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--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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phone (206) 447-9226
facsimile (206) 682-4804
last updated: March 23, 1998
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