IRCS CENTER FOR ECONOMIC OPPORTUNITY INC
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Mission Statement
IRC’s Center for Economic Opportunity is a national, non-profit financial institution that offers small-dollar consumer and business loans to refugees, immigrants, and other credit-thin individuals.
About This Cause
The International Rescue Committee (IRC) founded CEO in 2011 to scale successful microloan interventions piloted by its field offices. Today, CEO is operating in 16 states through 28 community partners through a unique model that couples small-dollar financial products with asset-building and education services provided by community-based partners with linguistic and cultural competence already serving refugees. CEO features flexible underwriting, subsidized rates, and offers a product mix that aligns to the common financial challenges faced by refugees in their early years – credit-building, auto, education, immigration and personal loans all serve to advance the economic health of borrowers. All applicants participate in credit education and are referred to CEO by community partners. Through this model, CEO has deployed over 4,600 loans totaling over $13M financed while maintaining a 98% repayment rate.