The Asian Pacific Revolving Loan Fund of Los Angeles (APRLFLA) was founded in 1995 by a consortium of three organizations: the Asian Pacific American Legal Center (APALC), Pacific Asian Consortium in Employment (PACE) and Korean Youth & Community Center (KYCC) with the expressed purpose of funding loans to Asian owned and other small minority owned business that have traditionally been denied credit by the main stream banks.
The purpose of APRLFLA was/is to provide business loans to owners whose businesses that cannot yet qualify for traditional bank financing. Because of our involvement with low-to-moderate and the immigrant communities, we have been able to reach these groups and extend financing to some of the un-bankable or near-bankable business owners.
Since APRLFLA's inception, we have achieved significant success not only in the area of community based lending but also in business counseling and community-based loan syndication as well. To leverage our funds most effectively, we have participated loans with other community-based organizations such as Community Financial Resource Center (CFRC), Pacific Coast Regional (PCR), FAME Renaissance (FAME), The East Los Angeles Community Union (TELACU) & Community Reinvestment Fund (CRF). These syndications have fostered collaboration and cooperation among these entities, leading to more capital being available to minority communities.
In addition to our participated loans, we have loan pools that are funded by the various banks from the Southern California area. As participants in our loan pool, they have entrusted us to lend out their funds into the disadvantaged communities throughout Los Angeles County. To date, the total for loans extended exceeds $5,000,000 with a 99.5% performance rate. We have also raised a second loan pool, "Loan Pool 2", totaling $1,950,000 to $2,450,000. We expect this pool to be depleted by year end.
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