Director Kimberly A. Reed and CDFI Fund Staff Tour Small Business and Charter School Made Possible by the Community Loan (CL) Fund of Southwestern Pennsylvania

September 20, 2007

Pittsburgh, PA – Today, Department of the Treasury’s CDFI Fund Director Kimberly A. Reed met with the staff of the Community Loan (CL) Fund of Southwestern Pennsylvania and participated in a tour of a small business and charter school made possible by investments from the CL Fund. The CL Fund is a certified CDFI and has received Financial Assistance awards under the CDFI Program. The CL Fund provides capital and technical assistance to increase employment and expand economic opportunity in the 15 counties of western Pennsylvania.

The CDFI Fund staff joined Director Reed and the CL Fund staff for a tour of the Propel School, one of three high quality charter schools in the Pittsburgh metropolitan area that was founded by the CL Fund. The Propel School received critical financing from the CL Fund, which helped it secure a permanent location for a school site. With continued financing and technical assistance from the CL Fund, Propel is now operating three schools serving 885 students.

During the visit to Pittsburgh, Director Reed and staff also met with Frederick Douglas, the owner of Cosmos Technologies, Inc. This small Pittsburgh-based company was able to expand and meet the increased demand for its services after the CL Fund made a loan to support the hiring of additional employees.