The business climate in South Los Angeles is changing: A microfinance company today released its first annual economic development forecast, and its new name — RISE. The company is feeling positive about the city, especially if businesses here can become more innovative.
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Forescee Hogan Rowles is the CEO of a company formerly known as Community Finance Resource Center. Its new name, RISE, stands for reach, invest, succeed, earn. She has a new vision for the South Los Angeles economy: fewer fast food stores, and more small innovative retailers, generating better paying jobs and more income for the city.
The organization celebrated the name change today and issued its first annual economic forecast. There’s no question that the city faces minimal job growth, low wages, and the low rate of students graduating from high school. It also has an unemployment rate double the national average. All of this has made South LA one of the poorest areas in the county.
“We have the highest unemployment in the city, right here in South L.A., so we want to make sure we make an imprint and do something about it. So our goal is how do we work with existing corporations and potentially new corporations that would set up their businesses here in South L.A.,” said Rowles.
RISE teaches business owners how to go about getting finances and how to approve their credit profile to make them more attractive to lenders. Michael Costa Chairman of the board of RISE explains what the non profit will continue to do as they enter their 20th year or service.
“We raise funds from those larger banks and on their behalf we look for those opportunities to lend to these new businesses that’s in LA especially inner city” said Costa.
South L.A. is home to a combination of retailers, industrial, manufacturing, and commercial business. Over the past two decades, the organization says it has served more than 105,000 low to moderate income clients. Food emporiums have thrived in that area. Council member Curren Price says its time to build on that success by branching out to retail and manufacturing.
“Supporting organizations like RISE, gives the community unique ways to build stability and create income opportunities for the residents and for the community at large,” said Price. Small business breed innovation and productivity, and have made Southern California one of the largest economies in the world.
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