INITIATIVE TO ADVANCE EQUITABLE ACCESS FOR SMALL BUSINESSES
CULVER CITY, Calif., Oct. 27, 2022 /PRNewswire/ — The Century California Fund (CCF), an entity controlled by Century Housing (Century) announced today an infusion of capital into a partnership with PCR Business Finance (PCR), which will support PCR’s 45-year history of small business and micro lending to underserved communities. Lack of access to capital is a well-documented challenge facing minority borrowers. CCF’s new small and micro lending partnership program with PCR will help fill an essential gap in the market.
At the core of Century’s work is the recognition that advancing equitable access to credit is essential to leveling the playing field for under-resourced groups who historically have suffered economic disadvantages and have been disproportionately impeded in building wealth. “Our goal is to advance financial equity and inclusion for small businesses in communities of color and other marginalized populations to build a more inclusive economy and create more equitable social outcomes,” said Alan Hoffman, Senior Vice President, Century Housing.
Mission-based Community Development Financial Institutions (CDFIs) such as Century and PCR are committed to bringing resources to underserved communities. The new infusion of capital by CCF will leverage PCR’s wealth of experience in providing small business and micro financing solutions to build net worth in minority-owned enterprises in underserved communities in Los Angeles.
Historically, commercial financial institutions have not pursued financing for small businesses in communities of color for various reasons, among them size, experience and lack of credit, resulting in a widening of the wealth gap between communities in Los Angeles, creating and perpetuating economic hardships and often insurmountable barriers in accessing capital.
“The new partnership will address the persistent obstacles of accessing affordable capital and managing cash flow in order to grow existing businesses, create jobs in underserved communities and improve the quality of life in communities that are under-resourced,” said OC Isaac, Chief Credit Officer, PCR Business Finance.
About the 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) supporting quality affordable home development throughout California. Century Housing provides innovative end-to-end financing from acquisition to permanent loans and serves as a reliable partner to state and local agencies, municipalities and other CDFIs in pioneering impactful financing programs like GSAF or LACHIF. For information on how to invest in Century Housing and its mission, please visit the Invest 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 Financial Institution (CDFI), as certified by the U.S. Treasury, that provides business loans. Further, PCR provides small business educational services through its designation by U.S. Small Business Administration (SBA), as a Small Business Development Center (SBDC). Finally, and in addition to its small business lending and educational services, PCR administers the pilot Metro Business Interruption Fund (BIF), which provides grants of up to $50,000 per impact year to eligible small businesses. For information, please visit the PCR website: https://pcrcorp.org/
SOURCE Century Housing