Catalyzing Community Development with PCR Business Finance

PCR Business Finance (PCR) was founded in 1977 when a group of community leaders in Los Angeles recognized that African American business owners were finding it difficult to secure financing for their businesses. Since then, PCR has been tirelessly working to bridge the financial gap for small businesses, especially those owned by Black and brown entrepreneurs.

In fact, as a Community Development Financial Institution (CDFI), designated by the U.S. Department of the Treasury, the organization has committed to doing at least 60 percent of their business with these communities and have never failed to meet that standard. “This is something that we’re very proud of. These are two communities that have been left out and looked over, so we want to make sure they’re first on the list for consideration,” shared Mark Robertson, who has served as President and CEO of PCR for 32 years.

One significant chapter in PCR's journey involves their collaboration with Torrey Pines Bank, which has played a crucial role in supporting PCR's small business program. Recently, the bank provided a $4 million loan, which was strategically utilized to fuel PCR's small business program, enabling them to provide loans to businesses that may not have qualified through traditional banking channels. One of those success stories is the Coalition for Responsible Community Development, which leveraged the invaluable support from these loans to transform from a singular graffiti removal contract to a multifaceted entity. Their reach now encompasses vital youth services that include educational guidance, college preparation, work experience and more.

Robertson emphasized the importance of this support, stating, "Torrey Pines Bank's support is vital for our community work. Their contributions, both in terms of grants and ongoing support, enable us to make a real impact."

Reflecting further on the significance of Torrey Pines Bank's support, Robertson said, "Torrey Pines Bank isn't just about transactions – they actively seek ways to understand and address the needs of the community. Their approach goes beyond traditional banking."

As PCR moves forward, a pivotal moment awaits with the construction of their new headquarters in Los Angeles. The building will house PCR’s corporate headquarters, a business center, and a space for community gatherings. “We’re looking forward to not just having a place for PCR, but also for small businesses to come and get the support that they need,” shared Robertson. “It will be a major milestone for both PCR and the Crenshaw community.”

He added that, "For us, Torrey Pines Bank's support is a lifeline. We're grateful for the ongoing partnership, especially as we continue our mission of serving underserved businesses."