--Press Release--

Cascadia Revolving Fund is a First-ever Presidential Award Winner for Microenterprise Excellence

January 30, 1997

The White House today announced that Cascadia Revolving Fund, a Seattle-based non-profit financial institution which lends to low-income business owners in Washington and Oregon, is to receive the Inaugural Presidential Award for Excellence in Microenterprise Development. Cascadia's award, one of seven in the nation to be presented, is for excellence in providing access to credit to traditionally under-served populations such as women, minorities and low-income Americans. Recipients were chosen on merit and past performance through a highly competitive national application process.

Cascadia Executive Director Patty Grossman will accept the award from President and Mrs. Clinton in a ceremony today at the White House. Cascadia borrower Nancy Stratton, a former public assistance recipient, and representatives from Cascadia's staff and board will also be attending. Of the help Nancy has recieved from Cascadia she said, "I owe Cascadia and President Clinton a big, eternal thank you for making monies available to better America's economy. Now I can stand on my own two feet financially and stay off public assistance." Cascadia's loan enabled Nancy to start her own in-home child care business in rural Port Hadlock, Washington. Of Cascadia's award presentation Kirsten Moy, Community Development Finanical Institutions Fund director said, "Cascadia Revolving Fund is an outstanding lending institution that has proven that it is possible to serve higher-risk start up businesses and be a very well run financial institution. It is a model financial institution that provides a broad continuum of credit products that is highly responsive to the needs of its community."

The newly created Presidential Award was established by President Clinton to give recognition to programs such as Cascadia's that have provided opportunities to people who lack access to traditional credit sources, such as women, minorities and low-income Americans. Board member, and newly appointed Seattle City Council Member, Richard McIver said, "I am particularly pleased that the rest of the world is finally coming to recognize the quality of resources we have here in the Pacific Northwest. Cascadia has been successfully fostering micorenterprise development and job creation for the past ten years." Mayor Norm Rice echoes McIver's enthusiasm, saying, "I am very glad to have Cascadia as a partner in our efforts here in Washington State. If this nation is going to make welfare reform work, it will require a partnership at every level to strengthen our entire economy. Cascadia is filling a real need by supporting small businesses, which have traditionally provided 80 percent of all new jobs in our national economy."

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