California Capital Financial Development Corporation was recently announced as a recipient of a $100,000 award from the National Community Reinvestment Coalition (NCRC) as part of the 2024 Field Empowerment Fund (FEF). The Field Empowerment Fund (FEF) empowers NCRC network members to level up established service lines through grants that fund expansions to existing projects. California Capital will leverage the funding to bolster equity practices in loan underwriting.   

 As a member of the California Small Business Coalition for Racial Justice, California Capital FDC adopted a Racial Equity Lens (REL) loan underwriting framework in 2022. The REL framework was developed by four Community Development Financial Institutions (CDFIs) and the coalition as an experiment in reframing underwriting through an asset-based approach that would lead to increased capital for communities that do not fit traditional borrowing criteria. As part of this project, California Capital created a risk matrix to track and expand credit evaluations.  

 In 2023 California Capital developed its REL criteria using the 4 C’s of credit (Commitment, Character, Conditions, and Capacity), giving extra consideration to Commitment and Character in the review of loan applications. This approach codifies a holistic review of loan applications, ensuring that borrowers are evaluated on attributes beyond finances and increasing the likelihood that businesses from historically under-banked communities can access financing.  

 In 2024, with the help of funding from the NCRC Fellowship for Economic Development, California Capital conducted research into ways to improve our REL. In 2025 and into 2026, with additional funding received through the Field Empowerment Fund (FEF), the organization plans to implement recommendations from the 2024 research.  This continuous improvement is critical to ensuring that California Capital’s lending programs effectively serve all community members.  

 California Capital Financial Development Corporation’s (FDC) mission is to provide capital and business development services to increase economic opportunities for underserved and underbanked communities and people. California Capital FDC is a CDFI mission-based lender providing microloans for start-ups and bridge financing to loans and loan guarantees for expansion, working capital, and equipment.

For Dr. Nathan Brinckhaus, medicine is more than a career: it’s a family trade, and one that has allowed him and his father to serve their Northern California community of Fortuna for decades. After completing his medical residency at University of California, Davis, Nathan returned to his hometown to join Fortuna Family Medicine – the clinic his father had taken over from a previous owner, which has been open continuously since 1948. This year, when they needed working capital after reopening as a new rural health clinic, a loan guarantee from California Capital FDC through the Small Business Loan Guarantee program allowed them to bridge their difficult first year of the new operation and continue serving their community.  

When Nathan and his father, Dr. Ruben Brinckhaus, were faced with the reality that their revenue would not allow them to continue providing affordable care to their longtime patients, they made the difficult decision to open a new clinic with a new business model.  

“We chose to open a new independent federally-designated rural health clinic,” says Nathan, adding that the model provides more sustainable reimbursement from MediCal insurance, because it allows clinics to functionally decide their reimbursement rate based on their expenses in the first year of operation, known as the rate-setting year. It is a model that can ensure sustainability for clinics in small communities—but one that, as Nathan notes, requires a good deal of up front investment to begin.  

“We chose [the model] knowing it was going to require capital,” he says. “We knew we wanted to spend enough money so that we could get a healthy reimbursement rate.”  

To supplement funds that they received from a private investor, Nathan began exploring borrowing options for working capital. He quickly found that non-traditional lending would be his best bet. “This type of project is not something that you can go to a regular bank for,”  he says, explaining that opening a new business in the medical field can require creative financing options. “[Banks] want to see profits and taxes. For a brand new business without those things, I was told by several banks that they couldn’t help me.”  

When Nathan came upon the network of mission-based small business lenders, he knew he’d found the right fit. He applied for a loan through Arcada Economic Development Corporation, now called North Edge Financing, who were determined to see Fortuna Family Medicine Succeed. “I was able to present our business plan and tell them what we were doing and why we needed money. They were able to see the vision that we had and that we had a plan that was reasonable.” 

To approve the loan, they worked with California Capital FDC, who administers iBank’s Small Business Loan Guarantee program. With a guarantee on the loan, Nathan succeeded in accessing the funding necessary to keep their clinic open, and plan for the future. “Having the capital took a lot of stress off our shoulders,” he says, “It was great knowing we could continue this project and be successful.”

