City National Bank has fortified the EDC-VC Loan Fund with $250,000 to help local businesses. Greg Glover, from left, senior vice president and regional manager for City National Bank; Sim Tang-Paradis, vice president & branch manager, City National Bank; EDC-VC loan officer Marvin Boateng; 2015 EDC-VC board chair Roseann Mikos. Courtesy photo.
CAMARILLO, Calif. – City National Bank presented a check for $250,000 to the Economic Development Collaborative-Ventura County’s Business Development Loan Fund at the organization’s 19th Annual Meeting recently held in Camarillo. This funding is in addition to $250,000 provided by City National Bank in 2014 to be used for business lending and access to capital services for small businesses in Ventura County that may not qualify for commercial credit. With the new infusion, EDC-VC manages over $8.7 million in loan capital, of which about $2 million is currently available for lending.
“We are so pleased to support EDC-VC with its important mission to help small businesses in Ventura County thrive and grow,” said Greg Glover, senior vice president and regional manager for City National Bank. “We have partnered with EDC-VC since its beginning and we share EDC-VC’s mission to serve entrepreneurs, and that’s why we participated in this second round of funding.”
The funding is part of the bank’s mission to assist low- and middle-income communities and to invest in under-capitalized small businesses, as suggested by the federal Community Reinvestment Act. It is expected that the funding will help create and retain local jobs.
“EDC-VC’s low-interest loans are designed to support the growth of Ventura County’s small business community by providing the means to create jobs, raise overall productivity and overcome some of the hurdles inherent to new businesses. This infusion of funds from City National Bank helps ensure that small businesses will continue to have access to the capital needed to achieve these goals,” said Bruce Stenslie, EDC-VC’s president and CEO.
EDC-VC maintains a Loan Administration Board for the review and approval of loan applications, and provides business counseling and underwriting assistance to business owners. To help borrowers manage risk, EDC-VC provides extensive post-loan technical support and ongoing financial analysis to evaluate sustainability and growth.
With the Business Development Loan Fund, EDC-VC has helped companies create more than one job per $15,000 loaned, which exceeds its goal of one job per $25,000.
EDC-VC is a private, nonprofit organization that serves as a business-to-government liaison to assist businesses in Ventura County by offering programs that enhance the economic vitality of the region. For more information about the Small Business Development Center and loan, manufacturing and international trade programs, contact Bruce Stenslie at 805-384-1800 ext. 24, or bruce.stenslie@edc-vc.com. Or visit www.edc-vc.com.