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City National Bank Bulks Up EDC-VC Loan Fund by $250,000 to Help Local Businesses
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.
“We are longtime partners with EDC-VC and strongly support the organization’
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-
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