Regional lender Craft3 has received $22 million in capital that will support lending in rural and tribal communities in the Northwest.
The Ilwaco-based nonprofit is one of the organizations filling the vacuum in the wake of decreased small business lending by banks. As reported by the Business Journal in August, traditional small business lending in Oregon, in dollar volume, is down 16 percent since the 2008 economic crisis.
Craft3 is addressing part of the gap by providing community loans to businesses and nonprofits.
The new capital includes a $20 million low-interest Community Facilities loan from the USDA Office of Rural Development and a $2 million grant from the Northwest Area Foundation.
"Lack of capital in tribal communities means a lack of opportunity — and that lack of opportunity has helped create generational, persistent poverty," said Craft3 CEO Adam Zimmerman, in a news release.