CEO’s origins can be traced back to the International Rescue Committee’s (IRC) efforts to help newly- arrived refugees and other low-income families climb the economic ladder. Lack of credit and access to consumer financing was immediately apparent as a significant barrier to prosperity for IRC’s clients – and not only for refugees, but for low-income immigrants and non-immigrants alike.
Finding partnerships with existing lenders that could reliably, consistently, and affordably extend financing to its clients proved elusive, and so IRC began to offer loans directly – and did so in tandem with their anti-poverty social service efforts.
By 2016, the IRC had made more than 3,000 loans totaling $3 million -- primarily to low-income refugee and immigrant borrowers -- while maintaining a 94% repayment rate on its portfolio. More importantly, borrowers were able to build credit, buy cars, start businesses and pay for training that could lead to higher-wage, higher-skilled work. CEO was founded by IRC to bring CEO’s unique model and approach to a larger scale.
IRC began lending in 2003 – and CEO’s model today is directly informed by IRC’s 15+ years of experience and iterative improvements, mistakes and breakthroughs.
CEO is designed to offer modest loans at affordable rates from within trusted community locations – this formula has worked within IRC’s setting, and we are eager to explore applying the model in different contexts, with different partners and for other populations.
Company Details
- Employees
- 15
- Founded
- -
- Address
- 122 E 42nd St, New York,ny 10168,united States
- Industry
- Financial Services
- NAICS
-
Finance and InsuranceMonetary Authorities-Central Bank
- Website
- https://irc-ceo.org
- Keywords
- New York.
- HQ
- New York, NY
Irc's Center For Economic Opportunity Questions
Irc'S Center For Economic Opportunity's website is https://irc-ceo.org
Irc'S Center For Economic Opportunity's LinkedIn profile is https://www.linkedin.com/company/irc-ceo
Irc'S Center For Economic Opportunity has
15 employees.
View email and phone details for 15
employees at Irc'S Center For Economic Opportunity.
Irc'S Center For Economic Opportunity's industry is
Financial Services
Irc'S Center For Economic Opportunity's top competitors are
Opportunity Finance Network,
African American Alliance Of Cdfi Ceos,
International Rescue Committee,
Working Credit,
Credit Builders Alliance,
Kiva,
Young Nonprofit Professionals Network Of Atlanta (Ynpn Atlanta),
Haskè Ventures,
Farther,
Accompany Capital.
Irc'S Center For Economic Opportunity's categories are Financial Services
Irc'S Center For Economic Opportunity's founding year is 2015
