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In this issue you will find news about: our newest IDA savings product innovation; green housing development grand opening; Opportunity Fund's policy work; and more.
Enjoy and let us know what you think!
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Announcing Start2Save - Emergency Savings Accounts
| IDA Microsavings Program pilots new savings product for vulnerable families
|  In the New Year, Opportunity Fund will launch Start2Save - our newest microsavings innovation. For many Bay Area households living on the financial brink, a broken-down car or visit to the emergency room can cause a downward spiral into crisis.
Start2Save will help the Bay Area's lowest-income families build "buffer" savings to deal with financial shocks while gaining long-term financial preparedness skills. With seed funding from Silicon Valley Community Foundation, Start2Save will enable working families to prevent, manage, and recover from financial emergencies.
This emergency savings product is among the first of its kind in the U.S. asset-building field, and it took years of hard work for Opportunity Fund to bring this innovation to the market. We look forward to sharing the progress of the first class of savers with you as this project rolls out into the community throughout the new year.
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2010 Annual Celebration
| | An Evening in Celebration of Progress & Partnership | On September 30th, two hundred of Opportunity Fund's partners and supporters joined Opportunity Fund's board, staff, clients and volunteers to celebrate progress and partnership. Thank you to everyone who joined us at the event!
See more photos from the event on our Facebook page!
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Macro News for Micro Loans
| | Small Business Microloans Program update |
New Talent
 Omar Alireza joined Opportunity Fund in September as the new Small Business Loan Program Director. Under his leadership, the program will continue to scale and innovate financial products and services to help Bay Area small businesses succeed.
Originally from Venezuela, Omar moved to California from Florida, along with his wife and young son. Prior to joining Opportunity Fund, Omar successfully helped to scale the operations of a for-profit microlender based in Florida. Welcome to the team, Omar!
New Funding
Opportunity Fund was recently approved as a U.S. Small Business Administration (SBA) Microlender, and Bank of America provided Opportunity Fund with a grant of $112,500 for loan loss reserves, fulfilling the SBA's matching funds requirement. Together, these funds will allow Opportunity Fund to invest in more local businesses as they create jobs for Bay Area workers and grow our local economy.
Opportunity Fund also recently received renewed support from the US Treasury Department CDFI Fund and the Walter and Elise Haas Fund - $750,000 and $40,000, respectively. These outstanding partners have demonstrated a sustained commitment to supporting Opportunity Fund's mission over many years; we are grateful for their enduring partnership.
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Love Local Microfinance
| Join your neighbors to grow microfinance in your community!
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Join Opportunity Fund's Love Local Microfinance campaign to grow Bay Area microfinance by November 15th and you could win a $25 gift certificate to Brenda's French Soul Food, a Bay Area culinary treasure and Opportunity Funded local business.
Show some love for local microfinance today! Click here to make a gift of $25 or more.
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| Estabrook Place Senior Housing Facility - a Green Grand Opening | Estabrook Place opens its doors thanks, in part, to Opportunity Fund
|  California's 'greenest' senior housing community, Estabrook Place, opened its doors on September 23rd. Estabrook Place (pictured left) features 51 apartments for low-income seniors in San Leandro, CA. Opportunity Fund provided over $1.2 million in financing for this critical affordable housing project, developed by Eden Development, Inc.
Estabrook Place is a green development, receiving a GreenPoint Rating score of 184 (the highest of any residence in California) and includes features such as high efficiency irrigation; a solar hot water system; and photovoltaic solar panels. In addition to its green features, Estabrook Place includes community space, an exercise facility and computer center.
Affordable Housing Program Note: Starting Off First Quarter FY2011 With a Bang!
Despite frozen credit markets over the past two years, Opportunity Fund continued to work with our Affordable Housing partners, injecting capital into vital community real estate projects that keep the Bay Area an affordable and accessible community for all of its residents. In the first quarter of Fiscal Year 2011, Opportunity Fund's Affordable Housing program funded six affordable housing projects, directing just over $5 million in affordable housing investments into our community. These projects will provide over 320 units of affordable housing to Bay Area residents. We look forward to groundbreakings and grand openings at the project sites over the coming years.
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Job Opening: IDA Savings Program Manager
| Join our growing team!
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Opportunity Fund is looking for great people who share our commitment to social change, our entrepreneurial spirit, and our focus on results. We are currently recruiting for our IDA Savings Program Manager position.
Visit the Careers page on our website to learn more - and please spread the word to your network about this job opening! |
From the blog
| Interview with Gwendy Donaker Brown, Director of Policy & New Initiatives
|  In our latest blog entry, we interview Opportunity Fund's Director of Policy & New Initiatives, Gwendy Donaker Brown, to share Opportunity Fund's new endeavors to deepen our involvement in policy work at the regional, state, and federal levels.
Interview Excerpt --
Q: What are some policy issues you are working on?
A: At the local level, we are supportive of efforts in the City of San Jose to impose a moratorium on new payday loan establishments.
Q: How can someone support your policy work?
A: Attend an upcoming event, "Alternatives to the Payday Loan Trap," hosted by Silicon Valley Community Foundation and The Federal Reserve Bank of San Francisco.
Monday, December 13, 2010 | 9am - 1pm Silicon Valley Community Foundation Mountain View, CA RSVP by clicking here.
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