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Opportunity Fund

 111 West St. John Street, Suite 800
 San Jose, CA 95113
[P] (323) 3089529
[F] (408) 297-4599
[email protected]
Iosefa Alofaituli
 Printable 1 Page Summary
 Printable Profile
Organization DBA Opportunity Fund
Former Names Opportunity Fund Northern California (2017)
Lenders for Community Development (2008)
Organization received a competitive grant from the community foundation in the past five years No
Employer Identification Number 31-1719434 00001


Mission StatementMORE »

Opportunity Fund is a nonprofit financial institution that advances the economic well-being of working people by helping them earn, save, and invest in the future. As California's (and the nation's) largest nonprofit micro lender, Opportunity Fund offers a unique blend of microfinance products and services to help residents of underserved communities work toward economic stability. Opportunity Fund also invests in high impact real estate projects, including health and educational centers, and other nonprofit facilities.

Mission Statement

Opportunity Fund is a nonprofit financial institution that advances the economic well-being of working people by helping them earn, save, and invest in the future. As California's (and the nation's) largest nonprofit micro lender, Opportunity Fund offers a unique blend of microfinance products and services to help residents of underserved communities work toward economic stability. Opportunity Fund also invests in high impact real estate projects, including health and educational centers, and other nonprofit facilities.

FinancialsMORE »

Fiscal Year 2019
Projected Expenses $23,368,217.00
Projected Revenue $23,368,217.00

ProgramsMORE »

  • Small Business Loans

Revenue vs. Expense ($000s)

Expense Breakdown 2017 (%)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

For more details regarding the organization's financial information, select the financial tab and review available comments.


Mission Statement

Opportunity Fund is a nonprofit financial institution that advances the economic well-being of working people by helping them earn, save, and invest in the future. As California's (and the nation's) largest nonprofit micro lender, Opportunity Fund offers a unique blend of microfinance products and services to help residents of underserved communities work toward economic stability. Opportunity Fund also invests in high impact real estate projects, including health and educational centers, and other nonprofit facilities.

Background Statement

Award-winning and innovative, Opportunity Fund is California's (and the nation's) leading nonprofit microfinance provider. Opportunity Fund believes that small amounts of money and financial advice can help people make permanent and lasting change in their own lives, driving economic mobility and building stronger communities. We say “Yes!” to small business owners, low-income students, and families because entrepreneurship, education, and sound financial habits are proven pathways to greater economic opportunity.

Impact Statement

Orange County’s working families face the challenges of managing insufficient money, finding affordable housing, raising healthy families, and saving for the future. The high cost of living in Orange County is a bleak reality given that a single parent with two children needs about $68,000 just to pay for basic needs. Many OC residents turn to entrepreneurship to provide a path to employment, creating jobs for themselves and generating new employment and economic growth in their communities. Research has shown that if one in three microenterprises hired an additional person, the U.S. would return to full employment. Yet only 50% of small businesses survive, often due to an inability to access the capital to grow. 

Opportunity Fund is committed to the idea that a small amount of money, combined with meaningful financial advice, can help disadvantaged individuals pursue these proven pathways to prosperity in their own lives while driving economic mobility and building stronger communities. As California’s leading microfinance provider, Opportunity Fund has deployed over $644 million and helped more than 27,000 entrepreneurs, students and working families since 1994, with a focus on serving low income and minority households in the San Francisco Bay Area and Greater Los Angeles regions.

Our goal is to invest $500 million in opportunities for economic mobility for 20,000+ enterprising Californians by 2020. Read our Strategic Plan for details. 

Opportunity Fund is pursuing a vision that every small business owner in the area has access to financing and support to build a sustainable business. In FY2018, as part of our statewide and national lending goals, Opportunity Fund seeks to originate 125 loans to small business owners in Orange County, helping low-income entrepreneurs grow their enterprises, sustain existing employment, and create new jobs. Through these loans, Opportunity Fund will:

Invest $3,700,000 in small businesses in Orange County’s undercapitalized neighborhoods;

Create or retain 363 jobs, primarily in minority-owned businesses, and
Generate more than $7.1 million in new annual economic activity in Orange County through new spending, wages, and tax revenues.

