Initiatives to Promote Equitable Access for Small and Medium Enterprises
culver city, california, October 27, 2022 /PRNewswire/ — Century California Funds (CCF), an entity managed by Century Housing (Century), today announced a capital injection into its partnership with PCR Business Finance (PCR). Microcredits to underserved communities. Lack of access to capital is a well-documented challenge facing minority borrowers. CCF’s new microfinance partnership program with PCR will help fill an essential gap in the market.
At the core of Century’s efforts is the belief that promoting equitable access to credit will reduce the playing field for underresourced groups that have historically been economically disadvantaged and unfairly hindered from building wealth. It is recognition that it is essential for leveling. “Our goal is the economic equity and inclusion of small businesses in communities of color and other marginalized people to build a more inclusive economy and produce more equitable social outcomes. is to promote the Alan HoffmanSenior Vice President, Century Housing.
Mission-based Community Development Finance Institutions (CDFIs) such as Century and PCR are committed to providing resources to underserved communities. The new capital injection by CCF will leverage PCR’s extensive experience in providing small business and microfinance solutions to build net worth in minority-owned businesses in underserved communities. Los Angeles.
Historically, commercial lenders have not sought to lend to small businesses in communities of color for a variety of reasons, including size, experience, and lack of creditworthiness. Los Angelescreate and perpetuate economic difficulties and often insurmountable barriers to access to capital.
“The new partnership will provide access to affordable capital to grow existing businesses, create jobs in underserved communities and improve quality of life in resource-poor communities. and the persistent obstacles of managing cash flow.” OC IsaacChief Credit Officer, PCR Business Finance.
About Century California Fund and Century Housing
Century California Fund, LLC is a 100% controlled entity of Century Housing established to engage in support and development activities in the communities operated by Century Housing.
Century Housing is a mission-driven community development finance institution (CDFI) that supports high quality, affordable housing development throughout California. Century Housing offers innovative end-to-end financing from acquisitions to perpetual loans, and has pioneered impactful financing programs like GSAF and LACHIF with state and local agencies, local governments, and other CDFIs as a trusted partner. To learn more about how to invest in Century Housing and its mission, please visit the investment page on Century’s website: https:// Century.org/invest/
About PCR Business Finance
Founded in 1977, PCR Business Finance (PCR) is a private, non-profit Community Development Finance Institution (CDFI) accredited by the US Treasury Department to provide business loans. In addition, PCR has been designated as a Small Business Development Center (SBDC) by the Small Business Administration (SBA) to provide small business education services. Finally, in addition to small business lending and education services, PCR manages a pilot Metro Business Interruption Fund (BIF). $50,000 Impact on eligible small businesses by year. For more information, visit his website at PCR: https://pcrcorp.org/
SOURCE Century Housing
