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Community Development Journal Advance Access published online on September 13, 2005
Community Development Journal, doi:10.1093/cdj/bsi097
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© Oxford University Press and Community Development Journal. 2005 All rights reserved

Article

Community banking and economic development: Lessons from Los Angeles

Greg Andranovich 1*, Ali Modarres 2, and Gerry Riposa 3

1 Professor of Political Science, College of Natural and Social Sciences, California State University, 5151 State University Drive, Los Angeles, CA 90032-8226 and Director of the MPA Program at California State University, Los Angeles
2 Associate Director of the Edmund G. ‘Pat’ Brown Institute of Public Affairs at California State University, Los Angeles, and a Professor of Geography and Urban Analysis
3 Associate Dean at the College of Liberal Arts, California State University, Long Beach, and Professor of Political Science

* To whom correspondence should be addressed.
Greg Andranovich, E-mail: gandran{at}calstate.edu


  Abstract

Among the changes in the field of community development is the growing importance of microfinance, both to provide access to credit and as a vehicle for empowerment. Community banks are recognized for their role in meeting these goals, although they remain controversial, as the goals of microfinance are not always agreed upon, with government officials and community members emphasizing different interests. We examine the Los Angeles Community Development Bank to glean further lessons regarding the role community banks can play in community development. Among the lessons from this experience are that politics are inescapable in the design of community banks; the economics of banking tends to undervalue community needs; and cultural factors include both professional and community-level challenges. Accounting for these factors can help community banks empower communities to meet the challenges of eliminating poverty.


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