$25,000 equity investment will help to serve distressed communities throughout California
LAKE FOREST, Calif. – September 10, 2015 – Clearinghouse Community Development Financial Institution (CDFI) announced today its partnership with new shareholder Rancho Santa Fe Thrift & Loan, who provided a $25,000 Class A equity investment to finance projects benefiting underserved California communities. This new investment brings Clearinghouse CDFI’s Class A shareholder list to over 40 investors, with total equity exceeding $44 million. It will allow Clearinghouse CDFI to continue its mission of serving low-income communities in underserved areas.
“This commitment by Rancho Santa Fe Thrift & Loan is remarkable when considering the small size of that organization. It demonstrates that this institution nevertheless takes its commitment to serving California’s underserved communities very seriously,” said Douglas Bystry, President and CEO of Clearinghouse CDFI. “We are grateful for their investment and we look forward to a longstanding partnership.”
Clearinghouse CDFI will use the $25,000 Rancho Santa Fe Thrift & Loan investment to help finance projects that provide measurable community benefit, such as community facilities, affordable housing projects, commercial real estate, and small businesses.
“We are delighted to partner with Clearinghouse CDFI and are excited about growing together and finding new ways to support Southern California’s communities.” said Deborah Eden, President and CEO of Rancho Santa Fe Thrift & Loan.
ABOUT CLEARINGHOUSE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI)
Clearinghouse CDFI addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western United States. Clearinghouse CDFI bridges the financing gap between conventional lending standards and the needs of low-income and distressed communities. 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. Today, Clearinghouse CDFI has over $232 million in assets. More information is available at: www.clearinghousecdfi.com.
Ron Demeter, Partner
Vectis Strategies on behalf of Clearinghouse CDFI
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