Craft3 and Goldman Sachs 10,000 Small Businesses partner to help small businesses in rural communities

By: - Feb 21, 2013
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Goldman Sachs 10,000 Small Businesses provides $5 million in new loan funds for Oregon and Washington businesses

ILWACO, WA. – Craft3 announced today a partnership with Goldman Sachs 10,000 Small Businesses to bring capital to small businesses in rural and underserved communities of Oregon and Washington.

Goldman Sachs and the Goldman Sachs Foundation have pledged $5.5 million for Oregon and Washington businesses through their regional partner Craft3. Five million dollars will go directly into Craft3’s loan fund and be available for financing to small businesses located in rural and underserved areas in both states. The remaining $500,000 will be used to fund Craft3’s loan loss reserve and support operating costs associated with Craft3’s expansion into central and eastern Oregon and Washington.

“We are thrilled that Goldman Sachs has recognized our work in supporting economic, ecological, and family resilience in our region,” said John Berdes, Craft3 President and CEO.  “This award will increase our capacity to meet the significant and growing capital needs of for-profit and non-profit small businesses, particularly those in rural communities that have traditionally struggled with access to credit and isolation from markets.

Goldman Sachs’ support is enormously valuable as we cross the Cascade Mountains. We just announced that our first office location in this region will be in Bend, to serve Central Oregon.”

Craft3’s five year business plan calls for establishing additional offices in Central and Eastern Oregon and Washington by 2016.

Goldman Sachs 10,000 Small Businesses is a $500 million initiative that aims to unlock the growth and job-creation potential of small businesses across the nation.  It proves access to capital, entrepreneurial education, and technical assistance services. The program in Oregon and Washington will be focused on offering loan capital and business assistance.

“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.”

Businesses are encouraged to visit www.craft3.org/10ksb for more information about the program.
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