This spring, California Capital hosted a fellowship with the UC Berkeley Goldman School for Public Policy, in partnership with the National Community Reinvestment Coalition (NCRC).  The support of these two institutions made this valuable project possible.   

Originally chartered in 1982 as a Financial Development Corporation (FDC), California Capital FDC is a small and emerging Community Development Financial Institution (CDFI) in Sacramento, California.  Our historic mission is to provide access to capital and capacity-building services to diverse low-to-moderate income communities. Our objectives as a CDFI are to provide fair financing at below-market rate for our borrowers, supported by capacity-building technical assistance, resources, and opportunities for revenue growth and wealth generation.  

As host to a SBDC, WBC, and APEX Accelerator, we serve a diverse range of businesses, and in 2019 we launched a loan fund targeted to provide economic assistance to socioeconomically disadvantaged individuals and very small businesses who cannot access capital through traditional financial institutions.  

As a member of the California CDFI Racial Justice Coalition, we adopted a Racial Equity Lens (REL) underwriting framework in 2022.  The REL framework was developed through four CDFIs and the coalition as an experiment in reframing underwriting through an asset-based approach; and at California Capital, we created a risk matrix to track and expand our credit evaluations.

As a part of our commitment to ensuring that we serve BIPOC communities effectively, we have expanded capital and we strive to evaluate and improve on our REL lending practices. Recognizing the necessity of strengthening the REL program to better meet the needs of our target markets, this fellowship gave us the opportunity to undertake a thoughtful review and adjustment of our underwriting criteria. We are especially thankful to Mr. Ngarangi Joseph Haerewa for his time working with us to produce this report and for his insightful recommendations.  We hope to share this report as it may help other mission-based lenders assess how they can expand capital to BIPOC communities. Click Here to view the report. 

It is imperative that we not only set high standards for equitable investment but also actively work to exceed those goals. We commissioned this study to analyze the outcomes of our original REL strategy, understand the outcomes, and make data-driven decisions on developing new and innovative approaches to making strong loans to BIPOC entrepreneurs. To this end, we are committed to implementing recommendations and revisiting this assessment process in 2 years with a larger dataset, allowing us to measure our progress and evaluate our strategies accordingly. This continuous improvement is critical to ensuring that our lending programs effectively serve all members of our community. 

Happy Asian American and Pacific Islander Heritage Month! As we reflect on the important impacts that Americans of Asian and Pacific Island descent have made on communities across California, we would like to take a moment to recognize the amazing members of the California Capital team that identify as Asian American and/or Pacific Islander, and share the stories of AAPI-owned businesses. 

Designated months to honor the contributions of historically underrepresented groups to American society are vital to celebration and education — but just as folks who identify with those groups work day in and day out to uplift themselves and their communities, we must remember to highlight them regularly, regardless of the month.

Meet Our Team

Our staff represents a variety of ethnicities and cultures from across Asia and the Pacific Islands, mirroring the vibrant and diverse backgrounds of the cultures we serve across California. Scroll through the gallery below to meet our team! 

Deborah Lowe Muramoto, President & CEO

May Masunaga (left), Chief Financial Officer

SiewYee Lee-Alix, Director, Sacramento Valley SBDC

Nguyen Nguyen, Sacramento Valley SBDC

Genevieve Duque, Program Coordinator, Women’s Business Center

Sarah Harding, Program Manager, Women’s Business Center

James Aldea, Procurement Counselor, APEX Accelerator

Michael Aguillio, Procurement Counselor, APEX Accelerator

Celebrate AAPI-Owned Businesses

According the Small Business Administration Office of Advocacy, 2.9 million businesses in the United States are AAPI-owned, creating 4.9 million jobs. With these numbers, there are plenty of opportunities shop AAPI-owned year-round! In fact, some of our most inspiring success stories are of AAPI clients. Click below to read more: 

• With Local Fresh Eats, Michelle Duong Matches Conscious Consumers with Regenerative Farmers 
• How April Pechardo Embraced Entrepreneurship Amid the Pandemic
• How a Vision for a Vibrant Creative Economy Led Two Filmmakers to Entrepreneurship with Support from California Capital

Stay in the Know: Read the Hmong Daily News

The Greater Sacramento Area has a large, strong Hmong population. In order to keep folks in the community connected to one another, and keep the broader public informed of issues important to their Hmong neighbors, Macy Yang (a Sacramento Valley SBDC business advisor) created and runs the Hmong Daily News. Start reading today to stay in the know! 

