About Cascadia
What
is Cascadia Revolving Fund?
We are a private, non-profit
community development fund that provides loans and technical
assistance to unbankable small businesses and non-profits in
Washington and Oregon.
We lend to:
- Women, immigrant, minority and
low-income entrepreneurs
- Businesses located in distressed
urban and rural communities
- Businesses with a significant
potential for job creation
- Businesses that act to preserve
or restore the environment.
In addition, we have a particular
interest in lending to childcare providers.
Our goal is to help entrepreneurs
start and grow successful businesses, in an effort to bring much
needed jobs and economic prosperity to distressed urban and rural
communities.
In its seventeen year history
Cascadia has lent nearly $14 million to more than 300 businesses,
creating or preserving 1025 jobs. In 2000, over 50% of our activities
benefited low-income people.
Cascadia is funded by both donations
and investments from the philanthropic community. We provide
a unique opportunity for individuals to make high-impact socially-responsible
investments. If you would like to invest in Cascadia, or otherwise
support its activities, becoming a member
is the first step.
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How
successful are we?
Loan activity to date: 1985
- 2000
|
Total dollars loaned |
nearly $14 million |
|
Total number of loans |
300+ |
|
Loan size range |
$300 - $250,000 |
|
Median loan size |
$22,000 |
|
Jobs created or preserved |
1025 + |
|
Percentage of businesses continuing to operate |
more than 80% |
|
Total loan fund dollars lost |
1% |
Since 1985, percentage of total
loans to:
- Low income individuals 64%
- People of color 21%
- Women 39%
* Borrowers may belong to more than one category
No Cascadia investor has ever
lost money through a Cascadia investment.
By working local banks and community
organizations, we have provided loans and technical support to
borrowers from a large geographic area. We help to promote industry
diversity throughout the region. This is a critical component
for the revitalization for rural Washington and Oregon communities,
traditionally dependent on the now declining timber and fish
industries. Our partnerships with local community organizations
allow us to combine the credit and specialized technical skills
we provide, with knowledge of the local economy and the local
support network so that our borrowers have a better chance of
success.
Cascadia's loans are typically considered high-risk, however
this risk is mitigated by the time-intensive technical assistance
we provide each borrower. We monitor our borrowers closely to
detect and solve potential problems before they become insurrmountable.
We recruit pro bono legal counsel and other specialized technical
assistance from qualified professionals to supplement the technical
assistance our loan officers and in-house business consultants
provide. This helps ensure that Cascadia borrowers are offered
every opportunity to succeed.
Although Cascadia is a relatively
small organization, with a staff of fifteen full-time and two
part-time employees, it has become a national leader in the field
of community development lending. In recent years Cascadia has
been recognized by the local and national press.
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Where
does Cascadia get the money it lends?
Cascadia's loan fund capital
comes from approximately 230 investors, more than 80% of whom
are individuals. It is important to note that a significant portion
of our loan capital comes from private, rather than public sources.
Cascadia appeals to a broad spectrum of individuals and institutions,
primarily because we act as a conduit through which they can
put their money directly to work in their community.
Many local and national banks,
including Citibank, Key Bank, Wells Fargo and Washington Mutual,
have made significant investments in Cascadia as well as large
donations. We see these institutions as essential partners in
addressing our communities' needs.
We also receive support from
the U.S. Treasury's Community Development Financial Institutions
Fund. Overall Cascadia has received $770,000 in grants and $1.5
million in investments from the CDFI Fund which have been matched
by private donations and investments.
Individual investments in Cascadia range from $500
to more than $100,000, are for a minimum term of one year, and
earn interest at a rate of between 0% and 2%. Each investor chooses
his or her own investment terms within the guidelines described
above. Potential investors are strongly urged to read Cascadia's
Offering Circular before making an investment.
As a non-profit organization,
Cascadia is exempt from registration with the Securities and
Exchange Commission, and is therefore prohibited from offering
investment opportunities to non-members. We are also prohibited
from offering investment opportunities to non-residents of Washington
and Oregon, though some exceptions may apply depending on the
legal regulations of the investor's home state.
If you would like to invest in
Cascadia, or otherwise support its activities, becoming
a member is the first step.
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Is
Cascadia a government entity?
No. Cascadia Revolving Fund is
a private, non-profit community development financial institution.
Individuals and organizations who want to see their money put
directly to work in the community invest in Cascadia. We pool
those dollars and lend them to our borrowers. When our borrowers
pay back their loans, we are able to relend the money and/or
repay our investors.
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Cascadia's
Board of Directors
Cascadia Revolving Fund's board
of directors consists of individuals with a diverse set of talents,
experiences and viewpoints who collectively represent our community.
These trustees commit their skills, time, energy, enthusiasm,
resources and connections to strengthen Cascadia's mission. The
board has governing responsibility for an annual operating budget
of $1.7 million and oversight responsibility for a loan portfolio
of approximately $6.7 million.
- Juan Aguilar
Washington Mutual Bank, Vice President
- Rosemarie Anderson, President
First Interstate Bank, Senior Vice President (retired)
- Erik Andersson
Oregon Economic & Community Development Department
- William Appel
Appel & Glueck, P.C.
- Shaw Canale, Executive Director
& CEO
Cascadia Revolving Fund
- Bob Cook, Treasurer
Washington State Housing Finance Commission
- Bobbie Dore Foster
The Skanner News Group, Vice-President & Executive Editor
- Mark Kalenscher
Intel Corp., Retired
- Edie Lackland
King County Department of Natural Resources, Department Budget
Coordinator
- James Meyer
Criterion Investment Co., Principal
- Howard Shapiro
Shapiro Consulting, Principal
- Robert Stoll, Vice President
Stoll Stoll Berne Lokting & Shlachter PC
- Sheryl Symonds, Secretary
Pacific Aerospace and Electronics, Inc., Attorney
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Cascadia
Staff
You may contact us at either
our Seattle or Portland offices or email us at the addresses
below.
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Home | About Cascadia
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Programs | Send Email
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1901 NW Market Street, Seattle, Washington
98107
Phone (206) 447-9226 Facsimile (206) 682-4804