INITIATIVE TO ADVANCE EQUAL ACCESS FOR SMALL BUSINESSES
CULVER CITY, California, October 27, 2022 /PRNewswire/ — Century California Fund (CCF), an entity controlled by Century Housing (Century), today announced an infusion of capital into a partnership with PCR Business Finance (PCR) that will support PCR’s 45-year history of small business. and microloans to underserved communities. Lack of access to capital is a well-documented problem facing minority borrowers. CCF’s new partnership program for small and microloans with PCR will help fill a critical gap in the market.
At the heart of Century’s work is the recognition that progress in equitable access to credit is necessary to level the playing field for under-resourced groups that have historically suffered economic disadvantages and been disproportionately hindered from building wealth. “Our goal is to support financial equity and small business inclusion in communities of color and other marginalized populations to build a more inclusive economy and create more equitable social outcomes,” he said. Alan HoffmanSenior Vice President, Century Housing.
Mission-based Community Development Financial Institutions (CDFIs) such as Century and PCR are committed to providing resources to underserved communities. CCF’s new capital infusion will leverage PCR’s extensive experience in providing small business and microfinance solutions to build equity in minority-owned businesses in underserved communities. Los Angeles.
Commercial financial institutions historically have not sought to finance small businesses in communities of color for a variety of reasons, including size, experience, and lack of credit, leading to a widening of the wealth gap between communities in Los Angelesit creates and perpetuates economic difficulties and often insurmountable barriers to access to capital.
“The new partnership will address persistent barriers to accessing affordable capital and managing cash flow to grow existing businesses, create jobs in underserved communities and improve the quality of life in under-resourced communities,” he said. OC IsaacCredit Director, PCR Business Finance.
About Century California Fund and Century Housing
Century California Fund, LLC is an entity 100% controlled by Century Housing created to engage in support and development activities in the communities in which Century Housing operates.
Century Housing is a mission-driven Community Development Financial Institution (CDFI) that supports quality, affordable home construction throughout California. Century Housing provides innovative end-to-end financing from acquisition to permanent loans and serves as a trusted partner to state and local governments, municipalities and other CDFIs in pioneering effective financing programs such as GSAF or LACHIF. For information on how to invest in Century Housing and its mission, visit the Invest page on the Century website: https://century.org/invest/
About PCR Business Finance
Founded in 1977, PCR Business Finance (PCR) is a private, not-for-profit Community Development Financial Institution (CDFI) certified by the US Treasury Department that provides business loans. PCR also provides educational services to small businesses through its designation by the US Small Business Administration (SBA) as a Small Business Development Center (SBDC). Finally, in addition to its small business lending and training services, PCR administers the pilot Metro Business Interruption Fund (BIF), which provides grants of up to 50,000 dollars per impact year to eligible small businesses. For information, please visit the PCR website: https://pcrcorp.org/
SOURCE Housing of the century