Start Reading

For Danishia Colbert, entrepreneurship has been a path to stability and independence for her family. In 2022, after complications from childbirth resulted in her younger sister having a variety of chronic conditions that limit her ability to work a full-time job, Danishia and her husband launched Wall 2 Wall Cleaning Services. As an after-hours janitorial service specializing in office spaces and large buildings, Danishia can operate the business while keeping her day job with the State of California Department of Human Resources, and provide gainful, flexible employment for her sister and other family members.

With her background in state work, Danishia knew that contracts with state and federal government agencies would be a way to build a sustainable business with reliable clients. Starting down this path, she turned to the California Capital APEX Accelerator to work with a counselor and learn the basics of contracting, from certifications to finding projects to bid on.

“I’m very resourceful, so I went to the APEX Accelerator to avoid challenges,” says Colbert, reflecting on the start of her business journey. “If I could save myself a headache, why not? That’s why I went: you don’t have to learn everything the hard way.”

Working with Alex McCracken, her procurement counselor, Danishia did market research to determine that janitorial service would be a steady industry, wrote her capabilities statement, obtained her Woman-Owned Small Business certification, Service-Disabled Veteran certification, and join the online databases that would allow her to bid on jobs.

Since launching in 2022, Wall 2 Wall Cleaning has won and performed on contracts with the Sacramento Housing and Redevelopment Agency (SHRA), the San Joaquin Valley Cemetery, and the California Conservation Corps. Danishia was also selected to participate in the prestigious Veterans in Procurement (VIP) program in Washington, D.C.

“I have a great [APEX Accelerator] counselor. She connects me to different communities. A lot of the contracts I’ve gotten are because she’s connected me,” explains Danishia. “Having an APEX Accelerator counselor is like starting the game on second base: why wouldn’t you? It’s a big advantage.”

Moving forward, Danishia is looking forward to working on strategies for growth, and becoming an expert in her industry. “I’m excited about being more strategic and proactive with my business – simple things like setting my books up in advance,” she says. “I’m doing a lot of learning and utilizing every resource.”

The team that founded Maisie’s Place, a nonprofit that provides in-home supportive living services to adults with disabilities, started by seeking to fulfill a need.  Realizing that the level of service available to developmentally disabled adults living on their own in the Greater Sacramento area could be elevated, Patricia Costanza co-founded Maisie’s Place with her daughter and husband.

Working as a vendor of the Alta California Regional Center, Maisie’s Place launched in early 2023 and provides services to clientele in Sacramento, Placer, El Dorado and Nevada counties.

The Maisie’s Place staff provides 24/7 services to their clientele, working with them to  achieve their goals for independent living, which range from learning how to clean their apartment and count money to using public transport on their own. Most importantly, says Costanza, their clients get involved in their communities.

“When someone gets into supportive living services, our responsibility is to get them out the front door,” she explains.  “That could mean joining Special Olympics or even grocery shopping and making the right choices in the grocery store. It’s all meant to support them to be able to deal with life a little better.”

Though they had the expertise to bring their vision to life, accessing funding was another obstacle entirely.

THE RIGHT FINANCING FIT

With contracts from the Alta California Regional Center, which assists people with developmental disabilities build a team of supportive specialists, Maisie’s Place was not subject to the same type of risk that other enterprises experience: they knew where their work would come from. But to maintain the payroll for their staff—which grew quickly—in between contract payments, Costanza and her team knew that they would need some financing support.

“We went out to banks with marvelous binders filled with all of our information: our contracts, the money we would need, the low risk,” says Costanza, who was by then working as the CEO of the organization. “A friend in the banking industry told me: you’re a start-up, and a nonprofit. Nobody’s gonna give you anything. But I’ve never believed that.”

When following leads from traditional banks, the Maisie’s Place team was met with the foretold resistance—not for lack of preparation, but simply because their need did not match the large business plans that banks provide. Not wanting to take on more debt than was necessary, Costanza’s determination eventually led her to speak with the California Capital Lending Center’s Business Development Officer, Brian Zscheile.

