The Change Company, America’s Community Development Financial Institution (CDFI), is proud to announce that Antonio Villaraigosa, the 41st Mayor of Los Angeles, has been named the Company’s Board Chair. Mayor Villaraigosa brings his decades of experience as a public servant, educator, and advocate to The Change Company.

“It is a great honor to serve as Board Chair for The Change Company and rejoin so many colleagues I had the honor of working with at Banc of California. The Change Company’s digital-first platform is disrupting lending and banking by reaching out to those who are underbanked and lack equal access to traditional financial institutions. I am thrilled to be a part of this mission-driven company that is committed to leveling the playing field for Black, Latino, and low-income Americans,” Mayor Villaraigosa said in a statement.

Founder Steven Sugarman stated, “The Mayor’s passion for ending social and racial inequities and his success expanding access to fair and responsible financial services in underserved communities will serve as a vital asset to The Change Company. I was honored to work with Antonio at Banc of California and am humbled by his ability to create impact for the underbanked. Antonio is a living example of the heights all Americans can reach when they are provided a level playing field and equal access to the American dream. Mayor Villaraigosa will ensure The Change Company continues its focus on making homeownership and access to responsible banking a reality for Black, Latino, low income, and other underbanked Americans.

The Capital Corps, America’s Community Development Financial Institution (CDFI), today announced its new name – The Change Company.

Over 100 million American consumers and small businesses – including nearly half of all Black and Latino consumers – are underbanked due to systemic economic inequality. The Change Company levels the financial playing field for the underbanked by delivering social and racial equity in its lending and banking solutions. The Change Company has made over $10 billion in loans to 50,000 borrowers since its certification as a CDFI in 2018.

Founder Steven Sugarman stated, “The Change Company’s mission is to bank the unbanked, fairly and responsibly. We do this by bringing digital-first solutions to the resolution of social and racial inequities in lending and banking. Our mission of change begins in our boardroom where minority leaders comprise two-thirds of our Board of Directors and executive management team. Our mission of change is also reflected in our lending where Black, Latino, and underserved borrowers account for two-thirds of our loans. As we surpass $10 billion in annual lending, we are proud to bring needed capital to American families, communities, and minorities seeking to break the inter-generational poverty resulting from a legacy of unequal access to lending and banking services. Our new name – The Change Company – reflects our mission and our passion for immediate solutions to end the persistent structural economic inequalities that continue to impact minority and lower income Americans.”

Commerce Home Mortgage, LLC (“Commerce”) – one of America’s largest Community Development Financial Institutions (“CDFI”) – announced today the pricing and closing of a private placement (the “Offering”) of $31.5 million of cumulative, perpetual preferred equity units (the “Preferred Equity Units”). The Offering brings Commerce’s outstanding Preferred Equity Units to $81.5 million. Investors in the Preferred Equity Units include 18 socially responsible banks seeking to expand access to capital to low-income borrowers and communities throughout their market service areas.

Commerce will use the net proceeds from the Offering to increase lending to Black, Latino, low-income, and underbanked borrowers and communities – including those in the Southwest, Midwest, and Southeast. Commerce expects to grow its lending to over $10 billion in 2021 to further its community development mission of lending to the underbanked.

Rev. Everett Bell, Chair of Commerce’s Community Advisory Board, stated, “We are honored that our platform continues to serve as an effective conduit for socially responsible banks to increase access to capital for minority and low-to-moderate income communities often left behind by traditional financial institutions. This additional capital will continue to strengthen our mission to address the needs of Black, Latino, low-income and historically underserved communities across the country. We thank our new partners for their participation in our commitment to bringing greater social equity to many of the communities that we serve.”

Commerce Home Mortgage, LLC (“Commerce”) – one of America’s largest Community Development Financial Institutions (“CDFI”) – announced today the pricing and closing of a private placement (the “Offering”) of $50 million of cumulative, perpetual preferred equity units (the “Preferred Equity Units”) by a consortium of socially responsible ESG Investors, including community and regional banks.

Commerce will use the net proceeds from the Offering to increase lending to Black, Latino, Indigenous and other minority and low-income borrowers and communities – including those in persistent poverty counties. Commerce expects to grow its lending to well over $10 billion in 2021 to further its community development mission of lending to the unbanked.

Rev. Everett Bell, Chair of Commerce’s Community Advisory Board, stated, “We are excited to partner with these socially responsible banks to increase access to capital for minority and low-to-moderate income communities often left behind by traditional financial institutions. This capital raise supports our mission to address the needs of Black, Latino and historically underserved communities across the country. We thank our new partners for their participation in our commitment to bringing greater social equity to many of the communities that we serve.”