EC-Tech (Equitable Capital Technology) Initiative
The CDFA EC-Tech (Equitable Capital Technology) Initiative is a comprehensive solution for development finance agencies (DFAs) working to implement stronger lending programs for minority business owners. EC-Tech financing solutions use technology platforms to drive investment in small and medium-sized businesses that are not fit for venture capital, nor large enough for a traditional bank loan or line of credit. EC-Tech approaches work to create new lending environments that proactively reach underserved minority business owners and increase access to capital. EC-Tech is a whole new way to look at minority small business lending.
CDFA and its partner, Presta, are helping DFAs leverage their lending programs for greater impact in the communities they serve by providing tools that streamline loan processing, thereby removing some of the barriers that minority businesses experience. The CDFA EC-Tech Initiative drives increased capital access by pairing the adoption of Presta’s online lending platform with direct technical assistance that guides DFAs in identifying and removing barriers to their lending programs.
DFAs who participate in CDFA’s EC-Tech Initiative benefit from:
The EC-Tech Initiative at CDFA is made possible through a collaborative partnership with Presta and with generous support from the Sorenson Impact Foundation.
- Access to Presta’s online platform
- Training on how to integrate Presta into existing loan programs
- One-on-one technical assistance for addressing barriers to capital
- On-going training and peer-to-peer education
-Technology from Presta
Presta is an end-to-end lending platform that allows direct lenders to manage customer outreach, applications, underwriting, closing, and servicing all in one place. Participants in this initiative will gain access to Presta’s comprehensive lending platform with waived licensing costs and individualized training.
Learn more about Presta
-Technical Assistance from CDFA
CDFA’s direct technical assistance program combines training and pipeline development with the use of an efficient lending platform to produce effective changes in lending.
Participating DFA in the EC-Tech Initiative receive thorough technical assistance and one-on-one evaluations to assess potential barriers in their lending process. Individualized action plans will be created for each DFA, to guide the necessary changes for better serving minority business owners.
CDFA’s research into equitable access to capital in the development finance industry has revealed two key opportunities: technology-based loan process improvements and targeted training for DFA lenders.
Learn more by watching Exploring EC-Tech (Equitable Capital Technology) in Development Finance
and check back here to find future events and materials on this topic.