To create new opportunities and spur future growth for Los Angeles Latino Chamber of Commerce (LALCC) small businesses with financing and loan opportunities, LALCC Chairman, Darrel Sauceda recently met with Melissa McDonald, Chief Operating Officer, of RAZA Development Fund (RDF) to offer small business loans to LALCC members from $25,000-$250,000 which can be used to refinance existing loans, finance facilities, purchase equipment, and working capital to fund operations and future growth projects. RDF was founded in 1999 as a Community Development Financial Institution (CDFI). RDF’s mission is to invest capital and create financial solutions to build generational wealth for Latino and underserved families across the country.
The funding for the small business loans was made available with a recent $3.2 million capital commitment in March 2023 by Charter’s Spectrum Community Investment Loan Fund to RDF. The funds are to provide loans to Latino-owned local businesses in financially underserved areas of California, Texas, Ohio, and Florida. RDF intends to use at least $1 million of this investment to provide loans to small businesses within Charter’s California service area.
As part of the financing agreement with RDF, LALCC will provide technical assistance for small businesses who receive a loan from RDF. Housed in Southern California, LALCC is a 501(c)3 nonprofit organization and serves businesses covering all areas of California. LALCC is the leading organization dedicated to organizing and uniting Latino business owners to grow and create positive economic impact. This is accomplished by providing LALCC members with procurement, technical assistance, strategic planning, advocacy, access to political decision makers, economic development and business education.
RDF is currently working with a number of mission-aligned community partners in Arizona, California, Oregon, Washington, Philadelphia, Texas, Florida, Minnesota, and Ohio to ensure affordable access to credit for small, minority-owned business enterprises.
LALCC members who are looking to grow through new financing with a business loan, should contact LALCC immediately to learn more about this exciting new loan opportunity.