Pacific Community Ventures (PCV) is honored to receive a $7 million gift from Yield Giving, the philanthropic organization established by Mackenzie Scott. This unrestricted gift is a transformative boost to PCV’s Restorative Capital Strategy, which is driving economic mobility, racial and climate justice through the power of entrepreneurship and a good quality job – helping keep the American dream alive and accessible – particularly for those who have been most left out from it.
“This gift supercharges our mission. We are focused on expanding our Restorative Capital work and strengthening our partnerships with the communities we serve,” said Bulbul Gupta, President and CEO of PCV. “As an impact-first CDFI, we’ve built a track record of centering economic, racial, and climate justice, and communities historically underserved by our financial system. Now is the time for sustaining and deepening that bold, transformative action into underinvested communities who need to feel our reach more than ever.”
Since PCV’s founding in 1998, we have deployed over $100 million in capital across California; including $56 million in the years since becoming a small business lender. In 2023 alone, PCV disbursed $10 million to small businesses, with over 90% of capital and assistance going to low- and moderate-income communities, entrepreneurs of color and women, all while ensuring the most affordable rates through covid and an uneven economic recovery. We are proud to be the first CDFI in the nation to blend our small business loans with Good Jobs rebates, to ensure that entrepreneurs and their workers are able to improve their financial health and wellbeing outcomes, and through our Good Jobs Innovation Lab’s data analytics and impact measurement and management work, ensure mission alignment into underserved people and places.
PCV is committed to taking this gift further by expanding access to affordable financial products and services and strengthening partnerships with local community organizations to ensure deeper, more sustainable impact. We are excited to demonstrate to the field what is truly possible through community co-creation of climate solutions, for the just transition our children and grandchildren deserve. We are doubling down on inclusive good jobs lending, data analytics for impact and accountability, and ultimately creating pathways to economic mobility and shared prosperity for the communities we serve.