After working with the Board of Directors of Maisie’s Place to establish a line of credit for payroll, Costanza was able to take out a microloan through California Capital to cover the overhead set up expenses of Maisie’s Place.

“Brian worked his magic and everyone [at California Capital] was just wonderful,” says Costanza of the loan application process. “What impressed me the most was that our fight became California Capital’s fight, and that’s highly unusual. Nobody takes things personal these days, but [they] did.”

SUPPORT FOR GROWTH

With a dedicated executive team, highly qualified support staff to provide 24/7 services to their clients and a Board of Directors invested in the mission, Maisie’s Place is poised to broaden their impact.

After seeing the difficulties that disabled adults experience in accessing safe, affordable housing, the team’s vision for the future is clear: expand housing opportunities for disabled adults by increasing availability.

As Costanza explains it, the goal of creating systems where disabled adults can live independently and participate in their local communities is hindered by a lack of affordable housing and stringent income requirements that preclude them from even applying.

“I have one goal,” she says. “I would like Maisie’s Place to have a piece of property with a duplex so that I can guarantee four or five clients a home that they can afford. We could control the rent so we can rent to them at whatever their income level is, and always keep a room open in case we get a client that needs crisis housing.”

With a deep commitment to and respect for the people they serve, the Maisie’s Place team is having a positive ripple effect on local communities by empowering disabled adults to build life skills and live with dignity. As a mission-based lender, California Capital is able to participate in building a better world through the enterprises that we fund.

Edwin Balli isn’t new to business ownership—but with the purchase of Rio Pub in Rio Linda, California, he is taking on restaurant ownership for the first time. This year, Balli worked with Sacramento Valley SBDC and the California Capital Lending Center to enter the restaurant business and relaunch Rio Pub as a neighborhood institution.   

With a background in the tech industry, Balli launched his first business building custom computers and point-of-sale systems for small businesses with a college friend in 2012. From there, working as a business systems analyst for firms like LinkedIn and Facebook, Balli refined his skills of keeping a business running, so that by November of 2022 when he was ready for a pivot away from Silicon Valley, he was prepared to step back into business ownership.  

Knowing that he did not want to start a new enterprise from scratch, Balli worked with a broker to search for turnkey businesses on the market to buy. His one stipulation: he was not looking for businesses in the restaurant industry. “Then Rio Pub came up,” Balli says, laughing. “We came to see it and instantly fell in love with the neighborly vibe and the friendly people.”

Tapping Into Resources

Balli instantly envisioned the ways that he could revamp the space—he was sold, and he was looking to buy. To prepare to make an offer and enter unfamiliar business terrain, Balli worked with Panda Morgan, a business advisor with Sacramento Valley SBDC, a program of California Capital FDC.   “I had built business plans for start-ups, but never for an existing business,” he says, explaining that different considerations in the formatting and growth projections. “Working with Panda is what helped me realizing that [the business] was viable.”  

After working out what his purchase offer would be and the capital infusion he would need to make it possible, Balli was referred to the California Capital Lending Center to apply for a loan. Without restaurant industry experience, Balli had a hard time finding funding opportunities from traditional lenders—but as a mission-based lender, California Capital was able to take a holistic approach and consider Balli’s business experience and detailed business plan. Ultimately, Balli was approved for funding and celebrated the grand re-opening of Rio Pub in October of 2023. Continuing to work with his business advisor, Balli is honing his skills in accounting, managing inventory, and is applying his business analyst background to assess his progress and plan for growth.  

Creating a Community Hot Spot

Since opening, Balli has worked hard to build trust in the local community and establish a steady clientele base. “I want to get the ‘new owner, new mentality’ message to the community,” explains Balli. “We’re hosting events and making the space more family-friendly. The first thing I bought when I got the place was an arcade machine.” 

To be sure, Balli is well on his way to hosting events every night of the week: their current calendar boasts brunch on Sundays, Taco Tuesdays, Trivia Wednesdays and Karaoke Thursdays. Another local business, D-Dub’s Grubs, rents the kitchen space and serves up innovative and indulgent eats for the pub’s customers.  The consistency is paying off, says Balli. “My goal is to pub Rio Pub on the map beyond Rio Linda and get clients from areas like Natomas, Antelope, and Elverta.  I’m getting feedback from bartenders that they’re seeing new faces.”   

