Community development financial institution

National and Local Community Lenders Announce Multi-Million Dollar Fund to Support Small Business and Nonprofit Recovery Across the South

Wednesday, March 3, 2021 - 1:57pm

These businesses often struggle to access capital from traditional sources but are critical to providing jobs and supporting economic recovery in communities across the South.

Key Points: 
  • These businesses often struggle to access capital from traditional sources but are critical to providing jobs and supporting economic recovery in communities across the South.
  • The Fund replicates similar models that have succeeded in New York and California by working with and through local Community Development Financial Institutions (CDFIs).
  • The Southern Opportunity and Resilience Fund (SOAR) provides access to flexible, affordable capital and free business support services to small businesses and nonprofits through trusted community-based organizations.
  • SOAR includes leaders from across sectors including local community lenders, national and state-based nonprofit organizations, corporations, philanthropic donors, and investors - all who are passionate about an equitable recovery across the region.

The Change Company Partners with Netflix to Expand Black Homeownership

Monday, March 1, 2021 - 3:14pm

The Change Company, Americas Community Development Financial Institution (CDFI), announced today its partnership with Netflix to expand Black homeownership in America.

Key Points: 
  • The Change Company, Americas Community Development Financial Institution (CDFI), announced today its partnership with Netflix to expand Black homeownership in America.
  • The Netflix investment in affiliates of The Change Company is focused on bringing racial equity to home lending by financing Black homeowners, fairly and responsibly.
  • Empowered by its partnership with Netflix, The Change Company and its home loan subsidiary also announced the launch of its Black Homeownership Initiative to lend over $1 billion to expand Black homeownership.
  • Strong, socially responsible capital partners are critical to The Change Companys ability to expand homeownership for minority and other underserved borrowers, Steven Sugarman, Founder of The Change Company, added.

The Change Company Names Jesse Elhai Head of Capital Markets

Thursday, February 25, 2021 - 5:02pm

The Change Company, Americas Community Development Financial Institution (CDFI), has appointed Jesse Elhai as Managing Director.

Key Points: 
  • The Change Company, Americas Community Development Financial Institution (CDFI), has appointed Jesse Elhai as Managing Director.
  • Mr. Elhai is responsible for leading the companys Capital Markets where he will oversee the financing, sales and trading, and securitization of all non-conventional whole loans.
  • Mr. Elhai stated, I am excited to join The Change Company and build an industry leading capital markets team.
  • Whole loans originated by The Change Company have been included in securitizations issued by Pimco, Angelo Gordon, and others.

The Change Company Welcomes Chris Gardner to its Board

Wednesday, February 24, 2021 - 3:00pm

The Change Company, Americas Community Development Financial Institution (CDFI), is proud to announce that Chris Gardner has joined its Board of Directors.

Key Points: 
  • The Change Company, Americas Community Development Financial Institution (CDFI), is proud to announce that Chris Gardner has joined its Board of Directors.
  • I am excited to help The Change Company work to eliminate systemic economic inequalities standing in the way of all Americans finding their own Happyness.
  • Antonio Villaraigosa, 41st Mayor of Los Angeles and Chair of The Change Company, said, I am thrilled to welcome Chris to our Board.
  • Steven Sugarman, Founder of The Change Company, added, The Change Company is focused on expanding access to capital for Black and Latino homeownership and small businesses.

OneUnited Bank, Largest Black Owned Bank Introduces Solidarity Card For Black History Month

Wednesday, February 24, 2021 - 1:30pm

LOS ANGELES, Feb. 24, 2021 /PRNewswire/ --OneUnited Bank, the largest Black owned bank and first and only Black owned digital bank in the country, is proud to introduce its new Solidarity Card for Black History Month.

Key Points: 
  • LOS ANGELES, Feb. 24, 2021 /PRNewswire/ --OneUnited Bank, the largest Black owned bank and first and only Black owned digital bank in the country, is proud to introduce its new Solidarity Card for Black History Month.
  • This year, the Bank introduces the vertically designed Solidarity Card with a Black power fist to represent Black Americans and its allies coming together to fight for economic and social justice!
  • "As the largest Black owned bank in the country, we promote a vision to move the Black community forward from a social and economic perspective" states Kevin Cohee, Chairman & CEO of OneUnited Bank.
  • OneUnited Bank is the premier bank for urban communities, the largest Black-owned bank, the first Black internet bank and a Community Development Financial Institution (CDFI).

