2023 Annual Impact Report

We’re knocking down barriers to wealth building in BIPOC communities

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An image of Paulina Gonzalez-Brito.

Letter from the CEO

Paulina Gonzalez Brito

In 2023, our alliance began a rebranding initiative and transformed into Rise Economy. We refocused our mission to focus on advocating for policies and practices that promote economic and racial justice, and work toward dismantling the root causes of inequality, redlining, and systemic racial injustices. Through strategic advocacy, community organizing, and collaborative partnerships that year, we made remarkable progress in breaking down systemic barriers that prevent BIPOC communities from building wealth.

In this digital impact report, you will see that we have made significant commitments to driving meaningful change and exploring alternative pathways to economic equity. From negotiating more than $10 billion in Community Benefit Agreements with major banks to sponsoring legislation that holds powerful actors to account, our advocacy efforts are helping lay the groundwork for a more equitable financial landscape. And our initiatives like our Economic Wellness Promotores program — now in year three — further demonstrate our commitment to empowering, reinvesting in and rebuilding communities.

Looking ahead, we remain dedicated in our vision of combating systemic racial and economic injustices. By continuing to advocate for progressive policies, forge strategic partnerships, and connect communities, we are poised to meet our mission of creating a more equitable future for all Californians.

We hope you enjoy our 2023 Impact Report.

Reinvesting in &
Rebuilding Communities

Rise Economy is a statewide organizing group working in close partnership with over 300 member organizations in low-income communities and communities of color across California -
both urban and rural – who are on the frontlines of the fight to eliminate barriers to BIPOC building generational wealth.

2023 Highlights

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Families Connected to Financial Wellness Promotores

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Bank CEOs Questioned on Racist Lobbying Activities

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BIPOC-Led CDFIs Incubated

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Organizations Engaged in Our Campaigns

Case Study: Resillience Fund Loan Program

Community Development Financial Institutions offer affordable capital to underserved small business owners. Learn how Rise Economy's Resilience Fund initiative incubated 11 BIPOC-led CDFIs.

Organizing and Rebuilding Communities

Our work each year shows our dedication to holding banks accountable. We accomplish this by protecting the Community Reinvestment Act (CRA) to correct the injustices of redlining. Additionally, we engage in corporate advocacy, such as the open letter we sent to bank CEOs in September 2023, which highlighted our concerns over litigation and lobbying by banking trade organizations that directly oppose our mission and the public statements they have made in support of racial equity.

Leading Systems Change

In 2023, we launched several public policy initiatives. These include a campaign to increase transparency of property ownership in California and a leading-edge exploration of the viability of establishing a California-level CRA for state-chartered banks, credit unions, and other money transmitters.

Alternatives for a Better Future

We continued our work of using public funds for public good by working closely with Friends of the Public Bank East Bay to help establish a public bank that would serve Oakland, Berkeley and Richmond, working with the California Public Banking Alliance to move forward with the creation of a public bank for the City and County of Los Angeles, and much more. 

Case Study: Rise Economy Promotores Program

Rise Economy in fall of 2023 collaborated with LINC Housing Los Angeles to offer a financial awareness series meant to foster a positive mindset toward money. Read more on how the series benefited participants like Gabriella.

2023 Financial Results

Total Income: 3,078,572

Total Expenses: 2,914,434

Acknowledgements

This is the first impact report published under our new name and offers a snapshot of the work of our team of dedicated advocates, our members and partners. We would like to acknowledge the financial contribution of our legacy members, foundation partners, corporate funders and individual donors.

With their generous support, we're one step closer to combating generations of systemic racial injustice and building economic resilience.

Rise Economy Legacy Supporters

  • Clearinghouse CDFI
  • Momentus Capital
  • Accion Opportunity Fund
  • MidPen Housing Corporation
  • Visionary Home Builders of California
  • Bay Area Development Company
  • Western Center on Law & Poverty

Donors and Supporters

Chancela Al-Mansour, Amalgamated Bank, Asset Funders Network, Banc of California, Bank of America, Michael Banner, Roy Bateman, Ariel Beliak, BMO, Gwendolyn Brown, California Bank & Trust, California Capital Financial Development Corporation, California Coalition for Rural Housing, California Community Foundation, California Emerging Technologies Fund, The California Endowment, Capital One, Vanessa Carter Fahnestock, Cathay Bank, Charles Schwab Bank, Chase, Citibank, City National Bank, Gilberto Cooper, Public Counsel, East West Bank, Samuel Erickson, Federal Home Loan Bank of San Francisco, First Citizens Bank & Trust, First Republic Bank, Flagstar Bank, Friends of the Public Bank East Bay, HSBC, Inclusive Action for the City, Marcus Jager, Bob Kane, Jamie Lagman, Lending Club, Maria G. Martinez, Mechanics Bank, Lisa Motoyama, National Association for Latino Community Asset Builders, National Fair Housing Alliance, National Community Reinvestment Coalition, Pacific Premier Bank, William Pavão, PNC, Michael Rawson, Rose Foundation for Communities and the Environment, The San Francisco Foundation, Silicon Valley Community Foundation, The Sunrise Project, Jillian Spindle, Gabrielle Stephenson, US Bank, Jonathan Weisglass, Wells Fargo, Working Solutions CDFI.