The foundation of any healthy and vibrant community is the economic wellbeing of its residents. To this end, CPLC consistently pursues the development of programs and services key to the creation of sustainable economic opportunities. CPLC’s cadre of economic development programs and services were developed with the following goals: building wealth, providing opportunity, and promoting sustainability. Its programs and services encourage community members to take control of their lives by generating income through jobs and businesses. Additionally, services are designed to provide community members with opportunities for personal growth and increased business-related skill building.
A key element of CPLC’s economic development activities is the creation and maintenance of retail and commercial properties aimed at creating jobs, eliminating blight, promoting small business development, increasing the community’s tax base, and improving the infrastructure of the south Phoenix central corridor.
Prestamos, a community development financial institution (CDFI) and a wholly owned CPLC subsidiary, provides economic opportunities for small and emerging businesses in Arizona. The program does so by offering business loans along with technical assistance to a state-wide constituency, however, the program focuses on serving minority and women owned businesses. In addition, Prestamos has administered the U.S. Small Business Administration’s Micro-loan Program since its inception in 1991 and was recently awarded fifteen million dollars in New Market Tax Credits through the CDFI Fund. By helping small business succeed Prestamos is ensuring the economic success of communities throughout the state.