$1 million from Treasury means business on the North Olympic Peninsula
Donna J. Gambrell, director of Community Development Financial Institutions Fund of the U.S. Department of the Treasury, left, listens as Kristene Moorman, loan officer for ShoreBank Enterprise Cascadia describes the function of The Incubator@Lincoln Center on Thursday in Port Angeles. -- Photo by Keith Thorpe/Peninsula Daily News
By Tom Callis, Peninsula Daily News
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Each of them had received financial assistance from ShoreBank Enterprise Cascadia, based in Illwaco, which received $1 million from the U.S. Department of Treasury — the largest amount the agency distributed this year.
Kathy Charlton, Olympic Cellars owner, said a loan from ShoreBank in 2005 allowed her to expand her business beyond the Peninsula.
"The loan helped me make it happen," she said.
"I went to them because they focus on small businesses.
"They have the expertise."
Announced at Incubator
The formal announcement by Donna Gambrell, Treasury Community Development Financial Institutions Fund director, was made at the Clallam Business Incubator at Lincoln Center in Port Angeles.
It was part of a presentation telling of $54.2 million in grant funds to 89 nonprofit community based lending organizations around the nation.
Scott Berman, Treasury public and legislative affairs manager, said the Incubator was selected for the national announcement because "we want to highlight how [community development financial institutions] assist rural communities."
"The Incubator is unique," he said.
"The Incubator is a model of success. That is part of what we are celebrating today."
ShoreBank has its regional office at the Incubator because it is the "nerve center of economic development," Berman said.
The Incubator started in June 2006.
Director Jim Haguewood said the Incubator has helped 10 businesses get off the ground through providing office space, mentoring services and financial and technical services.
Bill Luecht, Treasury spokesperson, said Treasury also wanted to highlight the work of ShoreBank.
"ShoreBank is a model organization that is clearly doing good work in the community," Gambrell said.
Peninsula firms, agencies
Business owners or members of nonprofit organizations from Clallam and Jefferson counties present at the ceremony included:
ShoreBank President John Berdes gave credit to each of them.
"It is the entrepreneurs that take a risk, and we are awfully proud of them," he said.
Berdes estimated that ShoreBank has assisted about 50 businesses in Clallam and Jefferson counties in the last five years.
Port Angeles Mayor Gary Braun, City Council member Karen Rogers, County Commissioner Mike Chapman, and representatives of 6th District Congressman Norm Dicks, D-Belfair, and senators Patty Murray, D-Freeland, and Maria Cantwell, D-Mountlake Terrace, were present.
The awards provide grant funding to community based lending organizations, known as community development financial institutions, that provide capital investments and consulting services to businesses and other non-profit organizations.
Gambrell said the purpose of the fund — started in 1994, and distributed annually — is to "help lift the organizations that make a better environment in which they live."
Washington CASH
Cheryl Sesnon, Washington Community Alliance for Self-Help executive director, was also on hand to receive a grant award of just under $100,000.
Sesnon said Washington CASH of Seattle provides micro-loans and classes to people starting their own business, but are struggling financially.
The funding will allow them to increase staffing and provide more "innovative loans," she said.
No other organizations from Washington state received the grant award.
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Reporter Tom Callis can be reached at 360-417-3532 or tom.callis@peninsuladailynews.com
Last modified: August 29. 2008 9:00PM