July 7, 2010
Community Reinvestment Fund, USA Receives $25,000 from GE Money Bank
FOR IMMEDIATE RELEASE
For more information contact:
Community Reinvestment Fund, USA
Grant will support ongoing CRF involvement in economic development
MINNEAPOLIS – July 7, 2010 – Community Reinvestment Fund, USA (CRF), a non-profit organization that
connects community development lenders with the capital resources of Wall Street, today announced it received a
$25,000 grant from GE Money Bank. This is the latest in a series of grants made to CRF by GE Money Bank.
The GE Money Bank contribution will help fund CRF’s comprehensive community lending programs in the
Twin Cities Metropolitan Area. The grant will ensure that minority-, woman-, and immigrant-owned small
businesses and entrepreneurs, as well as other small enterprises have the resources they need to invest in their
businesses and communities.
“We are honored to receive the generous grant from GE Money Bank,” said Frank Altman, president and
chief executive officer for CRF. “This contribution will help CRF provide loan capital to locally-based community
development lenders so they can make community enhancing loans and create much needed jobs across the Twin
With market conditions affecting credit availability and more distressed communities seeking capital than
ever before, CRF is able to initiate economic recovery at the grassroots level. Today, CRF has funded more than
$1.1 billion in loans in over 730 communities across the United States. CRF has also helped create and or retain
more than 43,000 jobs, the development of more than 16,600 housing units, and the financing of nearly 550
minority or women owned businesses.
"We're delighted to be supporting CRF and the Twin Cities community, where GE has deep and long
established roots. GE, which employs thousands of people who call the Twin Cities home, provides credit to
countless small businesses and consumers in the area and throughout Minnesota," said Alan Urie, senior vice president for GE Money Bank. "CRF, which has funded 630 loans in the Twin Cities that have helped create and
or retain thousands of jobs, is a community partner that we're proud to be associated with and support."
Community Reinvestment Fund, USA (CRF), a non-profit organization and certified Community
Development Financial Institution (CDFI), is the nation’s leader in bringing capital to public and private, non-profit
community development lenders through the secondary market for community development loans. Formed in
1988, CRF has injected more than $1.1 billion into low-income and economically disadvantaged communities
around the country to help stimulate job creation and economic development, provide affordable housing, and
support community facilities. CRF is headquartered in Minneapolis, Minn. www.crfusa.com.
About the GE Money Bank
GE Money Bank, a subsidiary of General Electric Capital Corporation, is a federal savings bank that
delivers fast, dependable financial solutions to consumers, businesses and merchants. GE Money Bank’s primary
business is to provide loans to credit customers throughout the United States via sales finance products, private
label credit cards, and dual credit cards. GE’s expertise in financial services dates back more than 75 years when
the GE Credit Corporation was formed to finance the purchase of home appliances in the U.S. during the Great
Depression. General Electric Capital Corporation is a wholly owned subsidiary of General Electric Company