Eleven nonprofit organizations to receive grant funding, resources under this $4.5 million collaborative between the California Reinvestment Coalition, the San Francisco Foundation, banks and foundations.
LOS ANGELES, Feb. 7, 2022 — 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 the San Francisco Foundation.
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.
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.
“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.”
Carlton Jenkins, President of MJC Partners and CRC Resilience Fund advisory board member, noted the competitive nature of the selection process. “This is truly an exciting group of nonprofits representing every corner of our state. I am grateful to have been introduced and reintroduced to some of California’s most creative, innovative and engaged nonprofits through this process. Each of the selected organizations is singularly focused on improving the overall quality of life in their respective communities in the best way they organizationally can,” Jenkins said.
The inaugural cohort includes the following organizations:
- African Americans for Economic Empowerment
- Black Cultural Zone CDC
- Chinatown Service Center
- Coalition for Responsible Community Development
- Community Services Unlimited Inc.
- Creser Capital Fund
- First Community Capital
- Fresno Area Hispanic Foundation
- Inclusive Action for the City
- Pukuu Cultural Community Services
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.
About the California Reinvestment Coalition
The California Reinvestment Coalition (CRC) builds an inclusive and fair economy that meets the needs of communities of color and low-income communities by ensuring that banks and other corporations invest and conduct business in our communities in a just and equitable manner. CRC’s 300 organizational members include multi-service agencies, affordable housing developers, housing and financial capability counselors, tenants’ rights and legal aid organizations, small business technical assistance providers, Community Development Financial Institutions (CDFIs), small farm incubators, immigrant service organizations, and other community-serving organizations located throughout California. We envision a future in which people of color and low-income people live and participate fully and equally in financially healthy and stable communities without fear of displacement and have the tools necessary to build household and community wealth.
About the San Francisco Foundation
The San Francisco Foundation is committed to a Bay Area where everyone can get a good job, live in a safe and affordable home, and exercise their political voice. The foundation advances its work through grantmaking, partnerships with donors, policy advocacy, and impact investing.
Brian Maxey, 559-286-7705, email@example.com