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Credit Inc

Learn about this cause: Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 133790222 ✦ Bronx, NY ✦ Designated as a 501(c)(3)

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Overview

What is Credit Inc?

Credit Inc, based in the Bronx, New York, is a certified Community Development Financial Institution (CDFI). Its mission is to enhance financial access for small businesses in the South Bronx, providing innovative financial products and services. The organization aims to improve the economic well-being of the community by offering financial literacy education. Credit Inc primarily focuses on facilitating capital and financial services for organizations, minority and female entrepreneurs, and other businesses situated in distressed or low-income areas, often overlooked by mainstream financial institutions. The Procurement and Technical Assistance Program further assists local businesses in securing government contracts.


Official website here: www.sobro.org

Is Credit Inc legitimate?

Credit Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Credit Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.


Heare are some key statistics you may want to consider:

Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $38,260

For more financial information, click here


Official website here: www.sobro.org

What is the mission statement of Credit Inc?

Credit Inc., as a certified Community Development Financial Institution (CDFI), aims to expand access to credit for small businesses, particularly those that are under-served by mainstream financial institutions due to their location in distressed or low-income communities. Their mission is achieved through the provision of innovative financial products and services, and they also focus on advancing the economic well-being of these businesses and their communities through financial literacy education. Credit Inc. primarily facilitates capital and financial services for organizations, minority and female entrepreneurs, and other businesses, enabling them to succeed and thrive. The organization also supports local businesses in securing government contracts through its Procurement and Technical Assistance Program.


Official website here: www.sobro.org

Who is the CEO of Credit Inc?

Lourdes Zapata is the Board Chair of Credit Inc. The CEO's salary of Credit Inc is $0 and their total compensation is $234,182.


Official website here: www.sobro.org

What is the revenue of Credit Inc?

Credit Inc's revenue in 2022 was $25,000.


Official website here: www.sobro.org

Who are the executives of Credit Inc and what are their salaries?

There 17 volunteers at Credit Inc.


Here are 20 key members and their salaries (Credit Inc's CEO's salary is $0 and their total compensation is $234,182):


Mark L Castle (Board Chair)
  • Compensation: $0
  • Related: $0
  • Other: $0
Jean Smith (Vice Chair)
  • Compensation: $0
  • Related: $0
  • Other: $0
Arline Parks (Vice Chair)
  • Compensation: $0
  • Related: $0
  • Other: $0
Karen Mcguinness (Treasurer)
  • Compensation: $0
  • Related: $0
  • Other: $0
Anthony M Riccio Jr (Secretary)
  • Compensation: $0
  • Related: $0
  • Other: $0
Simon Bergson (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Mayra Linares-Garcia (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Hugh Grant (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Mark Willis (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Plinio Ayala (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Tiffani Blake (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
William Bill Bollinger (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Conor Mccarthy (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Cheryl Mckissack (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Jennifer Rivera (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Patricia Nia Rock (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Prisca Salazar-Rodriguez (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Lourdes Zapata (President & Ceo)
  • Compensation: $0
  • Related: $225,219
  • Other: $8,963
Tonia Elvin (Cfo)
  • Compensation: $0
  • Related: $113,315
  • Other: $8,381
Delilah Tyson (Cao)
  • Compensation: $0
  • Related: $124,269
  • Other: $42


Official website here: www.sobro.org

Where can I find the form 990 for Credit Inc?

Credit Inc's most recent form 990 was submitted in 2022 and can be accessed here.


Official website here: www.sobro.org

Learn more at the official website: www.sobro.org

Mission Statement of Credit Inc

Credit Inc, a Community Development Financial Institution (CDFI), is committed to increasing access to credit for small businesses in underserved communities. Their primary mission is to offer innovative financial products and services to minority and female entrepreneurs, along with other businesses located in distressed or low-income areas. These businesses often struggle to secure funding from mainstream financial institutions. By facilitating capital and financial services for these organizations, Credit Inc aims to enable them to succeed and thrive.

In addition to providing financial assistance, Credit Inc also focuses on financial literacy education. They strive to empower the residents and businesses within these communities by equipping them with the necessary knowledge to manage their finances effectively. One of their programs, the Procurement and Technical Assistance Program, has been instrumental in helping local businesses secure government contracts. This program underscores Credit Inc's dedication to not only offering financial support but also providing the tools and resources necessary for businesses to thrive and grow.

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Impact




August, 2024

Credit Inc's impact is profound in the South Bronx community of New York. By providing innovative financial products and services, Credit Inc aims to increase access to credit for small businesses in the area. Through their mission to advance economic well-being and offer financial literacy education, they are helping residents and businesses thrive.

One specific program that showcases their impact is the procurement and technical assistance program, which assists local businesses in securing government contracts. This initiative directly supports the growth and sustainability of small businesses in the South Bronx, contributing to the overall economic development of the community.

Overall, Credit Inc's commitment to facilitating capital and financial services for organizations, minority and female entrepreneurs, and businesses in distressed or low-income communities demonstrates their dedication to ensuring the success and prosperity of their clients. Through their work, they are promoting community improvement and fostering economic growth in the Bronx.




This information is meant to be a general summary of Credit Inc. Please take the time to review official sources before making any decisions based upon the content provided here.


Financials

This financial information is from Propublica.

Revenue
$25,000 (2022)
Expenses
$68,369 (2022)
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Program Service Revenue: $25,000
  • Gross Receipts: $25,000

Assets and Liabilities:

  • Total Assets: $79,171
  • Total Liabilities: $62,605
  • Net Assets: $16,566

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

PROGRAM SERVICE REVENU

Revenue

$25,000

Organization Details

Founding Year

1981

Principal Officer

Lourdes Zapata

Main Address

555 BERGEN AVENUE 3RD FLOOR, BRONX, NY, 10455

NTEE Category

Code: S31Z - Community improvement

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