Exhibit 8 - June CPLC Press Release — Marshall v. Prestamos CDFI, LLC (Dkt. 86-9, E.D. Pa. No. 5:21-cv-04337)

Record facts

U.S. District Court for the Eastern District of Pennsylvania · No. 5:21-cv-04337-JMG · Doc. 86-9 · 2023-10-27 · Docket on CourtListener

Full text

EXHIBIT 8 
 
 
 
Case 5:21-cv-04337-JMG     Document 86-9     Filed 10/27/23     Page 1 of 3

Message
From:
Maria Jesus Cervantes [MariaJesus.Cervantes@cplc.org]
Sent:
6/7/2021 10:59:35 PM
Subject:
CPLC Prestamos Supports Nearly Half a Million Small Businesses Nationwide
“)CHICANOS
|PoRLA
CAUSA
FOR IMMEDIATE RELEASE
June 7, 2021
Media Contact:
Maria Jesus Cervantes
(602) 257-6705
MariaJesus.Cervantes(@CPLC.org
Arizona-Based Community Lender Supports Nearly Half a Million Small
Businesses Reaching Underserved Communities Across the Country
PHOENIX —Prestamos CDFI,
a division of Chicanos Por La Causa, is administering Paycheck Protection
Program (PPP) economic recovery forgivable loans to small businesses.
By the end of June, Prestamos will
have funded over $7.6 billion in PPP loans supporting nearly 500,000 ofthe smallest-of-small businesses across
all 50 states, D.C., Guam and Puerto Rico.
As a nonprofit Community Development Financial Institution (CDF), Prestamos sought to make the PPP
program accessible to communities of color and other underserved communities who by in large were either
ignored ordenied initial pandemic-related economic relief assistance from mainstream banks and lenders. The
majority of our PPP loans (77.8%) went to minority owned businesses.
“In orderto help meet the need and provide equitable emergency relief to small businesses and independent
contractors, we understood early on that we needed to advocate, facilitate access and align ourefforts with
other partners to reach those that wouldn't have received funding otherwise. Our PPP loans serve as a great
example of CPLC's heart-meets-business philosophy,” said David Adame, CPLC President & CEO. "The vital
and strategic deployment of PPP funding helped traditionally unbanked and underserved communities,
including racially and ethnically diverse small business owners that were initially left out. |am most proud that
we made a positive impact on so many entrepreneurs helping them to keep their doors open and take care of
their families.”
CPLC Prestamos has provided equitable access to capital and business education to small businesses for more
than 40 years, and immediately jumped to answer the call to assist struggling small
businesses from the
beginning ofthe pandemic. Knowing that underserved communities were continuing to get left behind, in 2021
PRESTAMOS-00297374
Case 5:21-cv-04337-JMG     Document 86-9     Filed 10/27/23     Page 2 of 3

CPLC Prestamos partnered with fintech company Blueacorn, to provide greater access through technology and
scale efforts to get critical funds to the smallest-of-small businesses. Through these efforts we were able to
reach hundreds of thousands of ride-share drivers, hairstylists, barbers, massage therapists, real estate agents,
custodians, landscapers, construction contractors, musicians, artists, street vendors, among many others.
“Our team worked day and night to provide assistance
and meet the
needs of struggling and resilient
entrepreneurs throughout the pandemic,” said Jose Martinez, President of Prestamos. “Investing in small
businesses and solopreneurs not only helps a family endure the crisis, but the infusion of $7.6 billion of capital
into predominately low-income communities of color fuels local economies at the neighborhood level.”
About Prestamos CDFI, LLC
CPLC
Prestamos
is
an award-winning
Community Development
Financial
Institution
and
Community
Development Entity that has provided small business loans and high-quality technical support services to
business owners in underserved communities since 1980. CPLC Prestamos now offers loan products and
investment opportunities nationwide with
experienced culturally
and
linguistically competent bilingual
advisors in Arizona, California, Nevada, NewMexico and Texas.
About Chicanos Por La Causa, Inc.
Chicanos Por La Causa, Inc. (CPLC) is a community development corporation that provides services in Arizona,
California, Nevada, New Mexico and Texas. Since 1969, CPLC has been changing lives by developing self-
sufficiency and instilling empowerment in those we serve. Our focus areas are economic development,
education, integrated health & human services, and housing. CPLC provides
a better life through offering
business and employment opportunities; ensuring everyone
has the solid foundation of an education;
providing hope through a pathway of recovery, restoration, and resiliency; and ensuring that a safe, secure,
affordable home is available to every individual we serve. Today, we have more than 30 programs & services,
approximately 2,000 employees, and 160 locations, making CPLC one ofthe largest community development
corporations in the nation. For more information, please visit www.CPLC.org.
HHH
PRESTAMOS-00297375
Case 5:21-cv-04337-JMG     Document 86-9     Filed 10/27/23     Page 3 of 3

File and source

File

gov.uscourts.paed.589575.86.9.pdf

Size

191,722 bytes

SHA-256

0cb4f7cdff6bd2ccd107a46e1359b02de5624f0f2d6a501a0ed4fa3c31d195b7

Our copy

gov.uscourts.paed.589575.86.9.pdf

Original

PACER (login required)