CCEDA is awarded major CDFI Development and Support Contract Eleven nonprofit organizations receive grant funding, resources under this $4.5 million collaborative between the California Reinvestment Coalition, California Community Economic Development Association, banks and foundations.
Eleven nonprofit organizations from California with ambitions of changing the way capital reaches communities of color have been selected as part of the inaugural Resilience Fund cohort, a two-year grant funding and capacity-building initiative developed by the California Reinvestment Coalition, and in partnership with the California Community Economic Development Association.
Selected for their commitment to economic and social equity, these ambitious nonprofits will increase their capacity to provide affordable lending and loans to underserved BIPOC communities in California. “CCEDA was selected and contracted by CRC to provide intensive hands-on technical assistance to assist these non profit organizations to set up community based lending programs. e.g., micro and small business lending,” said Roberto Barragan, CCEDA’s Executive Director.
The Resilience Fund aims to launch a new generation of community development financial institutions (CDFIs) led by people of color in support of the economic stability of Black, Indigenous, and People of Color (BIPOC) small business owners, microentrepreneurs and families in California. The TA will include the development of credit policies, the preparation of a state lending license application, the initial deployment of loan capital, and the application for CDFI Fund certification. This partnership represents the largest project yet for CCEDA’s CDFI Development and Support program focused on CDFIs of Color.
“I am thrilled to welcome these 11 nonprofit organizations and to steward this much-needed statewide initiative,” said Yehwroe Martyn, Resilience Fund Program Manager. “It’s an honor to be a part of the team that offers structural and financial support as well as critical resources for the impactful work of our cohort members and their CDFI ambitions.”
Launched in the fall of 2021, the Resilience Fund provides training and technical assistance, peer-learning activities, and two-year grants of $200,000 to $250,000 to selected organizations. The grant funding allows cohort members to hire new employees, build operational infrastructure, strengthen organizational balance sheets, and provide expanded programming with the objective of achieving CDFI certification.
Capital One, Cathay Bank, Chase, CIT Bank, City National Bank, East West Bank, First Republic Bank, Flagstar Bank, Mechanics Bank, Pacific Premier Bank, Signature Bank, Silicon Valley Bank, Tri Counties Bank, The Walter & Elise Haas Fund, Wells Fargo, U.S. Bank and other organizations contributed to the $4.5 million fund.