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Press Release: 2/17/11
WASHINGTON C.A.S.H. ANNOUNCES NEW FUNDING FROM
LOCAL PHILANTHROPIC LEADERS
$250,000 in New Grants Awarded from the Paul G. Allen Family Foundation
and The Boeing Company to Support Low-Income Entrepreneurs
Feb. 17, 2011
SEATTLE, WA — The Washington Community Alliance for Self-Help (C.A.S.H.) is pleased to announce it has received two significant grants from Puget Sound philanthropic leaders Paul G. Allen Family Foundation and the Boeing Company.
“It’s wonderful to see corporate and philanthropic leaders lend a hand up to others in the community just starting out in business. The generous support of these two shining examples of local entrepreneurial success will make a real—and sustainable—difference in aspiring entrepreneurs’ lives and communities here in the Puget Sound region,” said Holli Harris, Washington C.A.S.H. board chair.
The $200,000 grant awarded by the Paul G. Allen Family Foundation will fund Washington C.A.S.H.’s Individual Development Account (IDA) program, an initiative that helps low-income entrepreneurs build assets for their businesses through matched savings accounts, one-on-one guidance, and financial literacy training.
“We are very excited to support Washington C.A.S.H.,” said Susan M. Coliton, Vice President of the Foundation. “The organization has a proven track record of helping people attain financial security and stability through entrepreneurship and small business development. We believe their IDA program can serve as a model for other nonprofit organizations across the country.”
The Boeing Company grant of $50,000 will support Washington C.A.S.H.’s efforts to provide the tools, skills, and resources critical to launch and manage successful small enterprises in King and Snohomish County. Washington C.A.S.H.’s program includes business training, peer network and support groups, one-on-one coaching, market access, microloans and matched savings accounts, community resources, financial literacy education, and more.
“Boeing is pleased to support Washington C.A.S.H.’s innovative programs that help adults access employment through fostering successful entrepreneurship and the creation of jobs in low-income communities,” said Gina Breukelman, Global Corporate Citizenship, the Boeing Company. “Through its corporate citizenship efforts, Boeing is committed to partnering with organizations like Washington C.A.S.H. in order to promote the economic well-being of vulnerable residents in our community.”
Washington C.A.S.H. empowers aspiring entrepreneurs with limited resources—and unlimited potential. They serve those in the Puget Sound region for whom traditional business development services are out of reach, with a focus on low-income, women, and minority populations.
The program began in 1995 after founder Peter Rose traveled to Bangladesh and observed Grameen Bank providing small loans to groups of poor women. Peter was intrigued, and was sure that a similar peer lending based microfinance model could work in the U.S. When he studied the more complex U.S. business environment, however, he added something new: business education and training. Since then, Washington C.A.S.H.’s program has continued to evolve from its original microfinance inspiration, layering multiple initiatives to address the most critical needs for launching and sustaining small businesses locally.
ABOUT WASHINGTON C.A.S.H.
Washington C.A.S.H. (Community Alliance for Self-Help) empowers aspiring entrepreneurs with limited resources—and unlimited potential. Our program provides the hands-on education, support, and access to capital needed to launch and manage successful small enterprises. We serve those in our community for whom traditional business development services are out of reach, with a focus on low-income, women, and minority populations. Working together, we are committed to the growth of small businesses, stronger communities, and brighter futures throughout the Puget Sound region and beyond. Learn more at: www.washingtoncash.org
ABOUT GLOBAL CORPORATE CITIZENSHIP AT THE BOEING COMPANY
At Boeing, global corporate citizenship is a core value. It refers to the work that Boeing does in its diverse communities, both as a company and individual employees. In the Pacific Northwest, the economic well-being of the region and the vibrancy of our communities are foundational components to the region’s long-term health and viability. Boeing plays a significant role in ensuring the Northwest Region provides for strong, vibrant communities through its support of arts and culture, civic, education, environment and health and human services needs. In 2010, Boeing contributed more than $20 million to organizations in Northwest communities where employees work and live.
ABOUT THE PAUL G. ALLEN FAMILY FOUNDATION
Launched by Microsoft co-founder and philanthropist Paul G. Allen and Jo Lynn Allen in 1988, the Allen family’s philanthropy is dedicated to transforming lives and strengthening communities by fostering innovation, creating knowledge and promoting social progress. Since inception, the Foundation has awarded more than $428 million in grants benefitting over 1,400 diverse nonprofit groups to support and advance their critical charitable endeavors in the Pacific Northwest and beyond. The Foundation’s funding programs nurture the arts, engage children in learning, address the needs of vulnerable populations, advance scientific and technological discoveries, and provide economic relief amid the downturn. For more information, go to www.pgafamilyfoundation.org.