Economic Justice Fund Receives California Investment & Innovation Program Grant
Sacramento, Calif. (February 1, 2024) – Today, California State Treasurer Fiona Ma announced the inaugural round of grants under the $50 million California Investment and Innovation Program (Cal IIP) to 63 Community Development Financial Institutions (CDFIs), totaling $14.2 million. The Economic Justice Fund was awarded a $600,000 grant to expand our Equitable Opportunity Loan to support low-income Californians in need of financing for emergency expenses or to refinance out of a payday or predatory loan.
The Economic Justice Fund developed the Equitable Opportunity Loan to provide a safe and affordable alternative to borrowers who need loans but cannot access financing from traditional lenders. In addition, all Equitable Opportunity Loan borrowers receive free credit-building services.
“The Cal IIP program is a critical development tool to help California’s underserved communities overcome economic challenges, and I’m thrilled to be putting this money to use,” said California State Treasurer Fiona Ma. “CDFIs support small businesses and working families and create unique programs and services that meet the needs of their communities. I encourage everyone to seek out what programs and services their local CDFI offers.”
The California Legislature established the Cal IIP in 2022, which authorized $50 million over three years through grant funding to CDFIs. Senators Anna Caballero and Monique Limón introduced the legislation, which was supported by two years of advocacy efforts by the California Coalition for Community Investment, a statewide coalition of CDFIs.
“We are honored to receive this award and greatly appreciate Treasurer Fiona Ma and Senators Monique Limón and Anna Caballero for championing the Cal IIP to empower CDFIs to serve disadvantaged communities in California, said Scott Berman, chief executive officer of the Economic Justice Fund. “The Cal IPP award will significantly increase our capacity to provide critically needed Equitable Opportunity Loans to Californians in need, and we will empower them to build strong financial foundations and credit histories to achieve their future goals.”
More information about the Cal IIP awardees is available here.
To apply for an Equitable Opportunity Loan, please visit www.economicjusticefund.org/apply.
ABOUT THE ECONOMIC JUSTICE FUND
The Economic Justice Fund is a mission-driven Community Development Financial Institution (CDFI) dedicated to empowering individuals, families, and entrepreneurs to achieve their dreams. We provide affordable financing solutions through innovative financial products, character-based lending, credit-building services, and an unwavering commitment to our mission.
Our loans have low fixed rates, no application fees, no origination fees, no servicing fees, and no prepayment fees. We also offer flexible terms and underwriting to meet the needs of a wide range of borrowers. For more information, visit www.economicjusticefund.org.