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Shorebank Enterprise Pacific
Ilwaco WAFounded in 1994, ShoreBank Enterprise Pacific (SEP) is a non-profit certified CDFI. Its mission is to assist low-income communities and people to create economic equity and a healthy environment. SEP delivers non-bank capital investment and development services. Capital investment is almost exclusively debt facilities to businesses, public jurisdictions, and non-profit organizations.
CDFI Awards for Shorebank Enterprise Pacific
NMTC (2009) - $40,000,000
ShoreBank Enterprise Pacific (SEP) will use NMTC resources to provide loans and equity-like investments in severely distressed communities, especially rural and Native American communities. An NMTC allocation will support loans to businesses, Native entities and non-profit organizations undertaking business activities and real estate developments of various types that produce jobs, attract investment and deliver essential services that would not otherwise be available in these low-income communities. Larger investment amounts will complement the applicant’s existing smaller loan products and result in a continuum of capital products available to low-income communities. The economic value of the credit will reduce interest rates and fees by 50 percent.
FA (2008) - $1,065,000
ShoreBank Enterprise Group Pacific, d/b/a Shorebank Enterprise Cascadia (Shorebank) is a certified CDFI established in 1994. It offers business, real estate, community facility, consumer, micro and specialty (equity-like) loans in low-income communities in Oregon and Washington. ShoreBank will use the FY08 Financial Assistance award of $1,000,000 to increase lending activities and the FY08 Technical Assistance grant of $65,000 to update its data systems and enhance its communications infrastructure.
NMTC (2006) - $35,000,000
ShoreBank Enterprise Pacific’s (SEP) business strategy is to provide flexible, low cost investments in larger amounts than it has historically as (1) subordinate loans to businesses, and (2) subordinate debt and equity to commercial, industrial, brownfield, home ownership and community facility real estate projects. Investments will be targeted to select rural natural resource dependent communities in Oregon and Washington experiencing severe economic distress. Maximum investment amounts will increase from $750M to $3MM. The NMTC allocation will enable SEP to offer subordinated debt; interest rates that are 25-50% lower than market-rate offerings; and other more flexible terms.
FA (2006) - $585,000
Founded in 1994, ShoreBank Enterprise Pacific (SEP) is a non-profit certified CDFI. Its mission is to assist low-income communities and people to create economic equity and a healthy environment. SEP delivers non-bank capital investment and development services. Capital investment is almost exclusively debt facilities to businesses, public jurisdictions, and non-profit organizations. SEP will use the $585,000 2006 Financial Assistance Award to finance the implementation of a merger plan.
TA (2004) - $49,990
Founded in 1994, ShoreBank Enterprise Pacific (SEP) will use the award to develop a shared risk management system, acquire consulting services to develop new capital investment products and acquire technology to improve service to clients.
FA (2004) - $350,000
Shorebank Enterprise Pacific will use the award to support the expansion Shorebank Enterprise Pacific"s Economic Development products to for-profits.
NMTC (2003) - $8,000,000
ShoreBank Enterprise Pacific will use its NMTC allocation to provide: (1) subordinate loans and equity-like facilities to small businesses; (2) subordinate debt and equity to environmentally sensitive commercial, industrial, brownfield and community development real estate projects; and (3) financial counseling and other services to low-income businesses. These debt and equity investments will be priced below-market at terms specifically designed to accelerate reinvestment in weak rural markets in distressed coastal communities of Oregon and Washington. NMTC investments will leverage additional capital from other sources in financings that would not be possible without the scale, flexibility and advantaged pricing the NMTC facilitates.
SECA (2000) - $50,000
The technical assistance award will be used as a capital investment into SEP"s technological infrastructure, which will increase its efficiency as it expands into new market areas.
CORE (1998) - $503,000
The CDFI Fund"s $503,000 capital grant will increase its lending and development services to promote business, housing, and commercial revitalization in three rural counties in southwest Washington state.
Other Community Development Financial Institutions in Washington
City of Everett CDE LLC
Everett
Community Funding Group
Seattle
Express Credit Union
Seattle
HomeSight
Seattle
Kitsap County NMTC Facilitators I, LLC
Silverdale
Lummi Commercial Company
Bellingham
Neighborhood Assets
Spokane
Quinault Indian Nation
Taholah
The Pathfinder Fund, LLC
Yacolt
The Union Credit Union
Spokane
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