Needs Statement

With your help, Opportunity Fund can triple our impact over the next three years, bringing much needed help to 20,000+ Californians by 2020. Donors can support this growth in impact by helping invest in:
1. Hiring dedicated lending and service staff for Anaheim, Santa Ana and surrounding OC communities.
2. Marketing and Outreach. Expanding our reach so that all business owners in Orange County know that Opportunity Fund can provide them with the affordable and responsible capital they need to grow their business.
3. Community relations. Host or attend community-friendly events to celebrate small business and raise awareness about local business and responsible lending options such as our annual Taste of Microfinance event held in Los Angeles each Spring.

4. Advocacy. Help Opportunity Fund disrupt the unregulated lending market that threatens to trap small businesses with spiraling debt. With your help, we can conduct an advocacy campaign to educate small businesses and policy makers about the perils of unregulated lending.

5. Technology. Investments in technology infrastructure and tools will allow small business borrowers to get to ‘yes’ more quickly while making it easier to reach those entrepreneurs who can most benefit from a microloan. 

CEO Statement

Board Chair Statement

Other Ways to Donate/Volunteer

Donate on the website: By Check1. Make check payable to: Opportunity Fund2. Mail checks to: Opportunity Fund, 111 West St. John Street, Suite 800, San Jose, CA 95113.  Gift of Stock To make a gift of stock please fill out and include this form.Email Kelly Hardesty, Director of Individual Giving with any questions.

Geographic Area Served

Central Orange County
West Orange County
South Orange County
North Orange County
Opportunity Fund serves the state of California including Orange County, the Greater Los Angeles area, and the San Francisco Bay Area. We also lend in 12 additional states: Florida, Georgia, Illinois, Michigan, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Texas and Washington since May 2017 through our partnership with Lending Club.
Opportunity Fund's primary offices are located in San Jose, and San Francisco in Northern California and City of Commerce in Southern California.

Organization Categories

  1. Community Improvement, Capacity Building - Economic Development
  2. Human Services - Financial Counseling
  3. Public & Societal Benefit - Financial Institutions/ Services (Non-Government Related)



Small Business Loans

Opportunity Fund serves small business owners across a wide spectrum of size and need. Opportunity Fund provides loans from $2,600 to $250,000 at responsible, fixed interest rates to disadvantaged entrepreneurs with small capital needs and imperfect credit so they can build vibrant businesses. We offer a fast and streamlined application process, flexible underwriting criteria and collateral requirements, and client-driven business advising designed to meet their needs. Our relationship-based lending model removes barriers to credit that many of our borrowers face when declined by banks including limited credit history, low net worth, inadequate business history, lack of collateral and small financing needs. Once the loan is approved, Opportunity Fund offers supperior loan serving and support. Our historical net loss rate of less than 3% is a testament to the strength of our outreach, operations and clients.
Budget  $791,062.00
Category  Community Development, General/Other Community Economic Development
Population Served Poor,Economically Disadvantaged,Indigent Hispanic, Latino Heritage Immigrant, Newcomers, Refugees
Program Short-Term Success 

In FY2018, Opportunity Fund seeks to make 125 loans to small business owners in Orange County, these loans, which will:  

Create or retain 363 jobs, primarily in minority-owned businesses, and
Generate nearly $6.3 million in new annual economic activity in Orange County through new spending, wages, and tax revenues.
Opportunity Fund's outreach targets the range of small business borrowers who lack affordable financing options. Our clients' median annual household income is $40,000 and their average credit score is less than 640 (10% of our clients do not have credit history at all). Our loan products are designed to meet the needs of small business owners who face barriers to accessing credit from conventional sources and who can easily fall prey to predatory lenders. Our borrowers pay back their loans (98% payback rate), improving their credit histories and building their financial position toward future access to established forms of credit.

Program Long-Term Success 

With help from Opportunity Fund, our small business clients have an impressive 94% business survival rate. Each loan we make helps create/sustain an average of 2.9 jobs. The impact of each loan extends beyond the individual borrower, resulting in a “ripple effect” as every dollar we invest in a small business generates almost $2 in new annual economic activity through new wages, taxes and spending that flow through the local economy.

