Rise Economy

In 2023, Rise Economy, formerly known as the California Reinvestment Coalition, made substantial strides in advocating for economic and racial justice through various impactful initiatives. Here are some key achievements:Community Benefit Agreements (CBAs):Negotiated more than $10 billion in CBAs for California communities.Successfully advocated for First Citizens Bank to adopt a multi-billion dollar CBA previously held by the now-defunct Silicon Valley Bank, with $9 billion dedicated to California community needs.Advocacy and Policy Influence:Advanced state legislative policy campaigns.Engaged over 300 organizations in campaigns to promote racial and economic justice.Published six in-depth research and policy reports.Economic Wellness Promotores Program:Connected 1,000 families to financial wellness resources. Promotores engaged in community outreach, imparting essential economic and financial preparedness insights.Resilience Fund Program:Through grants to CDFIs, the Resilience Fund Cohort provided $5.5 million in loans to small businesses and micro-entrepreneurs. Processed 1,027 loans with a 94.6% average repayment rate.Created or sustained 118 small businesses and 853 micro-businesses, impacting 1,249 families.Public Policy Initiatives:Launched a campaign to increase transparency in property ownership in California.Initiated conversations on establishing a California-level Community Reinvestment Act (CRA) for state-chartered banks and financial institutions.Corporate Advocacy:Addressed 44 bank CEOs with concerns over litigation and lobbying efforts opposing racial equity.Engaged in discussions with several major banks to align their actions with public statements supporting racial equity.Community Impact and Partnerships:Held banks accountable to their CRA commitments, with 156 community leaders from 118 organizations participating in at least one bank meeting to advocate for community needs.