With a clear vision and the skills, expert advisors, and community buy-in to make it a reality, Edwin Balli is well on his way to making Rio Pub a destination for family-friendly fun.

Before they owned and operated their own cidery in Auburn, CA, Ashlee and Jon Hoag were home brewers with strong opinions on what makes good cider.  After a trip to visit friends in Colorado, where the cider surpassed what they could find in California, the couple decided to take matters into their own hands. “We asked ourselves, ‘where are we going with this?’” Ashlee recalls, reflecting on their 13 years of home-brewing. “Why don’t we just make the cider we like here?”  

Knowing that they could use their experience and techniques to innovate the local cider scene, the couple pivoted their careers to full-time cidermaking and launched Ponderosa Cider.  With a loan from California Capital, Ashlee and Jon opened the Ponderosa Cider Company cidery and taproom in Auburn in March of 2023, and quickly became a community staple known for their lively events and commitment to local agriculture.  

A Sweet Spot to Start

Inspired by the possibility of redefining California cider, Ashlee and Jon decided to operate in Jon’s hometown of Auburn, California, where they knew they could take advantage of the region’s diverse and abundant fruit to craft truly unique ciders. “We want to take the historic fruit industry of the [Sierra Nevada] Foothills and repurpose it,” explains Jon, adding that they have been able to use fruit from seemingly fallow orchards and even repurpose a peach orchard’s unused fruit press. “We’re hoping to build that industry while also building the cider industry.” 

To elevate their technical prowess as cidermakers, Ashlee and Jon each completed hands-on courses through Cornell University and UC Davis. The pair was confident in their expertise, but without direct experience in the manufacturing industry or as business owners, finding the financing to fund their start-up costs was tricky. They were eventually recommended to California Capital and worked with a business mentor before moving forward with applying for a loan.  

“We thought it would just be a way to vet our business plan for other application, but we learned so much,” explains Ashlee. “We fine-tuned our financial projections and reevaluated what it would actually cost to start the business. It was a great education.”  

Success is Brewing

With support from their mentor, Ashlee and Jon were able to secure funding from the California Capital Lending Center, which they put to use right away.  They used the funds to purchase industrial brewing and manufacturing equipment, secure a lease on their location in Auburn, and hire and train a fulltime cidermaker. “We now have over 135 wholesale accounts from Tahoe to Vacaville,” Jon says, reflecting on their first few months in operation. “That has been a great way to build our brand.” In addition to establishing a statewide presence, since opening the cidery and attached taproom, Ashlee and Jon host an array of community events, from half-marathon finish lines to weekly trivia nights.  

“We want to make sure we’re bringing people with us as we go,” Ashlee says. Moving forward, the founders are excited to continue to demonstrate just how good cider can be, one bottle at a time.  

For Briana Esquivel, founder, owner and operator of BAE’s Education, school is more than just a place for children to pass the time. Living through adversity in childhood, Esquivel leaned on education as a means to build success and have a positive impact in her family and community. A first-generation high school graduate and college student, Esquivel is now in the final stages of completing her Doctorates in Education at CSU Sacramento and has built her career around creating early childhood education programs for a variety of institutions. This year, she is celebrating the opening of the first location of BAE’s Education, a non-profit/for profit multicultural state-funded preschool and privately-owned child development center. With support from the Women’s Business Center, Esquivel has created a strategic business plan that will allow her to reach children from underserved communities with holistic and inclusive education and grow a new generation of leaders.

“We’re Here for the Children”

Growing up, despite instability being a facet of her home life, Esquivel’s parents always ensured that she had access to good schools. “My parents wanted me to break the generational curse,” she says, explaining the critical role that schools should play in supporting the entirety of a child’s development, not just academics. “Children need stability–they need to be ensured, ‘I don’t have to worry about surviving because my school’s got me’.”

Esquivel first began to develop her philosophy and expertise through her teaching practicum in early childhood education within Los Rios Community Colleges, and eventually CSU Sacramento where she’s obtaining her master’s in educational leadership and policy and through her work in program and curriculum development through projects within early childhood education centers and school districts locally. When the Covid-19 pandemic caused schools across the country to shut down, with marked negative impacts on children’s educational attainment, Esquivel decided take action, aiming to provide consistent and relevant educational settings.

