FCLF Receives Create Jobs for USA Grant

Florida Community Loan Fund receives grant from Starbucks and Opportunity Finance Network's "Create Jobs for USA" Program

Florida Community Loan Fund receives $173,500 grant in new initiative to spur jobs creation in the US.

Florida Community Loan Fund (FCLF) has 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 FCLF to create and sustain jobs in Florida as part of a national campaign to support small, community businesses.

As a certified CDFI (Community Development Financial Institution), FCLF makes loans throughout Florida, primarily to non-profit organizations, for the purpose of improving low-income communities across the state. FCLF is one of just 28 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 1, the Create Jobs for USA Fund is collecting donations at www.CreateJobsforUSA.org and at nearly 7,000 company-operated Starbucks across the country. Create Jobs for USA 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, American-made wristband with the message "Indivisible," and 100% of the donations support organizations like FCLF. CDFIs that are members of Opportunity Finance Network (OFN) will compete for these funds on a rolling basis.

Since 1994, FCLF has financed a wide range of community, social and economic development projects that improve the lives of Floridians. It has made loans to over 70 non-profit organizations, totaling $100 million in financing and resulting in over 5,000 jobs created. One of the organizations that FCLF has recently partnered with is Northwest Jacksonville Community Development Corporation (NJCDC).

NJCDC, a non-profit commercial real estate developer, is in the business of revitalizing and improving their community through jobs, services, and affordable housing. Their newest project, North Point Town Center (pictured above), is changing an abandoned, overgrown piece of land into a modern green, Earth-friendly mixed use facility that will house a community health center and other local businesses. Currently under construction, the facility will provide local residents opportunities to work in their own neighborhood by providing over 50 temporary jobs and when completed 25 new permanent jobs. This 10,600 square foot building is considered the keystone of the City of Jacksonville’s revitalization plan for the 29th and Chase neighborhood where the area poverty rate exceeds 27%. It is an example of NJCDC’s intent to catalyze community change and the Florida Community Loan Fund’s commitment to financing community solutions.

For more information:
About the Florida Community Loan Fund visit: www.fclf.org
About OFN visit: www.opportunityfinance.net
About Northwest Jacksonville CDC visit: www.northwestjaxcdc.org
FCLF on Facebook

About the Florida Community Loan Fund. FCLF provides flexible capital and technical assistance primarily to nonprofit organizations working in community development through its three financing programs: Community Development Loan Pool, New Markets Tax Credits, and the Florida Preservation Fund. Since it began lending in 1996, FCLF has originated more than $100 million in low-cost credit to projects sponsored by community-based nonprofit and mission-focused for-profit organizations throughout Florida and has leveraged an additional $350 million in loans and grants from various public and private sources for those projects. FCLF has a broad range of investors including most major financial institutions operating in Florida, individual investors, religious investors, national foundations and trade associations. FCLF is certified as both a Community Development Financial Institution and a Community Development Entity, and is a member of Opportunity Finance Network.

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 .

02 November 2011