CDFI receives grant from Starbucks

2/14/2012

Mountain BizWorks (MBW), a North Carolina-based small business lending, consulting and training services firm, was recently granted $20,000 from the Create Jobs for USA Fund, the Citizen-Times reports.

A collaborative between Starbucks and the Opportunity Finance Network, the fund is intended to assist community development financial institutions (CDFIs) like MBW.

"We're pleased that Starbucks recognizes the important work that CDFIs are doing and honored that the Create Jobs for USA Fund has made a grant to us," said Shaw Canale, CEO at Mountain BizWorks, as quoted by the news source. "This will help Mountain BizWorks to create and sustain jobs in Western North Carolina."

Entrepreneurs come to MBW for loans that larger institutions deem as too risky. It has made around $4 million in loans to startups and small businesses in its 24-year history and provided 51 loans for around $1 million in 2011.

MBW intends to lend $20 million to small companies and entrepreneurs over the next five years.

According to its website, MBW is one of only 72 CDFIs operating in the Southeastern United States.