The Los Angeles Community Development Bank cuts its staff in half and has its operating account frozen by a $9 million lawsuit.
The Los Angeles Community Development Bank (LACDB) has started a radical restructuring to attempt to stay afloat. "We have a mission to help the community, but until we can really retrench and reinvent ourselves it's not going to happen," says chief executive William Chu.The LACDB was formed following the 1992 riots to bring investment and sustainable jobs to residents within the Los Angeles Empowerment Zone. The bank will not be making any news direct loans, although it will continue to make some microloans through its nonprofit partners.The LACDB, working in partnership with community institutions, businesses and civic leaders, will provide non-traditional loans, venture capital, technical assistance and the connections that successfully attract, start and expand business opportunities.
Thanks to Chris Steins
Read the full story: L.A. Community Development Bank Halves Staff
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