Houston, TX – Prestamos CDFI, a division of Chicanos Por La Causa, is pleased to announce a $10 million New Market Tax Credit (NMTC) allocation to finance the expansion and modernization of Cristo Rey Jesuit College Preparatory School of Houston’s educational campus in southeast Houston, Texas. The NMTC investment will support new construction and the rehabilitation of approximately 40,000 square feet of academic and student-support facilities, enabling the school to increase student capacity, modernize core educational spaces, and strengthen its college-preparatory model serving predominantly low-income students.

NMTC proceeds will support the construction and rehabilitation of a modernized campus that expands Cristo Rey Houston’s instructional and student-support capacity. The Project will deliver STEAM-focused classrooms; upgraded laboratories for science, technology, engineering, and math; expanded arts and creative spaces; dedicated college-counseling and emotional-health centers; and campus-wide technology upgrades. These improvements will support Cristo Rey’s college-preparatory curriculum and corporate work-study program and will allow annual enrollment to increase from 514 to 600 students, expanding access to high-quality education for low-income students in southeast Houston.

“We are honored to have played a role in helping bring this important funding for Cristo Rey Houston to fruition,” said Jose Martinez, President of Prestamos CDFI.  “By combining a rigorous academic curriculum with meaningful work-study experiences, Cristo Rey equips predominantly low-income students with the knowledge, skills, and real-world exposure needed to succeed in college and their future careers.”

Since opening in 2009, Cristo Rey Houston has served low-income families by charging nominal tuition and providing free transportation from surrounding low-income neighborhoods. Cristo Rey’s innovative educational model integrates a rigorous college-preparatory academic program with a corporate work-study experience that provides students with professional mentorship while helping offset educational costs. Since 2013, Cristo Rey has achieved a 100% college-acceptance rate in a region where only one in three adults holds a high school diploma and just one in nine adults possesses a bachelor’s degree, underscoring the school’s effectiveness in expanding postsecondary access for students facing significant educational barriers.

The Project has received strong community support from civic, nonprofit, and economic-development stakeholders across the Houston region. Formal letters of support have been provided by the Greater Houston Partnership, the Boys & Girls Club of Greater Houston, and the Houston East End Chamber of Commerce, each recognizing Cristo Rey Houston’s role in expanding access to college-preparatory education for low-income students. In addition, Harris County Commissioner Adrian Garcia has publicly endorsed Cristo Rey’s service to families in Houston’s most economically challenged neighborhoods.

The Project site is located within a highly distressed census tract in southeast Houston, characterized by low median family income and a high unemployment rate. Upon completion, the Project is expected to serve approximately 600 students annually, of whom 95% will be low-income persons. Expanded facilities will support enhanced academic programming, expanded student-support services, targeted recruitment and outreach in low-income pipeline schools, and continued operation of Cristo Rey’s corporate work-study program. In addition, the Project will create and retain 102 permanent jobs, including 66 quality jobs offering wages above the Harris County living wage and comprehensive employment benefits.

The Empowerment Reinvestment Fund, LLC and Capital One Community Renewal Fund, LLC provided an additional $14 million in NMTC allocation to complete the Project’s funding. Prestamos CDFI is an eight-time NMTC award-winning allocatee serving Arizona, California, New Mexico, Nevada, Puerto Rico, and Texas.

About Prestamos CDFI

Prestamos CDFI is a Community Development Financial Institution and a Community Development Entity that provides small business loans and high-quality technical support services to its clients. Prestamos partners with the most recognized organizations in our target markets including the CDFI Fund, U.S. Small Business Administration, NALCAB, SCORE, and State, County and Local Economic Development Authorities. Prestamos CDFI is an equal opportunity provider.

Palm Springs, CA – Prestamos CDFI, a division of Chicanos Por La Causa, is pleased to announce a $11.5 million New Market Tax Credit (NMTC) allocation to finance the development of a new 175,000 square-foot Palm Springs community college campus on approximately 27 acres located within the severely distressed community of Palm Springs, California. The project supports the expansion of Desert Community College District d/b/a College of the Desert (COD), a public two-year institution established in 1958 that serves the Coachella Valley as part of the California Community Colleges system, the largest higher education system in the nation. The new Palm Springs Campus will transform a former defunct retail shopping center into a comprehensive, technology-enabled academic and workforce training campus designed to expand access to post-secondary education, strengthen workforce pipelines, and support long-term economic mobility for low-income residents.

The campus will include classrooms, science labs, healthcare simulation labs, computer labs, film and sound editing studios, architecture and woodshop facilities, AI and AR/XR gaming labs, hospitality training rooms, a culinary institute, and an event center. Strategically located adjacent to Palm Springs High School, where more than 97% of students come from low-income households, the campus will create a clear pathway from high school to postsecondary education for first-generation college students.

While College of the Desert’s bond financing covers most planning, design, and construction costs, bond proceeds cannot be used to fund the ongoing operational and student-support expenses needed to activate and sustain the campus. These costs include faculty and instructor salaries, campus maintenance and security, and wraparound services that address food insecurity, housing instability, and transportation barriers.