Program Success Monitored By 

Opportunity Fund uses a variety of performance indicators to measure the success of our microlending program and its clients. In the short term, we track the number of applicants and number, dollar volume, and type of loans originated, as well as client characteristics such as income, ethnicity, gender, credit score, household size, type of business, sales, and number of employees. Over time, we measure outcomes by tracking changes in business sales, owner’s draw, number of employees, and business survival rates. This data is collected annually using EntrepreneurTracker, a survey tool developed by The Aspen Institute. In addition to outcome and impact evaluation, Opportunity Fund uses internal measures to gauge our program effectiveness including staff time, marketing expenses, operating costs, loan capital, and fundraising capacity required to operate the program. We also closely monitor our outstanding loan portfolio as an indicator of program performance and impact.

Examples of Program Success 

Many small businesses fail because they can't access the affordable capital they need to grow. But not Ruben Ramirez, owner of Ruben's Tires and Rims in Anaheim. Ruben has always had a passion for cars and started working at automobile repair shops in Los Angeles after emigrating from Mexico. Despite working long hours, it was difficult to make ends meet. Ruben knew if he wanted to build a brighter future for his children, he would need to open his own shop. Four years ago, he opened Ruben’s Tires and Rims on Grand Avenue, with a commitment to providing quality products and services to his customers at fair prices. “It has been challenging at times. There’s been ups and downs, but I want to show my kids that 'Sí se puede’ (yes, we can),” said Ruben.

When Ruben needed financing to grow his business, his neighbor referred him to Opportunity Fund. We provided Ruben a $4,000 loan to buy the equipment and inventory he needed to expand, and he has since been able to hire a second employee. “My family is proud of me because I am achieving my dream of owning my own business.”


CEO/Executive Director Ms. Luz Urrutia
CEO Term Start Sept 2017
CEO Email [email protected]
CEO Experience Luz Urrutia brings a wealth of experience gleaned from a distinguished career in community banking, alternative financial services, and small dollar lending, working to expand access to financial services in underserved communities throughout the United States for more than thirty years, including with Wachovia’s expansion into Mexico and Canada; as a founding investor/President/COO of El Banco de Nuestra Comunidad, Oportun, and most recently as an executive for Dollar Financial Group. She has served on the Board of the Center for Financial Services Innovation and the Consumer Advisory Council of the Federal Reserve Bank, and been recognized as “Community Banker of the Year” by American Banker, “Latina Business Woman of the Year” by Latina Style; and, a “Woman of Influence” by Silicon Valley Business Journal. Luz is originally from Caracas, Venezuela. She received a B.S., magna cum laude, in Business Administration and Finance and an M.B.A., both from Georgia State University. Urrutia

Former CEOs and Terms

Name Start End
Mr. Eric Weaver Jan 1993 Sept 2017

Senior Staff

Name Title Experience/Biography
Mr. Rakesh Bhatnagar Chief Information Officer Rakesh is responsible for our technology infrastructure and team. As the organization’s first CTO, Mr. Bhatganar will guide our tech efforts in support of our strategic plan. With 25+ years of experience in the tech field through cloud-based software and IT operations, Mr. Bhatnagar has held roles at both the management level and in Engineering and has a master’s degree in Electrical Engineering from the Indian Institute of Technology.                                         
Ms. Gwendy Donaker Brown Vice President, Research and Policy
Ms. Gwyneth Galbraith Chief Development Officer
Mr. Michael Rapaport Senior Vice President, Risk and Operations Michael has 28 years of lending, credit and financial service operations acumen gained from leadership roles at Providian Financial; Visa and Oportun advocating for the underbanked Hispanic customer by using data and analytics to offer responsible lending to those with limited to no credit. At Fair, Isaac and Company he developed early FICO Credit Scores, and supported efforts for consumer access through He is on the board of Congregation Beth Sholom, and the Loan Policy and Marketing Committees at the Hebrew Free Loan Association and has a degree in Mathematical and Computational Sciences from Stanford University.
Ms. Ana Thompson Executive Vice President and CFO
Ms. Luz Urrutia CEO --
Mr. Eric Weaver Senior Advisor Eric launched Opportunity Fund in 1994 with the vision of blending a social mission with sound business practices to help working families build assets. By September 2017, when he resigned as CEO, Opportunity Fund had invested more than $555 million into California’s low-income communities, helping thousands of families improve their quality of life. He now advises on the non-profit landscape and CDFI sector, and about strategy and execution of public policy efforts, fundraising, overall strategic plan, marketing as requested by the CEO. He was among the inaugural winners of the James Irvine Foundation Leadership Award and has a BA from Harvard University and an MBA from Stanford University. 
Mr. Jeff Wells Vice President, New Markets Fund Tax Credit Investments


