Nonprofit lender names new CFO

By: Vicki Hillhouse - Feb 09, 2018
Source: Union-Bulletin

Mark Stevenson brings more than 35 years of banking experience to the regional lender.

A Portland banking executive has been named the new chief financial officer for nonprofit lender Craft3.

Mark Stevenson brings more than 35 years of banking experience to the regional lender, whose 65-person team includes a Walla Walla office.

Stevenson succeeds David Oser, who retired in January. The new executive will be based in the Portland office.

Stevenson had been a member of Craft3's board of directors since 2016. He resigned that seat in January and began as CFO Feb. 1.

Craft3 is a certified nonprofit Community Development Financial Institution founded in 1994 in Ilwaco, Wash. Its Walla Walla office opened in 2016 at 103 E. Main St.

The lender focuses on underserved communities where securing lending may be difficult through traditional resources because the applicant is a startup, has no collateral or has poor credit.

The operation borrows capital from national, regional and community banks; federal, state and local governments; and private, community and family foundations at below-market rates. 

It also works with granters and donors, providing capital and operating grants that help grow the revolving loan fund, leverage private capital and support operating costs, according to the institution.