Serving the Community Since 1993

Community Financial Resource Center (CFRC) is a non-profit Community Development Financial Institution (CDFI) offering comprehensive and innovative ways to build wealth for historically underserved residents and small business owners in South L.A. and across L.A. County. The organization provides commercial lending opportunities- including micro loans, peer lending, and small business loans – along with business training, asset development programs, and banking programs. CFRC has served nearly 100,000 low income clients since its inception in 1992.  Its programs have resulted in nearly $14 million in economic activity and the retention and creation of thousands of jobs. The transformative power of CFRC’s services – combined with its clients’ enterprise and hard work – improves the financial standing of individuals, launches and sustains small businesses, and generates economic activity that strengthens entire neighborhoods.

 

History

The Community Financial Resource Center (CFRC) opened its doors to the community in March 1993 as Los Angeles’ first public private partnership.  It was designed as a collaborative effort of 34 local banks, the City of Los Angeles, and community leaders, to respond to the dismal community reinvestment activity in South Central Los Angeles. Following nearly two years of community hearings and planning, CFRC was incorporated to meet the economic development challenges and capacity building needs of Los Angeles’ low-income neighborhoods.

To date, CFRC and its service providers directly influenced economic development in Los Angeles County by assisting nearly100,000 residents and contributing over $14 million to the local economy through its fundraising, lending, and program development efforts. CFRC’s economic impact is reflected in the 3,421 jobs created/retained through CFRC programs, which results in approximately $119,735,000* invested back into the community.

*Figure based on the U.S. Housing & Urban Development’s formula – $35,000 investment/jobs created.

Board of Directors

Chairperson
Tony Lee
President
Dickerson Employee Benefits
 
Vice Chairperson
Michael A. Costa
President
Highridge Costa Housing Partners, LLC
 
Vice Chairperson
Donovan Green
Director, External Affairs
AT&T
 
Treasurer
Kim R. Bingham
Executive Vice President,
Chief Credit Officer
Cathay Bank
 
Secretary
Dulany Hill
CEO, CFO,
Market Development
Dumoney.com
 
Keith A. Drake
Board Member
 
Donovan Green
Director, External Affairs
AT&T
Forescee Hogan-Rowles
President & CEO
Community Financial
Resource Center
 
Geoffrey J. Liu
President & CEO
Chinatrust Bank (U.S.A)
 
Byron Reed
Senior Vice President
Director of Community Development
Wells Fargo
 
Mark Smith
Vice President, Private Banking
Bank of the West
 
David Terrell
Vice President, Region Manager
SoCal Southwest, Arizona, Nevada
US Bancorp Investments, Inc.
 
Nancy Huntington
First Vice President
Manufacturers Bank
(Ex-Officio)

Meet the team

CFRC • Community Financial Resource Center 2011