CAMARILLO, CA, February 08, 2014 /24-7PressRelease/ -- Economic Development Collaborative-Ventura County recently entered into an agreement with City National Bank for a $250,000 contribution to EDC-VC's flagship Revolving Loan Fund. The funding brings EDC-VC's loan portfolio to approximately $4.4 million, and will be used for business lending and access to capital services for small- to medium-size businesses in Ventura County that may not qualify for commercial credit.
"We are longtime partners with EDC-VC and strongly support the organization's mission to stimulate and foster business growth in Ventura County. As City National Bank was founded in 1954 by entrepreneurs to serve entrepreneurs, we share the same goals and want to further economic expansion," said Greg Glover, senior vice president and regional manager for City National Bank. "Our investment in EDC-VC's loan program enables us to reach our goals and give small businesses a boost so that they can prosper."
City National Bank has been on EDC-VC's board of directors since 2009 and represented by Sim Tang-Paradis, vice president and branch manager of the Oxnard and Camarillo offices. Tang-Paradis recently was installed as EDC-VC's 2014 board chair.
The funding is part of City National 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 has operated revolving loan programs continuously and successfully since 1997," said Bruce Stenslie, EDC-VC's president and CEO. "This infusion of funds will go a long way in meeting our organizational priorities of securing additional loan capital to support business growth and create more jobs."
With the Revolving 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 outreach and international trade programs, contact Bruce Stenslie at 805-384-1800 ext. 24, or email@example.com. Or visit http://www.edc-vc.com.
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