CENTURY CALIFORNIA FUND TO FINANCE PCR BUSINESS FINANCE SMALL BUSINESS PROGRAM
INITIATIVE TO PROMOTE EQUITABLE ACCESS FOR SMALL BUSINESSES
CULVER CITY, Calif., October 27, 2022 /PRNewswire/ — The Century California Fund (CCF), an entity controlled by Century Housing (Century), today announced a capital injection into a partnership with PCR Business Finance (PCR), which will support 45 years of PCR’s story of small business and microloans to underserved communities. Lack of access to capital is a well-documented challenge faced by minority borrowers. CCF’s new small and micro loan partnership program with PCR will help fill a critical gap in the market.
At the heart of Century’s work is the recognition that promoting equitable access to credit is essential to leveling the playing field for underfunded groups that have historically suffered economic disadvantages and been disproportionately hindered in the wealth creation. “Our goal is to advance 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,” said Alan HoffmanSenior 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 capital injection by CCF will leverage PCR’s extensive experience in providing micro-finance and small business solutions to build the equity of minority-owned businesses in underserved communities in Los Angeles.
Historically, commercial financial institutions have not sought financing for small businesses in communities of color for a variety of reasons, including size, experience and lack of credit, which has resulted in a widening wealth between communities in Los Angelescreating and perpetuating economic hardship and often insurmountable barriers to access to capital.
“The new partnership will tackle persistent barriers to accessing affordable capital and managing cash flow to grow existing businesses, create jobs in underserved communities, and improve the quality of lives in communities that lack resources,” said OC IsaacDirector of Credit, PCR Business Finance.
About Century California Fund and Century Housing
Century California Fund, LLC is a wholly owned entity of Century Housing established 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 the development of quality affordable housing throughout California. Century Housing provides innovative end-to-end financing, from acquisition to permanent loans, and is a reliable partner for state and local agencies, municipalities and other CDFIs in innovative high-impact financing programs such as GSAF or LACHIF. For more information on how to invest in Century Housing and its mission, please 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, US Treasury-certified community development financial institution (CDFI) that provides business loans. Additionally, PCR provides educational services to small businesses through its designation by the U.S. Small Business Administration (SBA) as a Small Business Development Center (SBDC). Finally, and in addition to its small business education and lending services, PCR administers the Metro Business Interruption Fund (BIF) pilot project, which provides grants of up to $50,000 per year of impact to eligible small businesses. For more information, please visit the PCR website: https://pcrcorp.org/
SOURCE century house