With her wide range of experience working on the ground with communities to develop programs for students, she knew that she could open her own education centers that would go beyond what was possible at existing schools. The concept for BAE’s Education–which stands for Before Anything Else, Education–was born out of the need to ensure that communities could stay connected to care and education for their children. Esquivel joined together with colleagues and envisioned a learning environment that would serve students from underserved populations and empower their families as well. “We evaluate demands, and serve them,” she says. “That’s our number 1 priority. We’re here for the children.”

Leveraging Business Support

With a federal grant in partnership with the State of California, Department of Social Serivces and the U.S. Department of Education, Esquivel and her co-founders were able to begin developing locations for BAE’s Education schools in Sacramento and Elk Grove. Working with a Women’s Business Center counselor, Charles Thomas, Esquivel navigated the technical side of her new enterprise, writing a business plan, creating a budget, and learning how to operate a business.

The Sacramento location, on Mather Road, will celebrate their grand opening next month on November 17. The locations were chosen strategically to be available to lower income neighborhoods, and BAE’s Education will offer education and care for infants and toddlers, preschool, transitional kindergarten,

and school-aged children. To help elevate communities, the centers will offer before and after school programs for students up to grade six, as well as dual-language immersion programs, which allow English-learners to increase literacy in their first language while learning English.

Esquivel sees all of her efforts as an investment in the future of Sacramento. “Our motto is ‘Saving Sacramento, one neighborhood at a time,’” she says. “We would love to be in as many neighborhoods as have the demand. There are still families that need care, growing communities that need love and need people to invest in them and their children.

During the Covid-19 lockdown, Lonje Deschamps was in a unique position to evaluate her career trajectory.  She and her family were returning to her hometown of Sacramento after several years in the Bay Area, and she was able to take some time away from her full-time job. After years in social services and nonprofits, Lonje knew that she was ready to shift her focus from a public-facing role to focusing on more administrative and operational tasks. She began assisting small business owners she was already connected with, and the idea to create her own business was formed.

 “Because of my background in social services, I am able to understand a wide variety of people’s needs,” explains Lonje. “I reflected on all of the tasks that I really enjoyed from my past jobs, and that became what LD’s Business Services encompasses.”  

Applying her background in nonprofit management, social services, and human resources Lonje helps small business clients organize and elevate their operations. She provides business owners with grant writing and research services, copywriting and marketing strategy, employee recruitment and hiring, and is also a certified Notary Public. Through this wide and evolving scope of services, Lonje acts as a “virtual assistant”, empowering entrepreneurs to focus on the elements of their business about which they are more passionate. 

Building Community

An organized and ambitious person, Lonje knew the logistical steps she needed to take when she was ready to start her own business. She acquired the proper licenses and certifications, but didn’t take the idea beyond those initial steps. Ultimately, it was the guidance and encouragement of her Women’s Business Center (WBC) counselor that prompted her to launch publicly. “My counselor showed me how focused I was, and it was great to have someone to bounce my ideas off of,” says Lonje, adding that even with her own motivation, external support was a huge benefit. “We all need support and for someone to tell us we’re on the right track.”  

With this confidence, Lonje launched her website, began marketing her services and building her client base. By maintaining her connection to the WBC, Lonje has received client referrals and built a community of likeminded women business owners. Lonje has been a regular member–and a guest speaker–at the WBC’s monthly Motivated Entrepreneur networking events, which she says has kept her engaged and inspired. “Having other women that are in varying stages of business ownership to collaborate with and talk to helps you not feel alone,” she says. “The most important thing has been the camaraderie, because I’m already a structured person. Being able to discuss issues and successes has been very helpful.” 

“It Keeps My Brain Active”

Lonje currently maintains a full-time job while operating her business, but she is excited to continue building something based off of her own vision, with total creative freedom. “My business allows me to constantly evolve and pivot,” says Lonje. “It keeps my brain active.” 

Moving forward, Lonje hopes to expand her offerings to include more training for business owners, including an online grant writing and research course, and Diversity, Equity and Inclusion training. “Working with the WBC has helped me be comfortable with the constant evolution of my business,” she says. “I am excited to keep growing.”