MacKenzie Scott Makes Catalytic $10 Million Gift to Craft3

By: Carl Seip - Dec 15, 2020
Source: Press Release

Award will increase capacity, support racial equity and climate change initiatives

Craft3, a Community Development Financial Institution (CDFI) in the Pacific Northwest, announced today that it has received an extraordinary $10 million grant from author and philanthropist MacKenzie Scott. The gift will support Craft3’s critical work in building resilient communities across Oregon and Washington. Scott’s generous support will catalyze investments in Black-, Indigenous-, and people of color-owned businesses and communities, as well as efforts to combat climate change.

“We are incredibly honored by the recognition that comes with this unprecedented gift. Community Development Financial Institutions are the front line of inclusive, equitable finance in the United States. Craft3 is now one of several CDFIs nationally to receive an investment from Ms. Scott. Our industry’s collective value as part of the financial ecosystem has been validated and catalyzed with this remarkable generosity,” said Adam Zimmerman, President and CEO of Craft3.

Zimmerman said that the nature of this gift, the largest private grant ever received by Craft3, compels the organization to think big. “We will use this support to re-imagine our 25-year effort to create an equitable, healthy, and resilient Pacific Northwest,” said Zimmerman. “The pandemic and accompanying recession have laid bare troubling vulnerabilities across the region. As our communities strive to recover, Craft3 will use this support to find new ways to invest in the ingenuity and resilience of entrepreneurs and households.”

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