NMTC financing will fill this capital gap, providing the flexible, below-market capital needed to fund these operational and student-support components. Without this financing, COD would have been required to defer the operational and student-support programming necessary for the Palm Springs Campus to function as a fully accessible workforce and economic development hub.

Once fully operational, the campus is expected to serve more than 5,000 students annually.  Approximately 4,250 (85%) are projected to qualify as low-income individuals and 3,650 (73%) are expected to reside in low-income communities.  The investment is expected to create 46 and retain 33 full-time jobs at the Palm Springs Campus, at a weighted average wage of $61.64 per hour, well above Prestamos’ quality wage benchmark of $31.72 per hour for the region, and to support an additional 2,090 temporary construction jobs.

Jose Martinez, President of Prestamos CDFI, stated, “This project reflects our mission to finance impactful investments that expand access to quality, affordable education in distressed communities. College of the Desert’s Palm Springs Campus will remove long-standing barriers to postsecondary education for Coachella Valley families and equip students with the skills needed for long-term economic mobility.”

The Palm Springs Campus is located in a severely distressed census tract, where median family income is 56% of the area benchmark and unemployment runs at 2.04 times the national rate. COD’s plEDGE Program, which provides recent Coachella Valley high school graduates with two years of free tuition and fees, has helped more than 10,000 local students attend college tuition-free since its 2017 launch, and the College is now expanding the program through “plEDGE for All” to reach every Coachella Valley resident by 2030, regardless of age, income, or background.

Borders Community Capital Company, LLC, California Statewide Communities Development Corporation, and Chase New Markets Corporation provided an additional $22.5 million in NMTC allocation to complete the project funding. Prestamos CDFI is an eight-time NMTC award-winning allocatee serving Arizona, California, New Mexico, Nevada, Puerto Rico, and Texas.

About Prestamos CDFI, LLC

Prestamos CDFI is a Community Development Financial Institution and a Community Development Entity that provides small business loans and high-quality technical support services to its clients. Prestamos partners with the most recognized organizations in our target markets including the CDFI Fund, U.S. Small Business Administration, National Association for Latino Asset Builders, SCORE, and State, County and Local Economic Development Authorities. Prestamos CDFI is an equal opportunity provider.

April is Financial Empowerment Month, a time dedicated to highlighting the importance of financial education to promote smart money habits and build long-term financial security. This is especially important for small business owners. While entrepreneurs are often driven by their passion to create, be their own boss, and build the business of their dreams, they also face the challenge of managing their finances. But you don’t have to take that task on your own!

Here at Prestamos CDFI, our team of Business Advisors and Lending Experts is here to help you understand your finances, access capital, and make informed decisions to help invest in and grow your business. 

In celebration of Financial Empowerment Month, we asked our team for their top five financial tips for small business owners to help get you on the right path towards financial literacy, independence, and security. 

1. Separate Business and Personal Accounts: 

One of the most common mistakes early-stage entrepreneurs make is keeping all their expenses – business and personal – in one account. While it may seem convenient at first, this strategy can really hurt you in the long run. 

Set your business up for success from the start by separating your accounts and opening a dedicated business account. This will help you stay organized and make tax time much easier!  

2. Pay Yourself First  

You started a business to make money, so make sure you pay yourself first! Paying yourself first includes ensuring you are compensating yourself accurately for your time and effort, as well as putting money aside in a savings account for future investments. 

When you are building out your monthly budget, make sure you are the first expense you account for. From there, you can establish what you have to spend onother business expenses and costs.  

3. Know Your Cash Flow 

Cash flow is one of the most important figures you need to know for your business. It is defined as the amount of money coming in and out of your business over a certain period of time. Generally, this figure is used to determine the financial health of your business. A simple way to think of your cash flow is: 

Cash Inflows (Revenue) – Cash Outflows (Costs) = Cash Flow 

In simple terms, cash flow helps to determine whether your business is profitable, or if you’re operating in the negative and at risk of possible bankruptcy. Knowing your cash flow is especially important if you’re looking to get access to loans or other types of financial infusions.  

4. Stay Organized 

We know you have a million things to track as a small business owner, but prioritizing your finances is key to ensuring the long-term success of your business. Be sure that you are tracking your expenses, sales/earned income, tax liabilities and other key financial figures on a regular basis – monthly is recommended. 

Also be sure to have a designated place and system for any important documents, such as licenses, tax forms, and receipts. This will not only help you during tax season, it will also help immensely if you are ever applying for a loan or working with investors.  

5. Check Your Credit Often 

Credit is one of the most powerful tools you have at your disposal. While you may not have the funds to invest in your business yourself, a strong credit score helps potential lenders determine their risk level when working with you. A strong credit score can lead to better terms, stronger relationships, and can protect your personal credit. 

You can check your credit score easily by using free online resources and then use that to make informed decisions on how to improve or maintain your credit. 

If you’re ready to take your financial literacy and business acumen a step further, but aren’t sure where to start, now’s the perfect time to schedule a call with our team of experts. Our Prestamos Business Advisors are here to help you understand your business, your financials, and the steps you can take to grow. 

Click here to tell us about your needs and get started today!