Message from the CEO
Dear Friends & Supporters:
Small Business Development Corporation of Orange County reached another year of significant milestones during Fiscal Year 2015-2016. This momentum has carried into the new fiscal year during the new first quarter in terms of Loan Guarantees issued and the dollar amount of public dollars leveraged including, job creation and retention.
Fiscal Year 2015-2016, the organization leveraged $33.3 million in state/federal funds having supported $54.6 million in bank and non-bank lending opportunities creating 617 new full-time equivalent jobs plus retained jobs of 2,808. Moreover, 33.0% of credit guarantees issued were to women and minority-owned small business owners of which, 77.2% are located within low-to-moderate income census tracts throughout the state. In terms of public benefit, these are significant accomplishments with regard to the deployment of new capital within communities of greater need and in particular, those business owners who lack the resources to access mainstream capital markets to expand their business and create new jobs.
We are constantly challenged finding the right balance between the risk of lending and that of leveraging public funds to spur the economy. I’d like to especially thank the Board of Directors, Lenders, Staff, Loan Committee members and our administrator, the California Infrastructure & Economic Development Bank for their innovation, vision and foresight expanding programs and capital access in support of our mission assisting small business owners and creating jobs.
We look forward to the New Year and greater accomplishments!
Michael A. Ocasio
President & CEO