Los Angeles Community Reinvestment Committee Inc

aka Community Financial Resource Center (CFRC)   |   Los Angeles, CA   |  www.cfrcla.org

Mission

TO CREATE AND ENHANCE THE ECONOMIC WEALTH AND CAPACITY OF RESIDENTS AND BUSINESSES IN DISTRESSED AREAS OF LOS ANGELES

Ruling year info

2020

Principal Officer

Forescee Hogan-Rowles

Main address

4060 S Figueroa St

Los Angeles, CA 90037

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EIN

95-4378092

NTEE code info

Economic Development (S30)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Programs and results

What we aim to solve

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Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Capital Partners

Capital Partners™ is a
peer-lending micro-enterprise program providing graduated loans starting at
$500 up to $5,000. Based on the internationally recognized Grameen Bank
micro-lending model founded by Dr. Muhammed Yunas, the 2006 Nobel Peace Prize
winner. Unique to other micro-loan programs in Southern California, CFRC Capital
Partners™ encompasses comprehensive business management training, access to
capital and networking opportunities for entrepreneurs and micro-enterprises.
The peer lending structure provides support and guidance for participants to
create quality business networks.

Population(s) Served

The SEED Loan
Program is available to
enterprises in operation for at least one full operating year, seeking loans
from $5,000 to $30,000. The program targets businesses in
low-to-moderate-income areas that would not be able to access traditional bank
financing.

Population(s) Served

The Small Business
Expansion Loan Program is
designed to assist in the expansion of jobs through local businesses.
Businesses must have been in operation for three years or more, and loans are
available from $30,000 to $250,000.

Population(s) Served

Individual Development Account program (IDA/LA) is a matched savings
program that provides training and capital to low-income Los Angeles residents.
The program is provides a 1:1 savings match that helps participants to save
toward the purchase of a first home, post-secondary education, or starting a small
business. CFRC also conducts Financial Education Workshops for all savings
program opportunities

Population(s) Served

Healthy Food Cart & Street Vendor
Initiative - Launched in 2011, the Healthy Food Cart
& Street Vendor Initiative aims to support the growing number of informal
entrepreneurs in the city by helping them contribute to the mainstream local
economy while encouraging them to sell healthy food. CFRC believes that street
vendors can play a role in not only taking care of their own families, but also
contributing to the healthy lives of their customers.CFRC provides customized business
assistance and micro-loans to street vendors and other informal entrepreneurs
through its Capital Partners program. This work is done in partnership with a
variety of community-based organizations in an effort to incorporate these
entrepreneurs in the mainstream economy, while educating them on how selling
healthy food can help address the city’s “food deserts.”Street Vendor Outreach & Organizing - CFRC’s street vending initiative relies on community-based
outreach and strategic partnerships to raise awareness about existing resources
and ways that CFRC can help build their business. Over the last year, CFRC has
reached out to over 300 street vendors through direct outreach, internal
cross-referrals, and strategic partnerships with other community organizations.
This information is being compiled in a “Street Vendor Census” to identify
where vendors are located in areas like South Los Angeles.In addition to these relationships, CFRC
has also leveraged existing media outlets to promote street vending and a
dialogue on how these micro-entrepreneurs add value to the communities in which
they work.Advocacy
- The
underlying context of this work is the fact that street vending is not
permitted in the City of Los Angeles. To address this issue, CFRC has dedicated
significant time to supporting a coalition of organizations to legalize street
vending and develop a system where micro-entrepreneurs can build their
businesses in their communities, and bring healthy food to areas considered
“food deserts”.

Population(s) Served

Where we work

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Financials

Los Angeles Community Reinvestment Committee Inc
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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Los Angeles Community Reinvestment Committee Inc

Board of directors
as of 06/07/2016
SOURCE: Self-reported by organization
Board chair

Michael Costa

Highridge Costa Housing Partners, LLC

Term: 2013 -

Kim Bingham

Cathay Bank

Michael Costa

Highridge Costa Housing Partners, LLC

Keith Drake

Wells Fargo Bank

Donovan Green

AT & T

Dulany Hill

Dumoney.com

Forescee Hogan-Rowles

Community Financial Resource Center

Tony Lee

Dickerson Employee Benefits

Byron Reed

Wells Fargo Bank

Mark Smith

Bank of the West

David Terrell

US Bankcorp Investments, Inc.