Award Awarding Organization Year
Impact Challenge Google 2014
NEXT Awards for Opportunity Finance Wells Fargo 2014
AAA rating for Community Impact Opportunity Finance Network 2010
Financial Services Advocate of the Year Small Business Administration 2006
Leadership Award presented to Eric Weaver James Irvine Foundation 2006
Neighborhood Excellence Award Bank of America 2006
Award for Innovation for Silicon Valley Skoll Foundation 2005


Affiliation Year
-- --

External Assessments and Accreditations

External Assessment or Accreditation Year
Community Development Financial Institutions Fund of the U.S. Department of the Treasury - Community Development Entity Certification (Annual) 2010


Staff Information

Number of Full Time Staff 95
Number of Part Time Staff 4
Number of Volunteers 0
Number of Contract Staff 0
Staff Retention Rate % 95%
Staff Professional Development Yes

Staff Demographics

Ethnicity African American/Black: 1
Asian American/Pacific Islander: 14
Caucasian: 32
Hispanic/Latino: 47
Native American/American Indian: 0
Other: --
Other (if specified): 5
Gender Female: 60
Male: 39
Not Specified --

Plans & Policies

Organization has Fundraising Plan? Yes
Organization has Strategic Plan? Yes
Years Strategic Plan Considers 3
Management Succession Plan Yes
Organization Policies And Procedures Yes
Business Continuity of Operations Plan Yes

Risk Management Provisions

Nondiscrimination Policy Yes
Whistle Blower Policy Yes
Document Destruction Policy Yes
Directors and Officers Insurance Policy Yes

Reporting and Evaluations

Management Reports to Board? Yes
CEO Formal Evaluation and Frequency Yes Annually
Senior Management Formal Evaluation and Frequency Yes Annually
Non Management Formal Evaluation and Frequency Yes Annually

Government Licenses


CEO Comments

Foundation Comments



Board Chair Mr. Greg Avis
Board Chair Company Affiliation Bangtail Partners
Board Chair Term June 2017 - June 2019
Board Co-Chair --
Board Co-Chair Company Affiliation --
Board Co-Chair Term -

Board Members

Name Company Affiliations Status
Mr. Greg Avis Summit Partners Voting
Mr. Todd Baker Broadmoor Consulting Voting
Mr. Dickson Chu BBVA Voting
Ms. Joni Cropper Juarez Children's Education Program Voting
Ms. Gina Diaz Oracle Voting
Ms. Debra Engel Engel Family Fund Voting
Mr. Brian Graham Alliance Partners Voting
Ms. Shelley Harrison Launch Pad Inc. Voting
Mr. Parker Hudnut ICEF Public Schools Voting
Mr. Arthur Johnson Andreessen Horowitz Voting
Ms. Yun-Fang Juan Chan Zuckerberg Initiative Voting
Mr. James Koshland DLA Piper US LLP Voting
Mrs. Sara Leslie In Other Words Voting
Mr. Eric Weaver Opportunity Fund --

Constituent Board Members

Name Company Affiliations Status
-- -- --

Youth Board Members

Name Company Affiliations Status
-- -- --

Additional Board Members and Affiliations

Name Company Affiliations Status
Ms. Amanda Byrd Vice President, Membership & Communications, Southern California Grantmakers --
Natasha Case Coolhaus --
Bud Colligan Accel Partners --
Ms. Susan Ehrlich CFO, Simple --
Debra Engel -- --
Susan Ford Dorsey Sand Hill Foundation --
David Greco NorCal Grantmakers --
Ms. Amy Gurley Gurley Family Foundation --
Mr. Hogan Lee Senior Director of Program and Project Management, Flipagram --
Vivienne Lee REDF --
Mark Leslie Leslie Ventures --
Ms Kirsten Ludwig President & Founder, In Good Company --
Harrison Miller Summit Partners --
Shauna Nep Goldhirsh Foundation --
Sylia Obagi Roy and Patricia Disney Family Foundation --
Tara Roth Goldhirsh Foundation --
John A. Sobrato Sr. The Sobrato Organization --
Ms. Jennifer Tescher President & CEO, Center for Financial Services Innovation --

Board Demographics

Ethnicity African American/Black: 1
Asian American/Pacific Islander: 2
Caucasian: 10
Hispanic/Latino: 1
Native American/American Indian: 0
Other: --
Other (if specified): --
Gender Female: 6
Male: 8
Not Specified 0

Board Information

Board Term Lengths 3
Board Term Limits 6
Board Meeting Attendance % 85%
Written Board Selection Criteria Yes
Written Conflict Of Interest Policy Yes
Percentage of Monetary Contributions 100%
Percentage of In-Kind Contributions --
Board Orientation Yes

CEO Comments

Opportunity Fund is actively seeking new members for our Southern California Regional Board, especially representatives from Orange County.

