The Change Company Named to FORTUNE 2021 “Change the World” List
Originally published in BusinessWire
October 12, 2021, 09:00 AM EDT
- FORTUNE’s Change the World list honors companies that use creative tools of capitalism – including the profit motive – to address society’s unmet needs.
- The Change Company ranked 11th on FORTUNE’s 2021 list for expanding homeownership for Black, Latino, and underbanked borrowers.
IRVINE, Calif.--(BUSINESS WIRE)--The Change Company, America’s Community Development Financial Institution (CDFI), announced today that it has been named to the prestigious FORTUNE 2021 “Change the World” list. The annual list recognizes leading businesses that exemplify the power of capitalism to improve the human condition by addressing important social or environment impacts through their core profit-making strategy and operations.
“It is an honor to be recognized by FORTUNE for its 2021 ‘Change the World’ list,” said The Change Company Founder Steven Sugarman. “When we founded The Change Company, we set out with a singular mission to bank the unbanked, fairly and responsibly. Our core business offerings bring fairness, responsibility, opportunity, and equal access to the American dream of homeownership. FORTUNE’s recognition of The Change Company shows that our approach to financial services is not just good for our customers but also good business. We thank FORTUNE for this honor. We are humbled by it.”
Each year, FORTUNE identifies new companies that have made measurable impact on some of the most pressing social and environment issues globally. Eligible businesses, academic institutions, and nonprofit organizations are nominated and ranked based on four key criteria, including, measurable reach of the company’s impact on one or more specific societal challenges; the profitability and business results that the impactful work brings to the company; innovations the business has developed to expand impact; and how integral socially impactful initiatives or strategies are to the company’s overall business approach.
The Change Company is a CDFI dedicated to helping solve the social and racial inequities that plague financial services, banking, and lending throughout the United States. The Change Company offers accessible banking services and fair and responsible home loans focused on the Underbanked. Since its founding, The Change Company has funded over $20 billion in loans to more than 50,000 families. In 2020 alone, The Change Company originated approximately 20,000 loans totaling over $7 billion – 72% of which were made to Black, Latino, and other underbanked borrowers. In the past twelve months, The Change Company has raised more than $300 million from ~100 ESG investors, demonstrating strong support of its community development business model.
“Since 2017, The Change Company has empowered diverse individuals, families, and small businesses to pursue their dreams by expanding their access to capital,” said Antonio Villaraigosa, 41st Mayor of Los Angeles and now The Change Company’s Board Chair. “We are honored that this work is being recognized alongside some of the top businesses changing the world. Thank you to everyone at The Change Company for making a difference, and to FORTUNE for the continued work they do to highlight like-minded changemakers.”
About The Change Company
The Change Company empowers homeowners, small businesses, and consumers to pursue their American dreams by bringing social and racial equity to banking and lending. The Change Company’s team has built businesses that have lent over $50 billion to over 250,000 million Americans. For more information, visit us at http://www.ChangeLLC.com/ and http://www.ChangeFi.com/
Contacts
Blake Brooks