SoCal Residents Gain a Powerful Tool for Economic Recovery
A consortium of community development financial institutions (CDFIs) launches a new website to serve the needs of small businesses and underserved communities
LOS ANGELES, Nov. 15, 2021 /PRNewswire/ -- The South Los Angeles CDFI Consortium has launched a website that brings together essential business, educational, and financial services – acting as a one-stop resource repository for small businesses, consumer financial organizations, and residents throughout Southern California.
Led by Union Bank and Vermont Slauson Economic Development Corporation (VSEDC), the Consortium's local providers joined together to create economic opportunity, close equity gaps, and ensure growth and development throughout the region. The organizations include AmPac Business Capital, CDC Small Business Finance, Economic Resources Corporation, Local Initiatives Support Corporation (LISC LA), Los Angeles Urban League, Neighborhood Housing Services of Los Angeles County, NEW Community Investments, The Center by Lendistry, UAW Labor Employment and Training and USC Credit Union.
"For far too long, small businesses in South Los Angeles have lacked access to critical funding that would allow them to build an exceptional foundation," said Joseph T. Rouzan III, President and CEO of VSEDC. "Through strategic lending approaches that include business coaching, we take one step closer to ensuring that entrepreneurs have the resources that they need to thrive. We will be forever grateful to Union Bank for providing the needed support to assemble this strong consortium of asset builders serving South Los Angeles and surrounding communities."
"Small businesses are the backbone of our economy and the communities they serve," said Todd E. Hollander, Managing Director, Head of Business and Small Business Banking at Union Bank. "Now more than ever, they need support and practical assistance to help them grow their businesses or rebound from the devastating impact the pandemic has had on so many. At Union Bank, supporting small businesses has been in our DNA for more than 155 years, and that commitment remains. We are honored to be a part of the South Los Angeles CDFI Consortium and to help create easier access to the valuable resources available to small businesses throughout South Los Angeles."
"This website was created to provide residents and small businesses a single destination for access to capital, education, and mentorship," said Sam Hughes, President, and CEO of Economic Resources Corporation, who led the development of the slacdfi.org website.
The site offers services that include B2B mentorship, business loans, equity investment, consumer financial services, homebuyer down-payment assistance, consumer financial literacy, business financial literacy, small business development, workforce development, and job training.
"The SBA is honored to be a support system to the South Los Angeles CDFI Consortium to promote growth and sustainability while driving economic recovery to the small business community in the region," said Victor Parker, Deputy Associate Administrator, Office of Field Operations, U. S. Small Business Administration.
"As a member-owned financial cooperative and CDFI rooted in this community, the non-profit USC Credit Union is incredibly proud to partner with the South Los Angeles CDFI Consortium to promote equitable financial well-being for all," said Gary J. Perez, President and CEO of USC Credit Union." Together, we are committed to uplifting the South L.A. community through value-added financial services and meaningful financial education programs designed to meet the unique needs of a community that we are privileged to serve."
"We are proud to be a partner and supporter of the South LA CDFI Consortium. Local residents need access to affordable housing and small business capital; the Consortium is hands-on, real-time support for affordable lending and access for our communities," said Lori Gay, President and CEO of Neighborhood Housing Services of Los Angeles County.
"The small businesses and residents of our diverse communities were some of the hardest-hit by the pandemic – but many don't know all of the resources that are available to help them recover," said Tunua Thrash-Ntuk, Executive Director of LISC LA. "LISC LA is proud to be a part of the South Los Angeles CDFI Consortium and to work alongside organizations that share a common goal of creating economic opportunity throughout Southern California."
To access the South Los Angeles CDFI Consortium, please visit slacdfi.org.
About South Los Angeles CDFI Consortium
The South Los Angeles CDFI Consortium is a group of local providers offering essential business, educational, and financial services that make a tangible difference for small business owners and residents of L.A. County and other Southern California regions. Our mission is to develop and implement creative community-based strategies to enhance economic opportunity, education, affordable housing, financial literacy, consumer, and business banking and ensure a dynamic framework for quality growth and development.
Visit us on LinkedIn | About the South Los Angeles CDFI Consortium members
To view this press release in Spanish, view here.
SOURCE South Los Angeles CDFI Consortium
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