Craft3 and Goldman Sachs plan to give out $5.5 million in small business loans in rural Oregon and Washington.
Goldman Sachs and the Goldman Sachs Foundation have pledged $5.5 million most of which will go directly into a small business loan fund operated by Craft3. 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.
Craft3, a nonprofit community development financial organization that used to be ShoreBank Enterprise, has offices in Washington (Seattle, Ilwaco and Port Angeles) and Oregon (Astoria, Portland and a new office in Bend). The organization has plans to expand to center and eastern Oregon and elsewhere in Washington by 2016.
Read more at Sustainable Business Oregon.