(Washington, D.C) – Today, U.S. Senator Patty Murray (D-WA) announced that three Washington state community-based financial organizations have been selected to receive a total of $2,455,000 under the fiscal year 2009 funding round of the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. The funding will allow the organizations to expand capital and economic opportunity to small businesses and low-income families across the state.
“Small businesses are the backbone of Washington state’s economy, but too many of them have difficulty accessing the capital they need to expand and create jobs,” said Senator Patty Murray. “These grants will put money into the hands of small business owners, and give community-based organizations the resources they need to provide local small businesses owners with the support and training they deserve.”
The grants were made through a competitive application process involving a Comprehensive Business Plan review. The goal of the CDFI Fund is to expand the capacity of financial institutions to provide capital, credit and financial services to underserved populations and communities in the United States.
The following Washington state organizations were among the 62 institutions nationwide to receive funding nationwide in the 2009 round of the CDFI program.
HomeSight, Seattle– $1,000,000
HomeSight is a certified CDFI established in 1990. Homesight builds homes and provides affordable housing loan products and development services to low income families in the city of Seattle, and Snohomish and King Counties. HomeSight will use its FY09 Financial Assistance award to expand its Target Market and for additional lending capital.
ShoreBank Enterprise Group Pacific, Ilwaco– $1,000,000
ShoreBank is a certified CDFI established in 1994. ShoreBank is a loan fund that provides business, real estate, community facility, and consumer loans to Low Income Targeted Populations throughout Oregon and Washington. They will use the 2009 Financial Assistance award to support lending and to leverage additional borrowed capital.
Washington Community Alliance for Self-Help (Washington CASH), Seattle—$455,000
Washington Community Alliance for Self-Help (CASH) is a nonprofit certified CDFI established in 1995. Washington CASH is a microenterprise development organization dedicated to fostering economic self-sufficiency through selfemployment training and lending to low-income individuals. Washington CASH serves residents in four Washington state counties by providing business development training, microloans, mentoring, marketing assistance, individual technical assistance and Individual Development Accounts. Washington CASH will use its FY09 Financial Assistance Award to provide increased development services, support training of program staff about CDFI industry best practices, and provide increased microlending.
