Great news! We’re excited to announce that Pacific Community Ventures has been awarded a 2017 CDFI Fund award, to support our programs delivering capital to small businesses across California that create good jobs for working people and build community wealth from the bottom up. In 2016, the small businesses in our lending program grew revenues by 20% on average (vs. 8% for comparable businesses) and saw 73% job growth (vs. 2% for comparable businesses).
We’re a nonprofit lender that provides fair and affordable small business loans from $10,000 to $200,000 to California businesses. Our loans help small business owners like thrive and be successful. In addition to quarterly meetings with a pro bono financial advisor, PCV small business loan borrowers also get free tailored business advice from our BusinessAdvising.org program’s pool of 500+ experts in any area they need, like marketing, business strategy, or sales.
If you’re a California company that’s been in business for at least twelve months, and you’ve got at least two employees, then we’d love to work with you! We also specialize in working with small business owners who’ve had a hard time accessing capital, like female entrepreneurs, entrepreneurs of color, and borrowers that may have been turned down for SBA or traditional bank loans.
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 303 Community Development Financial Institutions (CDFIs) $208.7 million in awards today. The awards, through CDFI Program and the Native American CDFI Assistance Program, will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.
“We are very pleased to announce the FY 2017 CDFI Program and NACA Program award recipients. This is the largest pool of awardees in the history of the CDFI Fund,” said CDFI Fund Director Annie Donovan. “These award recipients represent a diverse array of organization types and community investment strategies, serving a broad spectrum of communities. We are especially proud that one-third of the awardees have committed to investing in Persistent Poverty Counties.”
Since its creation in 1994, the CDFI Fund has awarded more than $2.5 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the Bank Enterprise Award Program. In addition, the CDFI Fund has allocated $50.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, closed guaranteed bonds in the amount of $1.1 billion through the CDFI Bond Guarantee Program, and awarded more than $171 million through the Capital Magnet Fund.