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Jenny Tinklepaugh
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888-684-8404

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Press Release

Golden LEAF Announces New Grantsmaking Strategies to Strengthen State’s Economy

March 6, 2009

(Rocky Mount, NC) – March 6, 2009 –At its March Board meeting, the Golden LEAF Foundation Board of Directors took bold action to address the challenges of the state’s current economy and also awarded over $4.6 million in new grants.

Rather than cut back the Foundation’s grantsmaking efforts in a down economy, the Board authorized new initiatives, new funding strategies and new ways of doing business to provide flexibility and reduce administrative burden for grantseekers.

“There is no doubt that these are tough times,” said Dan Gerlach, President of the Golden LEAF Foundation. “It will take hard work, determination, and creativity on the part of all of us to build the North Carolina we want to have.”

While other foundations may be forced to reduce their grantsmaking, Golden LEAF will maintain its strong commitment to grow jobs. For the coming year, the Board:

• Strengthened its commitment to Tier One counties across North Carolina with up to $35 million for its Community Assistance Initiative;
• Provided $10 million in economic assistance for projects across North Carolina that create or add substantial jobs and investment;
• Provided $10 million for the development of two new initiatives: (a) to increase North Carolina agriculture jobs, markets and farm income in specific areas and (b) to ensure that the growing aerospace industry has the highly-qualified workers it needs to hire now;
• Created a new initiative to fund short-term training to get North Carolinians to available good-paying jobs as quickly as possible;
• Earmarked over $3 million for scholarships for children from rural counties, especially farm families, to attend college;
• Replaced the annual grants cycle with an Open Grants Program. The Open Grants Program will allow for acceptance of letters of interest year-round, ensure timely answers from Golden LEAF staff and board, and reduce administrative burden for our grantees;
• Almost doubled direct Foundation investment in Tier 1 and Tier 2 counties through Access Capital, an investor in community-development projects in rural areas;
• Provided $5 million to support the creation of a new loan-guarantee program to leverage over $25 million in new loans for qualified businesses needing access to capital in these tough times;
• Will seek ways to complement the federal stimulus package, in order to make sure North Carolina gets the full benefit; and
• Cut the Foundation’s administrative budget substantially to allow more resources for grants.

"At the Golden LEAF Foundation, we are unwavering in our determination to provide support for projects that will help to grow jobs, strengthen communities and build the knowledge, talent and skill of North Carolinians. In tough times, we are mindful of the importance of every dollar we spend,” said Gerlach.

At the meeting, the Board also made 10 grant awards totaling more than $4.6 million to support education, workforce training and infrastructure projects that benefit economically distressed communities.

About the Golden LEAF Foundation:
The Golden LEAF Foundation is a nonprofit organization established in 1999 to help transform North Carolina’s economy. The foundation receives one-half of North Carolina’s funds from the 1998 Master Settlement Agreement with cigarette manufacturers and places special emphasis on assisting tobacco-dependent, economically distressed and/or rural communities across the state. The Golden LEAF Foundation works in partnership with local governments, educational institutions, economic development organizations and nonprofits to achieve its mission. The foundation has awarded 760 grants totaling more than $373 million since its inception. For more information about Golden LEAF, or to learn more about applying for a grant, visit www.goldenleaf.org or call (888) 684-8404.