California United Bank Invests $500,000 in EDC-VC's Loan Fund

    CAMARILLO, CA, November 15, 2014 /24-7PressRelease/ -- To spur additional job creation in Ventura County, California United Bank recently invested $500,000 in the Economic Development Collaborative-Ventura County's Loan Fund. With this infusion of capital, EDC-VC's available loan pool is approximately $5 million for startup and existing small- and medium-size businesses throughout the region.

EDC-VC started its community lending program in 1997 and to-date has loaned approximately $14 million.

"Partnering with EDC-VC is a great way for us to help businesses in our community," said Rich Hernandez, SVP and regional manager for the Ventura County region. "We believe in EDC-VC's mission to protect and grow the economic vitality of Ventura County and have been impressed with the organization's excellent track record in the management of its loan portfolio.

Corrine McLaurin, vice president/CRA officer, at California United Bank also expressed appreciation of the FDIC Alliance for Economic Inclusion for providing an open ongoing forum to address small business access to capital and the Economic Development Department at the Los Angeles District Office of the U.S. Small Business Administration for making the introduction to the EDC-VC.

The investment aligns with the federal Community Reinvestment Act, which encourages financial institutions to help meet the capital needs of their local communities, including low- to moderate-income neighborhoods. EDC-VC expects that the investment will create at least one job per $25,000 loaned.

"We're adding new capital, and businesses need it. This is how we grow jobs. There is opportunity for EDC-VC to make good loans, help grow the economy and advance our EDC-VC mission," said Bruce Stenslie, EDC-VC's president and CEO. "California United Bank is the third bank in recent years to provide a capital contribution, following Rabobank and City National."

EDC-VC works with its team of Small Business Development Center advisors to assist clients who are considering applying for a loan, and during the loan process. All loan applications are presented to EDC-VC's loan board for approval or denial. The board includes several seasoned local banking professionals.

Launched in 2005, California United Bank is based in Encino and operates eight branches, two in Ventura County. The bank focuses on small- and medium-size business banking.

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 EDC-VC and its Small Business Development Center, and loan, manufacturing and international trade programs, contact Bruce Stenslie at 805-384-1800 ext. 24, or [email protected]. Or visit http://www.edc-vc.com.

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