Leading microlender’s “1,000 Jobs Challenge”
to spur Bay Area job creation through
small business loans

(San Francisco, CA / October 25, 2011) California’s largest nonprofit microlender - Opportunity Fund - launches its “1,000 Jobs Challenge” today to encourage local residents to help the group create 1,000 jobs for Bay Area workers through its small businesses microloan program. “Opportunity Fund lends to entrepreneurs so they can grow and create jobs for themselves and their neighbors,” says Eric Weaver, founder and CEO. “This is why microlending in our own communities is such a powerful tool to stimulate job creation and economic activity.”

Small businesses create jobs

With the latest jobs numbers showing that 1 in 10 people are unemployed in the Bay Area, the need to create jobs remains urgent. But how? Small businesses create 60% of new jobs in America and employ half of all workers in San Francisco. Yet many small business owners can’t access the funds they need in order to grow.

Opportunity Fund provides loans small businesses need

Too often, small business owners can’t access the financing they need. Opportunity Fund made $5 million in loans to neighborhood businesses last year – up 112% from 2010 – and projects ongoing growth. Microloans are small business loans – ranging from $500-$100,000 – targeted to small businesses that can’t get approved at a bank. “Opportunity Fund lends to small businesses in your neighborhood - like dry cleaners, auto mechanics, and hair salons,” reports Alex Dang, a loan officer at Opportunity Fund.

Each loan creates 2.4 jobs

On average, each Opportunity Fund microloan allows a business owner to keep or hire 2.4 employees. While the “Jobs Bill” is stuck in Congress, there’s a proven solution already creating jobs in our community: microloans that allow small businesses to grow and hire additional workers.

“When banks told me ‘no’, Opportunity Fund told me ‘yes’,” says William Ortiz, owner of San Francisco-based Gentle Parking. “I’m so grateful. Look at me now! I went from a kid from one of the worst neighborhoods in the City to a business owner with more than 60 employees!”

Our “1,000 Jobs Challenge”

Opportunity Fund’s “1,000 Jobs Challenge” kicks off on October 25th. “We’re letting the community know that Opportunity Fund is a proven job creator, ready to create 1,000 jobs for Bay Area workers by raising the funds we need to deploy additional loans in the community,” says Weaver. Over the next 60 days, Opportunity Fund’s challenge aims to raise $300,000 to support microfinance investments that will create 1,000 new jobs in the Bay Area.

Learn more at: www.1000jobs.opportunityfund.org

Opportunity Fund is a not-for-profit social enterprise helping thousands of California families build financial stability. Our strategy combines microloans for small businesses, IDA microsavings accounts, and community real estate financing. Since making our first loan in 1995, our team has deployed over $200 million into our communities to build businesses; help families save for the future; and develop safer and more affordable housing for over 14,000 people in California. Our mission is to advances the economic well-being of working people by helping them earn, save and invest in their future. www.opportunityfund.org

Editors and Reporters:
If you would like to arrange an interview with Opportunity Fund staff or clients, please feel free to contact Caitlin McShane, Communications Director, at: 408-512-2211 or caitlin@opportunityfund.org.