Tricolor Launches New Software as a Service Business, Names Stephanie Alsbrooks Hanson President

Wednesday, February 24, 2021 - 1:00pm

DALLAS, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Tricolor , a tech-enabled Community Development Financial Institution (CDFI) and the nations largest used vehicle retailer and lender for the Hispanic consumer, today announced that it has named Stephanie Alsbrooks Hanson as President of newly formed Tricolor Financial.

Key Points: 
  • DALLAS, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Tricolor , a tech-enabled Community Development Financial Institution (CDFI) and the nations largest used vehicle retailer and lender for the Hispanic consumer, today announced that it has named Stephanie Alsbrooks Hanson as President of newly formed Tricolor Financial.
  • As part of its mission to transform consumer credit for underserved Hispanic consumers, the new venture will extend the companys proprietary AI-powered technology through a Software as a Service (SaaS) model.
  • Today, Tricolor is known for providing its customers with access to affordable financing on high-quality, certified vehicles using this AI-powered model to segment risk.
  • I am thrilled to welcome Stephanie to the team as she helps scale this endeavor nationally.

LISC awarded $7.5M Capital Magnet Fund grant for affordable housing, economic development

Tuesday, February 23, 2021 - 9:24pm

NEW YORK, Feb. 23, 2021 /PRNewswire/ --The federal government awarded the Local Initiatives Support Corporation (LISC) $7.5 million from the Treasury Department's Capital Magnet Fund (CMF).

Key Points: 
  • NEW YORK, Feb. 23, 2021 /PRNewswire/ --The federal government awarded the Local Initiatives Support Corporation (LISC) $7.5 million from the Treasury Department's Capital Magnet Fund (CMF).
  • LISC's award will help leverage $181 million in affordable housing and economic development in deeply distressed rural and urban communities located in 15 states.
  • LISC received the third largest of CMF's $175.35 million in grants, announced by the Community Development Financial Institutions Fund (CDFI Fund), which is part of the Treasury Department.
  • "The Capital Magnet Fund gives us another way to help developers address financing gaps and build affordable housing in communities where there is high demand," Max explained.

Carver Bancorp Inc. Receives Investment from JPMorgan Chase To Support Economic Empowerment in Communities of Color

Tuesday, February 23, 2021 - 6:30pm

Carver will also explore new initiatives that create economic empowerment in communities of color.

Key Points: 
  • Carver will also explore new initiatives that create economic empowerment in communities of color.
  • JPMorgan Chase recently announced a series of new initiatives to further its support of MDIs and diverse-led Community Development Financial Institutions (CDFIs).
  • "JPMorgan Chase is investing in Carver as both companies share the goal of advancing racial equality and economic empowerment in communities of color and reducing the racial wealth divide."
  • Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank.

The Change Company Names Antonio Villaraigosa Board Chair

Tuesday, February 23, 2021 - 3:16pm

The Change Company, Americas Community Development Financial Institution (CDFI), is proud to announce that Antonio Villaraigosa, the 41st Mayor of Los Angeles, has been named the Companys Board Chair.

Key Points: 
  • The Change Company, Americas Community Development Financial Institution (CDFI), is proud to announce that Antonio Villaraigosa, the 41st Mayor of Los Angeles, has been named the Companys Board Chair.
  • Mayor Villaraigosa brings his decades of experience as a public servant, educator, and advocate to The Change Company.
  • It is a great honor to serve as Board Chair for The Change Company and rejoin so many colleagues I had the honor of working with at Banc of California.
  • Thedora Nickel, Executive Director of The Change Company, added, Mayor Villaraigosa is passionate about the power of partnerships to address social and racial inequities in the financial system.

JPMorgan Chase Announces Initiatives to Support Minority-Owned and Diverse-Led Financial Institutions

Tuesday, February 23, 2021 - 12:58pm

NEW YORK, Feb. 23, 2021 /PRNewswire/ --JPMorgan Chase today announced initiatives to further support Minority Depository Institutions (MDIs) and diverse-led Community Development Financial Institutions (CDFIs), as part of the firm's recently announced $30 billion commitment to advancing racial equity.

Key Points: 
  • NEW YORK, Feb. 23, 2021 /PRNewswire/ --JPMorgan Chase today announced initiatives to further support Minority Depository Institutions (MDIs) and diverse-led Community Development Financial Institutions (CDFIs), as part of the firm's recently announced $30 billion commitment to advancing racial equity.
  • These new initiatives are focused on strengthening minority-owned and diverse-led financial institutions by providing additional access to capital, connections to institutional investors, specialty support for Black-led commercial projects and mentorship and training opportunities.
  • By mid-year, JPMorgan Chase is expecting to increase its investments in MDIs to also include Latinx-led institutions.
  • JPMorgan Chase is providing more than $300 million in additional financing to CDFIs over the next five years.