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PACE Announces CDFI Certification
August 08, 2012
On Monday, August 27th the Pacific Asian Consortium in Employment (PACE) and US Congresswoman Judy Chu (D-CA) hosted a press conference to announce the recent certification of PACE Finance Corporation as a Community Development Financial Institution (CDFI) by the U.S. Department of Treasury. PFC is a nonprofit subsidiary of PACE. The event took place at PACE DBC’s El Monte office at 11100 Valley Boulevard, El Monte, CA 91731.
PACE’s Business Development Center (BDC) Director, Namoch Sokhom, opened with a few words and introduced Victor Parker, Small Business Administration’s (SBA) Los Angeles District Office District Director, to give a speech. PACE’s President and CEO, Kerry Doi, then introduced Congresswoman Judy Chu to speak. Congresswoman Chu congratulated PACE for its CDFI certification. To conclude the event, Fengxia “Alice” Bian of Alice Boutique Inc. and Mr. Di Gong of Valley Immigration Service, told their stories on how they became small business owners.
By becoming a CDFI, PFC will be able to partner with area financial institutions to provide loan capital to support the start up and expansion of small businesses. PFC will especially target women-owned businesses and businesses owned by Asian Pacific Islanders (APIs). Loans will be available from $5,000 to $200,000. PFC joins PACE’s other SBA sponsored Microenterprise Intermediary Loan Fund that offers loans between $5,000 and $50,000.
In addition to providing much-needed capital for small businesses, PFC and PACE will provide training, technical assistance and counseling for borrowers and prospective borrowers. According Kerry Doi, “PACE’s Business Development Center has provided training and counseling to more than 23,000 entrepreneurs who have created or expanded more than 10,000 businesses and created or retained more than 15,000 jobs.” Doi added, “With the CDFI designation, PACE will be able to partner with area banks to make more financing available to small businesses that have been unable to get the capital they need to grow and create jobs”.
PFC joins just 14 other CDFIs operating in the City of Los Angeles—and is the only CDFI in the county to concentrate on API and women-owned businesses.
View Pictures of the Press Conference
Learn more about the Community Development Financial Institution (CDFI)