CFRC is a California Finance Lender and certified by the U.S. Dept. of the Treasury as a Community Development Financial Institution (CDFI)
CFRC is a Ca l i f o rn i a F inance Lender and cer t i f i ed by the U.S . Dep t . o f the Treasu ry as a Commun i t y Deve lopmen t
F inanc ia l Ins t i t u t i on (CDF I )
Los Angeles Landscape
• Disinvested…sort of• Disenfranchised• Asset poor• Shut off from the
financial mainstream
Our Role
• Provide asset building programs and services
• Bridge access between financial institutions and neighborhoods
• Point of financial resources
Stabilize Communities
of U.S. households (approx. 9m) are unbanked
of Hispanic households are
unbanked or underbanked
Micro-enterpriseHuman Capital
HomeownershipCash Flow Buffer/Emergency Fund
Roads to Asset Building
Platforms• Bank on LA campaign
challe nge s
• Historically-disinvested neighborhoods
challe nge s
• Historically-disinvested neighborhoods
ProductsProductsSavings Accounts – 18-23% interest subsidy
payoutsAsset Building Accounts – $1 for $1 match saving
accounts for education, business or homeownership
Capital Partners – Comprehensive program that offers loans, business training and education, group support, and networking opportunities to entrepreneurs and business owners with limited access to working capital
Business Lending – Loans starting from $5,000 to $250,000
Relationship-Building | CBO In order to foster successful community
collaboration between the agent and CBOs, partnering organizations must understand the value of the service being provided.
Leverage Factor In order to foster successful community
collaboration between the agent and CBOs, partnering organizations must understand the value of the service being provided.
Strong referrals + satisfactory experience = reinforces trust
Leverage Factor In order to foster successful community
collaboration between the agent and CBOs, partnering organizations must understand the value of the service being provided.
Why are you Why are you paying people to paying people to
save?save?
Outcomes
• Promote the HABIT of Savings• Help Families Increase or Establish an Emergency Fund
• Establish banking relationship with individuals and families who are out of the financial mainstream
Account Description
• Choose from 3 different savings accounts• Save monthly
• Interest Subsidy of 18-23% APY – TAX FREE!– Quarterly Interest Subsidy Deposits for 12 months– Quarterly Deposits earned are Yours to Keep– You can withdraw at any time– No fees, no penalties for early withdrawal