INITIATIVE TO ADVANCE EQUITABLE ACCESS FOR SMALL BUSINESSES
CULVER CITY, Calif., Oct. 27, 2022 /PRNewswire/ — The Century California Fund (CCF), an entity managed by Century Housing (Century) introduced immediately an infusion of capital right into a partnership with PCR Enterprise Finance (PCR), which can assist PCR’s 45-year historical past of small enterprise and micro lending to underserved communities. Lack of entry to capital is a well-documented problem going through minority debtors. CCF’s new small and micro lending partnership program with PCR will assist fill a vital hole available in the market.
On the core of Century’s work is the popularity that advancing equitable entry to credit score is crucial to leveling the enjoying area for under-resourced teams who traditionally have suffered financial disadvantages and have been disproportionately impeded in constructing wealth. “Our purpose is to advance monetary fairness and inclusion for small companies in communities of shade and different marginalized populations to construct a extra inclusive economic system and create extra equitable social outcomes,” stated Alan Hoffman, Senior Vice President, Century Housing.
Mission-based Neighborhood Growth Monetary Establishments (CDFIs) resembling Century and PCR are dedicated to bringing assets to underserved communities. The brand new infusion of capital by CCF will leverage PCR’s wealth of expertise in offering small enterprise and micro financing options to construct web price in minority-owned enterprises in underserved communities in Los Angeles.
Traditionally, business monetary establishments haven’t pursued financing for small companies in communities of shade for varied causes, amongst them measurement, expertise and lack of credit score, leading to a widening of the wealth hole between communities in Los Angeles, creating and perpetuating financial hardships and infrequently insurmountable limitations in accessing capital.
“The brand new partnership will deal with the persistent obstacles of accessing inexpensive capital and managing money move in an effort to develop present companies, create jobs in underserved communities and enhance the standard of life in communities which might be under-resourced,” stated OC Isaac, Chief Credit score Officer, PCR Enterprise Finance.
In regards to the Century California Fund and Century Housing
Century California Fund, LLC is an entity 100% managed by Century Housing created to have interaction in assist and improvement actions within the communities during which Century Housing operates.
Century Housing is a mission-driven Neighborhood Growth Monetary Establishment (CDFI) supporting high quality inexpensive house improvement all through California. Century Housing supplies modern end-to-end financing from acquisition to everlasting loans and serves as a dependable companion to state and native businesses, municipalities and different CDFIs in pioneering impactful financing packages like GSAF or LACHIF. For data on spend money on Century Housing and its mission, please go to the Make investments web page on Century’s web site: https://century.org/make investments/
About PCR Enterprise Finance
Based in 1977, PCR Enterprise Finance (PCR) is a non-public, non-profit, Neighborhood Growth Monetary Establishment (CDFI), as licensed by the U.S. Treasury, that gives enterprise loans. Additional, PCR supplies small enterprise instructional providers by way of its designation by U.S. Small Enterprise Administration (SBA), as a Small Enterprise Growth Middle (SBDC). Lastly, and along with its small enterprise lending and academic providers, PCR administers the pilot Metro Enterprise Interruption Fund (BIF), which supplies grants of as much as $50,000 per affect yr to eligible small companies. For data, please go to the PCR web site: https://pcrcorp.org/
SOURCE Century Housing
