Clearinghouse CDFI Honored by B Lab as ‘Best for the World’ 2021 for 4th Consecutive Year
Lake Forest, CA – July 15, 2021 – Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) recognized as ‘Best for the World’ 2021—for creating exceptionally positive impacts through its business operations based on an independent, comprehensive assessment administered by the nonprofit B Lab. This is the fourth consecutive ‘Best for the World’ honor for the company.
Clearinghouse CDFI was specifically honored as ‘Best for Customers’ and ‘Best for Governance’ based on the B Impact Assessment scores of more than 2,100 Certified B Corporations. The B Impact Assessment measures a company’s positive impact on its workers, governance, community, customers, and the environment. B lab describes ‘Best for Customers’ as, “Setting the standard for serving customers. By providing high quality products and services, and engaging in ethical marketing, data privacy and security, and feedback channels you add value to customers’ lives while supporting the greater good.”
“Best for the World is a special program for the B Corp community, and we’re thrilled to resume it after pausing the program in 2020 due to COVID-19,” said Juan Pablo Larenas, Executive Director of B Lab Global. “This year’s Best for the World companies are operating at the very top of their class, excelling in creating positive impact for their stakeholders, including their workers, communities, customers and the environment. We’re proud of the community of stakeholder-driven businesses we’ve cultivated over the last 15 years; together we’re marching toward our collective vision of an inclusive, equitable and regenerative economic system for all people and the planet.”
The full B Impact Assessment evaluates a company’s environmental performance, employee relationships, involvement in the local community, the impact a company’s product or service has on those it serves, diversity, and more. Clearinghouse CDFI made the list for exceptional practices, including creating economic opportunities for low-income and underserved communities, offering paid time off for company-wide volunteer days, and measuring water and energy usage.
“It’s a testament to our team that we are receiving this award for the fourth year in a row—especially during a time when so many communities grappled with a global pandemic and recession. Our staff and investors work to create positive change in the communities we serve and to exceed our impact goals,” said Douglas J. Bystry, Clearinghouse CDFI President and CEO.
In 2020, Clearinghouse CDFI financed 284 projects that created or retained 3,800 jobs; 51% were in areas of high unemployment. Clearinghouse CDFI loans created 1,137 housing units in 2020, 57% of which were designated as affordable. Clearinghouse CDFI also provided $49 million in financing to minority / women-owned or controlled organizations.
About the B Lab:
B Lab is the nonprofit network transforming the global economy to benefit all people, communities, and the planet. Our international network of organizations leads economic systems change to support our collective vision of an inclusive, equitable, and regenerative economy. We began in 2006 with the idea that a different kind of economy was not only possible, it was necessary –and that business could lead the way towards a new, stakeholder-driven model. We became known for certifying B Corporations, which are companies that meet the highest standards of social and environmental performance, accountability, and transparency. But we do much more than that. We’re building the B Corp movement to change our economic system –and to do so, we must change the rules of the game. B Lab creates standards, policies, tools, and programs that shift the behavior, culture, and structure of capitalism. We mobilize the B Corp community towards collective action to address society’s most critical challenges. By harnessing the power of business, B Lab positively impacts 150 industries in 74 countries, helping them balance profit with purpose. Together, we are shifting our economic system from profiting only the few to benefiting all, from concentrating wealth and power to ensuring equity, from extraction to regeneration, and from prioritizing individualism to embracing interdependence.
For more information, visit https://bcorporation.net.
About Clearinghouse Community Development Financial Institution
Clearinghouse CDFI addresses unmet credit needs throughout the U.S. and in Indian Country through direct lending, equity investments, and financial assistance. We have helped bridge the gap between conventional lending standards and the needs of low-income, distressed, and communities of color. Clearinghouse CDFI is also a B Corp—a certification received from the nonprofit B Lab. B Corps are companies who meet rigorous standards of social and environmental performance, transparency, and accountability, and use business as a force for good.
Clearinghouse CDFI has funded $1.98 billion in total loans for over 2,250 community projects over the past 24 years. These projects have created or retained more than 23,000 jobs and benefited over 2.7 million people. Clearinghouse CDFI has also funded over 460 PPP loans that have helped save 1,600 jobs across 28 states. 63% of Clearinghouse CDFI’s PPP borrowers are minority- or women-owned businesses.
More information is available at: www.ccdfi.com.
Ron Demeter, Partner
Vectis Strategies on behalf of Clearinghouse CDFI
Download the PDF: 2021 – CCDFI Named Best for the World