800 611 5170

Blog

Small Businesses Growth is Goal of Prudential Financial’s $15 Million Investment in CDC Small Business Finance

April 24, 2018 | Small Business Loans

Small business entrepreneurs in California, Arizona and Nevada will soon benefit from Prudential Financial, Inc.’s new $15 million “impact investment” in CDC Small Business Finance, a nonprofit lender committed to creating positive social impact by providing new capital in innovative ways.

“From restaurants to automotive to electrical contractors, small business entrepreneurs are getting new access to the capital they need to expand and create jobs.” said Allison Kelly, CDC’s senior vice president of innovation.

Impact Investing: Bridging the Gap Between Haves and Have Nots

Much has been written about impact investing in the context of the widening financial wealth gap between the “haves” and “have-nots” in the U.S. Some studies suggest that .01% of the U.S. population is worth almost as much as the bottom 90%, which is leading to a shrinking middle class and a more fragile economy and society.

The U.S. Partnership on Mobility From Poverty, funded by The Urban Institute and the Bill & Melinda Gates Foundation, reported recently that nationally over 33 million American households are “unbanked,” meaning they have no formal access to financial institutions and have to look outside the banking system for credit and other financial services, which often are more expensive. In turn, entire communities are deprived of quality financial services, including affordable small business loans.

To help correct these stark disparities and close the financial services gap, many well-established U.S. companies and foundations are committing significant financial resources to impact investing, an effort to generate financial return while creating positive, measurable social impact.

Prudential partnering for the long-term

National financial services company Prudential Financial, Inc. for example, is strategically extending capital to financial intermediaries like CDC Small Business Finance, a nonprofit lender committed to create positive social impact by providing new capital in innovative ways.

“We’re grateful Prudential recognized CDC as a partner to develop innovative ways to help underserved small businesses grow and create new jobs.”

Allison Kelly
Sr Vice President of Innovation
CDC Small Business Finance

With Prudential’s $15 million financing CDC plans to expand its lending to more small businesses ­– particularly minority-owned companies ­– via the following strategies:

“Prudential has a long history of making impact investments in communities by deploying capital in partnership with social and financial organizations,” said Kelly. “We’re grateful Prudential recognized CDC as a partner to develop innovative ways to help underserved small businesses grow and create new jobs.”

“CDC Small Business Finance is a great partner because they are committed to growing community commerce and have a track record of lending responsibly to diverse small business owners,” said Tony Berkley, Vice President, Impact Investments for Prudential.

CDC Small Business Finance offers several loan options for business owners who want to grow their companies and are planning for their short- and long-term needs. Tell our loan experts about your business, and they’ll work to match you with a financing program that best helps you and your community. Reach us at loaninfo@cdcloans.com or (800) 611-5170.

About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of December 31, 2017, has operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

In case you missed it:

New Financing Available for Underserved Small Businesses in L.A.

New Study: Latino Entrepreneurs Face Hurdles in Accessing Capital to Grow

 


  • I'm Interested in a Business Loan

    • This field is for validation purposes and should be left unchanged.

For media inquiries, email press@cdcloans.com.

One response to “Small Businesses Growth is Goal of Prudential Financial’s $15 Million Investment in CDC Small Business Finance”

  1. […] drive to diversify sources of capital, partnered with Prudential Financial to create a $15 million impact-investment fund. This pool will provide a new capital stream for small business owners in California, Arizona and […]

Leave a Reply

Your email address will not be published. Required fields are marked *

Follow Us

Sign up for our blog

Get the latest small business news and updates from our team once a week.

Please check your email and confirm your subscription.

Pin It on Pinterest