Cal National Bank and VEDC Launch Microloan Program in Maywood.

LOS ANGELES -- California National Bank announced today that as of November 15th a Microloan Program was established in their Maywood Office. The Program is offered in cooperation with the Valley Economic Development Center (VEDC). The VEDC will provide loans to the otherwise non-bankable entrepreneurs, especially retail businesses and immigrant entrepreneurs in the City of Maywood and the immediate surrounding areas through the "Maywood Microloan Program." Funding for the program is a joint effort of Cal National and the VEDC.

Todd Hollander, President and EVP of Cal National's Community Banking Group, noted that the Bank has a good history of providing financial education and affordable banking services to the underserved and un-banked population, particularly in the low-moderate income areas within our service area. Cal National has focused on the needs of the Maywood community by providing a variety of both financial and non-financial services through its relationship with Operation Hope and now the Valley Economic Development Center.

VEDC currently operates out of 7 offices throughout Los Angeles and the San Fernando Valley and is the largest direct community development financial institution in Los Angeles, originating $20 million in direct and guaranteed lending. VEDC loan programs include the SBA Microloan Program, which just finished its fiscal year with 69 loans totaling $760,000.

VEDC is L.A.'s largest non-profit business development corporation seeking for 30 years to revitalize communities and create jobs for deserving residents by being the leading provider of consulting, training, financing and workforce solutions to local businesses.

Cal National Bank, headquartered in downtown Los Angeles, is a $5.5 billion asset commercial bank specializing in commercial real estate, commercial and retail banking, and maintains 66 retail banking offices in Los Angeles, Orange and Ventura Counties.