WOMENS OPPORTUNITIES RESOURCE CENTER

Cause Area

  • Community
  • Employment
  • Women

Location

2010 CHESTNUT STPHILADELPHIA, PA 19103 United States
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Organization Information

Mission Statement

The mission of the Women's Opportunities Resource Center (WORC) is to promote social and economic self-sufficiency primarily for economically disadvantaged women and their families. WORC provides training, individual business assistance, incentive savings program, job placement, and access to business and financial resources. WORC empowers its constituents through various self-help strategies including savings, a self-employment network, and access to its local and national affiliations. Additionally, WORC encourages community awareness and responsiveness concerning issues impacting economic equity and independence.

Description

The Economic Opportunities Fund (EOF) was created in 1999 in response to the increasingly unmet demand for start-up capital experienced by graduates of entrepreneurship training programs provided by our parent, Women’s Opportunities Resource Center (WORC). EOF is a designated Community Development Financial Institution (CDFI) through the U.S. Department of Treasury.

Our mission is to provide access to capital for low-income and underserved populations in the Philadelphia metropolitan area with a specific emphasis on serving women and minorities who lack access to capital and credit. Our philosophy is to provide our "micro-entrepreneurs" with step-loans as small as $500 up to $35,000. This allows borrowers to finance individual parts of their business. As a borrower demonstrates she is able to handle a loan, she can apply for additional loans and/or lines of credit. This permits our borrowers to assume debt levels appropriate to their business size and capacity and minimize the risks for the fund or guarantor.

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