Comerica Bank-California joins $50 million CEDLI small business loan pool.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Oct. 11, 1995--Comerica Bank-California announced today it is participating in a $50 million lending program, California Economic Development Lending Initiative (CEDLI CEDLI California Economic Development Lending Initiative ), established to provide financing for capital-starved small businesses and community development organizations throughout California. Comerica Bank-California has committed $150,000 in capital and loan funds of $1,457,000 to CEDLI. J. Michael Fulton, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "This CEDLI provides an opportunity for Comerica Bank-California to approve loans to small businesses that do not have access to conventional financing by working together with other financial institutions and corporations." CEDLI is the largest statewide consortium for small business lending in the country. "It is gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to participate with CEDLI in this small business loan venture putting business capital to work in California to help create and retain the jobs small businesses support," Fulton said. While CEDLI is a statewide lending organization, Comerica Bank-California will aggressively seek to provide CEDLI dollars to qualified small businesses in its northern and southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, markets. At this time, Comerica Bank-California is the only bank headquartered in San Jose that is participating in the CEDLI program. CEDLI is the result of a unique research and planning process that involved leaders from the banking industry, community organizations, government leaders, and the philanthropic phil·an·throp·ic also phil·an·throp·i·cal adj. 1. Of, relating to, or marked by philanthropy; humanitarian. 2. Organized to provide humanitarian or charitable assistance: community. The project is an initiative of the Development Fund, a San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden based non-profit organization A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. that develops innovative financing programs for affordable housing and community development, with the assistance of the Federal Reserve Bank of San Francisco The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, . CEDLI, which is headquartered in Oakland, opened its doors and began processing loan applications on Tuesday, Oct. 3. CEDLI's mission is to address the unmet credit needs of small businesses and community economic development, to promote job creation and retention, and to support existing networks of community development organizations throughout California. Rather than duplicate existing programs, CEDLI will work through and in conjunction with existing networks, including banks, government sponsored programs, and local community development organizations. "With CEDLI, I believe we have made an important addition to our community investment portfolio so that small businesses in our community, in particular minority and women-owned businesses, have increased opportunities to grow and thrive," he said. Comerica Bank-California, a member of the Federal Deposit Insurance Corp., is a subsidiary of Comerica California Inc. The parent company, Comerica Inc., reported net income of $102 million for the second quarter of 1995, compared to $99 million in the second quarter of 1994. Total assets at June 30, 1995, were $35 billion. CONTACT: Comerica Bank-California Michelle Markel, 408/556-5206 |
|
|||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion