CAMARILLO, CA, January 04, 2014 /24-7PressRelease/ -- Rabobank, N.A. recently invested $1 million in the Economic Development Collaborative-Ventura County to support regional economic development and help businesses in Ventura and Santa Barbara counties. EDC-VC will manage the funds through its Revolving Loan Fund program, which has grown to $4 million with the five-year agreement.
The two organizations celebrated the investment with a check-passing ceremony on Dec. 12, which local dignitaries, Rabobank officials and community members attended.
"We entered into this agreement with EDC-VC because of their longstanding success with regional economic development programs that provide businesses with professional consulting, training and access to capital," said Frank Bravo, vice president, community development finance manager, Rabobank, N.A.
Rabobank has been a member of EDC-VC's board of directors since 2010.
The million-dollar investment is part of Rabobank's efforts to support 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 businesses receiving loans will create a total of 40 new jobs over the agreement period.
"This investment by Rabobank will go a long way in stimulating our local economy and helping small businesses get a more stable footing in the marketplace," said Bruce Stenslie, EDC-VC's president and CEO.
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 email@example.com. Or visit http://www.edc-vc.com.
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