping support American manufacturing jobs.
Since November 1, Create Jobs has been collecting donations at www.CreateJobsforUSA.org and at nearly 7,000 company-operated Starbucks across the country. Thus far, the initiative has raised more than $7.5 million dollars to help create and sustain jobs. 100 percent of that money is being used to support organizations like NJCC. In addition to donations from concerned citizens, other like-minded companies are joining to support the program as well. You can visit createjobsforUSA.org to learn more about the companies involved in the initiative.
“Create Jobs for USA makes it possible for Americans to help other Americans who need jobs. By donating $5 at Starbucks stores or online, individuals can help create and retain jobs in their communities because 100% of donations collected go to community businesses across the country,” Mark Pinsky, president and CEO of OFN, explained. “NJCC received this grant because it has demonstrated that it will provide financing that will lead to jobs, which is good for community businesses and good for communities.”
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 NJCC can get more information atwww.newjerseycommunitycapital.org. Or to find other CDFIs, visit http://opportunityfinance.net/findacdfi.
For more information about NJCC, please contact Daniel Kravetz at 732-640-2061 x410.
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About New Jersey Community Capital
NJCC is a nonprofit community development lender that transforms at-risk communities through strategic investments of capital and knowledge. NJCC invests in affordable housing, community facilities, and economic development ventures that strengthen neighborhoods, improve education, and increase jobs, ultimately providing greater opportunities for the low-income residents in these communities. For more information, visit:
www.newjerseycommunitycapital.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. 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.