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Community Financial Resource Center (CFRC)

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Community Financial Resource Center (CFRC)

Mission statement:

To create and enhance the economic wealth and capacity of the residents and businesses in disinvested areas of Los Angeles by delivering quality community development programs and facilitating collaborative efforts among business, the community and government.

Overview:

CFRC is a one-stop shop of service providers,
offering the following types of services:

• Business Lending Programs
• Consumer and Business Development Workshops
• Education and Financial Literacy Training
• Technical Assistance

The mission of the Los Angeles Community Reinvestment Committee d.b.a. Community Financial Resource Center is to create and enhance the economic wealth and capacity of residents and businesses in disinvested areas of Los Angeles by delivering quality community development programs, and facilitating collaborative efforts among businesses, the community and government.

Vision:

CFRC is recognized as the finest provider of wealth creation tools to historically underserved residents and small business owners.

History:

The Los Angeles Community Reinvestment Committee d/b/a Community Financial Resource Center (CFRC) is a non-profit 501 C-3 Community Development Financial Institution (CDFI) dedicated to providing low cost financial services and counseling for residents and businesses in low and moderate income communities of Los Angeles County. The mission of CFRC is to create and enhance the economic wealth and capacity of the residents and businesses in disinvested areas of Los Angeles by delivering quality community development programs, and facilitating collaborative efforts among business, the community and government. CFRC is recognized as the finest provider of wealth creation tools to historically under served residents and small business owners.

Community Financial Resource Center (CFRC) opened its doors in March 1993 as Los Angeles’ first public/private partnership. It was designed as a collaborative effort of 34 local area banks, the City of Los Angeles, and community leaders. . All of the stakeholders came together responding to a dismal report regarding community reinvestment activity in South Central Los Angeles. Responding to an increasing demand for programs and services beyond South Central, in 1997, CFRC expanded its services to serve low-to-moderate income communities throughout Los Angeles County.

Since its inception, CFRC has maintained the diversity of its founders through the Board of Directors. The members include representatives from banks, city departments, corporations, and community organizations. The combination of public and private officials on the board helps leverage resources and builds trust with all members contributing to revitalizing low and moderate income communities.

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