The mission of Stockton Impact Corps is to "Mobilize community assets to create economic opportunity"
Stockton Impact Corps was founded in 2013 in a response to an issue of inequality of resources for small businesses operating out of Stockton, California. The problem specifically, was that individuals with strong business models and related skills but limited training could not get financing through traditional methods. This leads to reliance on pay-day loans, high interest rate loans from alternative lenders, or potentially credit card debt.
Stockton Impact Corps was founded to create a financing resource that would work with local entrepreneurs to provide small loans for start-up or expansion of businesses that will operate in the area.
Payday lenders, check cashers and other financial service providers have attended to the underserved population of our country for years. As many as 10 million American households now rely on these services for short-term loans in order to cash checks and pay bills. Total borrowing from payday lenders alone is estimated to be as high as $40 billion in the United States. Typical effective interest rates on payday loans are in excess of 300%, and check cashing and bill payment fees cost the nontraditional borrowers hundreds of dollars annually. Getting assistance to start or expand a business is virtually impossible for low and medium income entrepreneurs.
Stockton suffers from a shortage of financial resources for the underserved community, attributing to the current economic state of the city. With approximately 23,000* underbanked or unbanked households, Stockton Impact Corps enables households to change their economic situation through entrepreneurial endeavors and financial education.
Stockton Impact Corps was founded to create a financing resource that would work with local entrepreneurs to provide small loans for start-up or expansion of businesses that will operate in the area.
Payday lenders, check cashers and other financial service providers have attended to the underserved population of our country for years. As many as 10 million American households now rely on these services for short-term loans in order to cash checks and pay bills. Total borrowing from payday lenders alone is estimated to be as high as $40 billion in the United States. Typical effective interest rates on payday loans are in excess of 300%, and check cashing and bill payment fees cost the nontraditional borrowers hundreds of dollars annually. Getting assistance to start or expand a business is virtually impossible for low and medium income entrepreneurs.
Stockton suffers from a shortage of financial resources for the underserved community, attributing to the current economic state of the city. With approximately 23,000* underbanked or unbanked households, Stockton Impact Corps enables households to change their economic situation through entrepreneurial endeavors and financial education.