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):
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- Related: $225,219
- Other: $8,963
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- Related: $113,315
- Other: $8,381
- 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.
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
Phone
(718) 292-3113Principal Officer
Lourdes Zapata
Main Address
555 BERGEN AVENUE 3RD FLOOR, BRONX, NY, 10455
Website
www.sobro.orgNTEE Category
Code: S31Z - Community improvement
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