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;
The interest rate for borrowers is lower than many of the other alternative lending institutions;
The fund is a community-based effort that will have much more visibility and appeal to community-at- large (not just for those “in the know”); and
The lending criteria for borrowers will not be as restrictive as they are for many other alternative lending institutions.
TRILLION DOLLARS IN BLACK BUYING POWER
BLACK-OWNED BUSINESSES IN THE US
BLACK-OWNED BUSINESSES IN LOS ANGELES