Thank you for helping us close the opportunity gap in fiscal year 2018! Together, we helped thousands of enterprising individuals, like Marcia, make their dreams a reality.
Your generous support helped us and our clients to dream bigger. Thanks to you, we invested in Marcia’s clothing boutique and in the dreams of 2,816 additional entrepreneurs. The $92 million in loans you made possible last year will help business owners like Marcia to create or retain more than 9,000 jobs, strengthen families, boost confidence, build savings, and spur a ripple effect in the local economy worth $181 million in new wages, new spending, and new tax revenue.
“Opportunity Fund believes in me and I believe in them. They treat me fairly, and with respect. It’s clear they care about small business owners like me. ” - Marcia, owner of Pinky Rose Boutique in Los Angeles, used a $25,000 loan last year to grow her business.
Our New Markets Tax Credit investments support 394,000 low-income individuals each year. This past year, our team invested $43.6 million in three major community real estate projects that will create jobs and provide critical services to thousands more underserved Californians.
Your support also helped drive our geographic expansion. Opportunity Fund is now ‘open for business’ in new areas of California and is closing the opportunity gap for small business owners in 12 additional states. We launched a campaign dedicated to investing in women entrepreneurs and we published new research on the long-term impact of our lending. This year also marked the launch of our Small Business Impact Fund, which enables accredited individuals to invest in loans to undeserved small business owners, primarily minority and women-owned businesses in low-income communities.
All of this keeps us marching towards our goal to invest $500,000,000 to drive economic mobility for 50,000 additional underserved entrepreneurs and working families in California and beyond by 2020.
We are proud to share our results from FY2018. Your support is what helped thousands of people realize their own dreams for a better life last year. Your generosity made this possible, and we cannot accomplish this goal without you.
- $92 Million invested in small businesses - $131 Million small business loan portfolio under management - the largest in the U.S. for a non-profit CDFI - 1,492 new loans and $41.6 Million invested in SoCal - Since 1994, 13,845 cumulative loans, creating and sustaining 25,000 jobs
- $43.6 Million loaned in New Market Tax Credit projects
- 3 projects closed in FY18
- 5,832 cumulative jobs supported
- Sponsored SB551, a CA bill that seeks to increase the sustainability and transparency of a critical loan loss insurance program (CalCAP)
- Lobbied successfully with others to preserve federal funding in the Treasury Department budget to support CDFI small business lending and New Market Tax Credits