BCIF is not intended to compete with other financial institutions already providing microloans. BCIF intends to supplement existing financial resources and in some cases, fill the gaps in access to capital for the African-American community. BCIF’s unique characteristics include:
A specific focus on the Black community;
Zero interest rate for borrowers, making it the only microlending nonprofit organization of its kind in Southern California; ;
The fund is a community-based effort that has much more visibility and appeal to the community-at-large (not just for those “in the know”); and
The lending criteria for borrowers is not be as restrictive as they are for many other alterative lending institutions.
TRILLION DOLLARS IN BLACK BUYING POWER
BLACK-OWNED BUSINESSES IN THE US
BLACK-OWNED BUSINESSES IN LOS ANGELES