Foundation Comments


Standing Committees

  • Audit
  • Board Governance
  • Development / Fund Development / Fund Raising / Grant Writing / Major Gifts
  • Finance


Revenue vs. Expense ($000s)

Expense Breakdown 2017 (%)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

Fiscal Year July 01, 2018 to June 30, 2019
Projected Revenue $23,368,217.00
Projected Expenses $23,368,217.00
Form 990s

2017 Form 990

2016 Form 990

2015 Form 990

2014 Form 990

2013 Form 990

Audit Documents

2017 FY17 Audit

2016 FY16 Audit

2015 FY15 Audit

2014 FY14 Audit

IRS Letter of Exemption

IRS Letter of Determination

Prior Three Years Total Revenue and Expense Totals

Fiscal Year 2017 2016 2015
Total Revenue $21,922,013 $18,589,962 $16,675,931
Total Expenses $19,078,312 $14,370,905 $11,165,027

Prior Three Years Revenue Sources

Revenue By Revenue Source
Fiscal Year 2017 2016 2015
Foundation and
Corporation Contributions
$6,121,325 $5,877,547 $6,657,807
Government Contributions $259,829 $2,117,992 $2,533,781
    Federal -- -- --
    State -- -- --
    Local -- -- --
    Unspecified $259,829 $2,117,992 $2,533,781
Individual Contributions -- -- --
Indirect Public Support -- -- --
Earned Revenue $12,854,807 $9,908,583 $6,979,200
Investment Income, Net of Losses $39,208 -- --
Membership Dues -- -- --
Special Events $-40,705 $174,815 $212,865
Revenue In-Kind $2,687,549 $121,012 $130,469
Other -- $390,013 $161,809

Prior Three Years Expense Allocations

Expense By Type
Fiscal Year 2017 2016 2015
Program Expense $15,197,019 $11,707,643 $8,857,169
Administration Expense $1,985,240 $1,689,003 $1,248,384
Fundraising Expense $1,896,053 $974,359 $1,059,474
Payments to Affiliates -- -- --
Total Revenue/Total Expenses 1.15 1.29 1.49
Program Expense/Total Expenses 80% 81% 79%
Fundraising Expense/Contributed Revenue 30% 12% 11%

Prior Three Years Assets and Liabilities

Assets and Liabilities
Fiscal Year 2017 2016 2015
Total Assets $85,881,826 -- --
Current Assets $81,593,465 -- --
Long-Term Liabilities $54,329,035 $41,673,344 $26,132,195
Current Liabilities $3,107,105 $8,109,530 $3,166,136
Total Net Assets $28,445,686 $25,615,467 $21,396,410

Short Term Solvency

Fiscal Year 2017 2016 2015
Current Ratio: Current Assets/Current Liabilities 26.26 0.00 0.00

Long Term Solvency

Fiscal Year 2017 2016 2015
Long-term Liabilities/Total Assets 63% inf% inf%
Endowment Value --
Spending Policy N/A
Percentage(If selected) --
Are you currently in a Capital Campaign? No
Capital Campaign Purpose --
Campaign Goal --
Capital Campaign Dates -
Capital Campaign Raised-to-Date Amount --
Capital Campaign Anticipated in Next 5 Years? No

CEO Comments

Foundation Comments

This organization is a local chapter of a national nonprofit. The financial data provided in the charts and graphs for the previous three years reflects this organization's southern California operations, while the posted audits and 990s reflect the organization's national operations. Foundation/corporate and individual contributions are combined under Foundation and Corporation Contributions. Summary financial data is per the financials and consultation with the organization.


Other Documents

2017 Annual Report (2017)

2016 Annual Report (2016)

No Other Documents currently available.