We are delighted to share with our constituent resource partners SBDC-OC has obtained re-certification FY 2020-2021 under the California Organized Investment Network (COIN), California Department of Insurance.
The California Organized Investment Network (COIN) was established in 1996 as a unit within the California Department of Insurance (CDI). COIN is a collaborative effort between the CDI, community development organizations, advocates, and the insurance industry. COIN’s mission is to provide leadership in increasing insurance industry capital in safe and sound investments providing fair returns to investors and social benefit to underserved communities. COIN also administers the CDFI tax credit program, which is open to all taxpayers who pay taxes under the California Personal Income Tax or Corporation Tax Laws or pay insurer Premium Tax in California.
CDFIs are mission-driven private financial institutions in California specifically dedicated to, and whose core purpose is, providing financial products and services to people and communities underserved by traditional financial markets. They seek to bridge the growing gap that exists between the loans and services available to the economic mainstream and those offered to low-income people and communities, as well as the non-profit institutions and businesses that serve them. In addition, they serve a critical role in addressing issues of poverty and access to credit for economically disadvantaged communities by providing development services or technical assistance along with the loans and investments they make for community and economic development.
