It’s not all about the money!
By: Rita Brogan, CEO of PRR - Jan 04, 2013
Source: Foster School of Business
This month’s innovation blog focuses on an organization: Craft3. Craft3 is an old organization with a new name. Once known as Enterprise Cascadia, Craft3 is a financial institution that operates as a non-profit, lending capital to help businesses, communities, and consumers unable to secure regular financing.
Since 1995, Craft3 has invested $233 million in over 2,800 business and individuals in Pacific Northwest communities. Based in Ilwaco, Craft3 also has offices in downtown Seattle, Port Angeles, Astoria and Portland. In 2013, Craft3 will open new offices east of the mountains in both Washington and Oregon.
“This means that Craft3 can more effectively serve both rural and urban customers,” says Sue Taoka, Craft3’s Executive Vice President in Seattle. “In urban areas, we are more focused in helping targeted areas, like depressed neighborhoods and communities of color. With our strategy to expand in rural, regional centers, Craft3 will serve broader areas that have a potential for growth.”
Pippa's Real Tea, a Craft3 project
As a “triple bottom line” organization, Craft3 measures its success in terms of economic, social and environmental outcomes. Its mission, to “strengthen economic, ecological and family resilience in Pacific Northwest communities,” is great news for those who have suffered during this economic downturn.
Craft3 fulfills this mission by offering loans to entrepreneurs to start or grow their business, and conservation organizations to acquire sensitive lands and restore habitat. It also makes loans to individually-owned tribal businesses, tribal enterprises, tribal government and non-profit organizations. Energy efficiency retrofit loans are available to homeowners and small businesses in Seattle and Portland.
And it doesn’t stop there. Craft3 also provides support to its customers by referring them to other sources, and making connections. For example, Craft3 was able to help a Quinault fisherman connect his caviar products with an urban store that also benefits from Craft3 services. Craft3 financed an Oregon organic creamery so that it could place its products in urban markets. Craft3’s loans to The Freshwater Trust, helped to plant trees along the Rogue River, to cool industrial effluent.
“We make loans to innovators of all kinds, to those who have difficulty getting loans from a for-profit financial institution,” says Sue. One of her favorite success stories? In the late 1990’s few babies were being born in the Shoalwater Bay Tribe. Most were stillborn. Craft3 helped fund a new health clinic, and when Sue visited 18 months ago, a healthy baby had just been born.
Small business entrepreneurs, small industry, human service agencies and farmers have all benefited from Craft3. And so has the environment, the community, and our future. For more information, go to www.craft3.org.
Rita Brogan is the CEO of PRR, a public affairs and communications firm based in Seattle, one of Washington’s 50 largest minority-owned businesses. Brogan was a recipient of the Foster School’s Business and Economic Development Center Asian/Pacific Islander Business Leadership Award. She writes the BEDC Brogan blog series monthly. Previously, she covered green economy issues with an emphasis on ways that businesses owned by people of color or women can create a competitive advantage.