New microloan fund has taken key steps to build operational capacity
Sacramento, Calif. (January 10, 2019) – The Economic Justice Fund announced today that in the past year it has achieved five milestones that have enabled the organization to begin developing a strong foundation for its future.
The Economic Justice Fund was established as a nonprofit corporation in 2018 to provide small business loans and training programs to help underserved, low-income entrepreneurs build successful businesses.
In its first twelve months of operations, the Economic Justice Fund has taken the following five steps to build its capacity to undertake its lending and training activities:
- Completed a strategic plan – The Economic Justice Fund’s governing board completed a five-year strategic plan that will serve as a roadmap for the organization’s growth and impact.
- Qualified for federal tax-exempt status – The Internal Revenue Service approved the Economic Justice Fund as a 501(c)(3) charitable nonprofit. This means not only that the organization is exempt from federal taxes, but also that donations to the Economic Justice Fund are deductible from the donors’ federal income taxes.
- Qualified for California tax-exempt status – The Economic Justice Fund also qualified as a tax-exempt nonprofit in California.
- Received a California Finance Lender License – The Economic Justice Fund received the license from the California Department of Business Oversight. The license is required for organizations that conduct small business lending in the state.
- Received a $125,000 federal grant –The Economic Justice Fund was awarded a $125,000 technical assistance grant by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. The funding will enable the Economic Justice Fund to continue developing its lending and training programs for low-income entrepreneurs.
“In just one year, the Economic Justice Fund has grown from a concept envisioned by highly experienced community development leaders to an established nonprofit organization with a strong foundation for the future,” said Scott Berman, president of the Economic Justice Fund’s governing board. “Our rapid progress is the result of the commitment and hard work of our talented board, and we appreciate their efforts to build our organization’s capacity to support underserved entrepreneurs.”
For more information about the Economic Justice Fund, please visit www.economicjusticefund.org.