News from Opportunity Fund: 3,000 Clients Save, Affordable Housing in Marin, and More

Summer 2010

In this issue you will find news covering: 3,000 IDA savers milestone; Affordable Housing boom; Boys & Girls Club grand opening; and more.

Enjoy and let us know what you think!

IDA Matched Savings Hits a Milestone!

Over 3,000 low-income families enroll in our IDA Matched Savings Program.

Opportunity Fund enrolled our three thousandth client in our IDA Matched Savings program, crossing a key milestone in the program's history. Launched in 1999 as part of the Assets for All Alliance, Opportunity Fund's IDA Matched Savings program is now one of the largest in the country and a leader in the field. Special thanks to the Silicon Valley Community Foundation's Center for Venture Philanthropy, Citibank and Catholic Charities for over ten years of partnership.

At its core, the IDA Matched Savings program provides financial education classes and an incentive to save to low-income families across the Bay Area. Serving over 3,000 families means we've scaled and become more efficient along the way, while increasing our ability to improve the economic well-being of the clients we serve. These numbers illustrate this work over the past decade:

Over 3,000 Individual Development Accounts (IDAs) opened
36,000 hours of financial education classes completed
5,500 checks cut as savers reach their goal and invest in their future
$11 million saved and invested, including:

$4.6 million invested in college education and professional training
$1.6 million saved toward retirement
$1.5 million invested to purchase homes and make repairs
$1.2 million invested in microenterprises
$150,000 invested to become a U.S. citizen

Over the years, Opportunity Fund has brought a number of innovations to the savings and asset building field. Most recently, we are pleased to have joined our partners EARN, CFED, and JumaVentures to support the launch of SaveTogether, the nation's first online marketplace where everyday philanthropists can match the savings of clients participating in our IDA Matched Savings programs.

For example, Sandra is saving to invest in her hair salon. She is a single mother and budding entrepreneur. Sandra tells us: "Never give up when it gets hard. Keep trying and you'll make it happen." You can match Sandra's savings by clicking here.

Congratulations to all the IDA Matched Savings Program alumni.

Here's to the next ten years!

Save~the~Date: Annual Celebration

Celebrate with us on Thursday, September 30th!

Mark your calendar for Opportunity Fund's Annual Celebration!

When: Thursday, September 30th, 5:30-8:30pm
Where: downtown San Jose (TBA)

More information to follow. We look forward to celebrating with our partners, colleagues, investors and friends!

Affordable Housing Program Booming!

Opportunity Fund finances our first affordable housing projects in Marin.

Opportunity Fund's Affordable Housing program just funded our first two projects in Marin County under a new partnership with the Marin Workforce Housing Trust. A $283,000 loan to Warner Creek Senior Housing will finance pre-development costs for a 60-unit affordable housing complex for senior citizens in Novato. A second loan, for $231,000, will help EAH, Inc. to refurbish the Shelter Hill Apartments complex (pictured right), comprised of 75 units of affordable housing for low-income families in San Rafael.

Breaking news!
Opportunity Fund, along with five other CDFIs, was selected by the Great Communities Collaborative and the Metropolitan Transportation Commission to manage a new loan fund that will target investment in transit-oriented affordable housing projects. The Fund will be between $40 million and $100 million and will finance projects throughout the Bay Area. We are excited to expand access to affordable housing and public transit through this new venture that is financially, socially, and environmentally responsible!

Boys and Girls Club of San Francisco Grand Opening

Thanks, in part, to Opportunity Fund, the Mission Clubhouse opens its doors.

Grand Opening: Boys and Girls Club SF Mission Clubhouse

On June 14th, the Boys and Girls Club of San Francisco (BGCSF) reopened the doors to its Mission Clubhouse. Established in 1928, this Boys and Girls Club facility is a historic building and the first Boys Club building constructed west of the Mississippi. The completely renovated Clubhouse maintains the historic facade and features a learning center, art studio, teen center, and gymnasium.

Opportunity Fund, together with JPMorgan Chase, invested $11.5 million in the Mission Clubhouse renovation. Throughout the 19 months of construction, the project employed 15 workers and the new facility created or sustained an additional 9 jobs for BGCSF employees. Now that the doors are open, the Clubhouse will provide refuge and inspiration for up to 150 youth each day.

Invest Directly in Local Small Businesses Through Kiva

Join our lending team on Kiva and invest in your own backyard!

Show your support for Bay Area entrepreneurs
Meet other social investors who are funding Opportunity Fund borrowers
Receive alerts when new Opportunity Fund loans are posted online
Read journal entries that report back on their progress

Join Opportunity Fund's lending team today. Click here!

News Clippings

Opportunity Fund in the news.

"Microfinance" on ABC-7's 'Beyond the Headlines'
June 6, 2010
Did you miss Opportunity Fund CEO Eric Weaver's interview with Cheryl Jennings on ABC-7's 'Beyond the Headlines' television program? Watch the program.

"Microfinance Goes Where Banks Fear to Tread" by Karen Klein
June 24, 2010
Bloomberg BusinessWeek magazine featured Opportunity Fund in an article on U.S. microlending throughout the credit crunch. Read the story.

"IDAs Offer Small Boost to Aspiring Entrepreneurs" by Jonelle Marte
June 2, 2010
The Wall Street Journal writes about Opportunity Fund's IDA Matched Savings Program enabling low-income entrepreneurs to save and invest in their microenterprises. Read the story.

See more news coverage of Opportunity Fund's work. Click here.