February 17, 2021 10:58 AM Eastern Standard Time
Originally Published on Yahoo! Finance
The Capital Corps, America’s Community Development Financial Institution (CDFI), today announced its new name – The Change Company.
Over 100 million American consumers and small businesses – including nearly half of all Black and Latino consumers – are underbanked due to systemic economic inequality. The Change Company levels the financial playing field for the underbanked by delivering social and racial equity in its lending and banking solutions. The Change Company has made over $10 billion in loans to 50,000 borrowers since its certification as a CDFI in 2018.
Founder Steven Sugarman stated, "The Change Company’s mission is to bank the unbanked, fairly and responsibly. We do this by bringing digital-first solutions to the resolution of social and racial inequities in lending and banking. Our mission of change begins in our boardroom where minority leaders comprise two-thirds of our Board of Directors and executive management team. Our mission of change is also reflected in our lending where Black, Latino, and underserved borrowers account for two-thirds of our loans. As we surpass $10 billion in annual lending, we are proud to bring needed capital to American families, communities, and minorities seeking to break the inter-generational poverty resulting from a legacy of unequal access to lending and banking services. Our new name – The Change Company – reflects our mission and our passion for immediate solutions to end the persistent structural economic inequalities that continue to impact minority and lower income Americans."
Community Board Chairman and Reverend Everett Bell stated, "Over 50 years after the Watts riots, it is long past time for talk, and it is now time for Change. Black communities need real solutions to address the racial inequities that continue to infect our financial system. We cannot wait another 50 years for policymakers to address the issues resulting in the inability of Black and Latino consumers to get home loans, credit cards, and consumer loans on equal terms with other borrowers. The Change Company has the integrity, community commitment, and ﬁnancial expertise to bring loans and banking services to minority and low-income communities that continue to be left out of our financial system."
Co-Founder Jeff Seabold added, "This rebranding represents an important milestone as we continue to disrupt the existing social and racial inequities in banking. We will continue to invest in digital innovation, proprietary products, and advocacy to expand access to capital and banking services to the underbanked."
The Change Company is a CDFI that operates five businesses to deliver on its mission to bank the underbanked, fairly and responsibly.
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