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
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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) |
