Fwd: Spring 2013, Craft3 at a Glance
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CRAFT3 ANNOUNCES NEW PARTNERSHIP WITH GOLDMAN SACHS 10,000 SMALL BUSINESSES
Craft3 is one of Goldman Sachs' newest capital partners through the 10,000 Small Businesses initiative. Goldman Sachs Bank and Goldman Sachs Foundation have awarded Craft3 $5.5 million to support growth of its small business lending activities in rural and underserved communities in the Pacific Northwest.
"Access to capital is a key component in helping small businesses grow and create jobs," said Alicia Glen, Managing Director and Head of the Urban Investment Group at Goldman Sachs. "We are pleased to partner with Craft3 to bring capital to Washington and Oregon small businesses, whose growth will positively impact the economy in the region."A $5 million loan to Craft3 will capitalize small business loans in the region. An additional $500,000 grant will fund loan loss reserves and strengthen geographic expansion efforts in central and eastern Oregon and Washington.
Craft3 will soon open an office in Bend, Oregon, to serve the Central Oregon region of Deschutes, Crook, and Jefferson Counties.
"Our expansion to Central Oregon is a major step in our efforts to put feet on the ground in key regional centers east of the Cascades," said John Berdes, Craft3 President. "We look forward to building relationships in every community in the tri-county region."
Craft3's five year business plan calls for establishing offices in Central and Eastern Oregon and Washington by 2016.
To learn more about Craft3's Home Energy Efficiency Loans in Oregon, visit
www.Craft3.org/CEWO.
Cowlitz Family Health Center (CFHC) is a non-profit community health center. It has offered primary medical care, family planning, nutrition education, and dental services for uninsured and under-served families for over 30 years.
A community-needs assessment identified a shortage of health and homeless care services in Kelso. Morbidity and mortality rates for chronic health conditions are high. Childhood immunization rates are low and access to dental care is a significant problem. In response, CFHC built a Kelso facility that offers primary medical care, behavioral health, case management and outreach services. The clinic is close to homeless service providers and is centrally located along several bus lines.Cowlitz Family Health Center contacted Craft3 for financing. Craft provided a loan for tenant improvements, equipment, furnishings, and working capital. This loan was made possible with financial support from Merrill Lynch.
"Craft3 is helping AOC to expand our lending platform to leverage more dollars into more small businesses in our community."- Terry Brandt, Albina Opportunities Corporation Executive Director
Albina Opportunities Corporation (AOC) is a nonprofit Community Development Financial Institution that provides loans to small businesses owned by women, minority, disabled and immigrant populations. It also targets businesses operating in low to moderate income areas. AOC works hard to establish successful partnerships with small businesses to ensure their ongoing success.
Like Craft3, AOC provides access to capital to those who have difficulty obtaining financing from traditional sources. With demand for services increasing, Albina Opportunities Corporation contacted Craft3 for a line of credit.
Craft3 provided a loan to support AOC's lending activities and portfolio growth. This loan was made possible with capital from the SBA Intermediary Lending Pilot Program.
- American Express
- Bank of America
- Bullitt Foundation
- Calvert Foundation
- Cathay Bank
- Citi Group
- F.B. Heron Foundation
- Federal Home Loan Bank of Seattle
- Goldman Sachs
- HSBC Bank
- Kelley Family Foundation
- Kitsap County
- Laird Norton Family Foundation
- Living Cities Catalyst Fund
- Meyer Memorial Trust
- Opportunity Finance Network
- Paul G. Allen Family Foundation
- Portfilio 21 Investments
- Starbucks Foundation
- Titcomb Foundation
- Union Bank
- US Bank, N.A.
- U.S. Department of Treasury
- Washington Department of Commerce
- Wells Fargo
- Weyerhaeuser Family Foundation
Astoria, Oregon 503.325.4476
100 39th Street, Suite 501
Bend, Oregon - Opening Soon!
Ilwaco, Washington 360.642.4265
203 Howerton Way, SE
Port Angeles, Washington 360.565.2063
905 West 9th Street, Suite 221
Portland, Oregon 503.688.1700
1000 SW Broadway, Suite 1000
Seattle, Washington 206.447.9226
401 Second Avenue South, Suite 301
CRAFT3 LENDS TO THOSE WITHOUT ACCESS TO FINANCING.
Mission - Our mission is to strengthen economic, ecological and family resilience in Pacific Northwest communities.
History - Craft3 was founded in 1995 and is recognized by the IRS as a 501(c)3 and by the US Treasury as a Community Development Financial Institution (CDFI).
Resources - Craft3 manages $166 million in total assets. This capital is available for investing in high impact initiatives.
Region - Craft3 serves rural and urban communities throughout Washington and Oregon.
Products - Craft3 provides loans to businesses that create family wage jobs, minority- and women-owned businesses, agencies that provide essential services to their communities, homeowners for septic system or energy efficiency upgrades, and many more. We have invested over $243 million in people and communities of the Pacific Northwest. Investments range from $5,000 to $15 million.
Portfolio - Our loan portfolio of $140 million consists of loans to businesses, private and public non-profit organizations, individuals, child care providers, municipalities and innovators of all kinds.
Governance - Craft3 is governed by a 14 member volunteer Board of Directors representing the communities and people we serve. Over forty-five team members deliver expert services from offices in Port Angeles, Seattle, and Ilwaco, WA, and Astoria, and Portland, OR.
Finances - Total expenses are budgeted at $10.2 million. Craft3 projects that 64% of its expenses will be covered by non-grant income.
Craft3 | 203 Howerton Way SE | PO Box 826 | Ilwaco | WA | 98624
