PHOTO: Economic development executive Richard Lee joins the Small Business Development Corporation of Orange County as its vice president of commercial lending. (Photo: courtesy of the SBDC of Orange County
SANTA ANA, Calif. – The Small Business Development Corporation of Orange County announces that Richard Lee, an economic development executive, will serve as the organization’s vice president of commercial lending.
Lee will further develop the SBDC’s growing credit guarantee portfolios and loan servicing segments statewide. His responsibilities will also include overseeing the development of new program initiatives along with the agency’s administrator, the California Infrastructure and Economic Development Bank (www.ibank.ca.gov).
The SBDC of Orange County helps a wide range of small businesses and nonprofits secure access to capital, grow their organizations and create jobs. Clients include automotive and construction companies, manufacturers, arts organizations and redevelopment projects. Moreno Valley-based Family Service Association, a nonprofit which employs nearly 500 people, created 50 new jobs as a result of an SBDC-administered development loan.
During the 2015-16 fiscal year ended June 30, SBDC of Orange County issued a record $33 million in credit guarantees which supported $54.6 million in bank lending. Thirty-three percent of credit guarantees issued were to women and minority small business owners.
Lee joins the Small Business Development Corporation of Orange County to continue the organization’s growing success rate supporting the deployment of credit capital to small businesses statewide, in particular those businesses located within underserved communities that might lack sufficient resources or liquidity to access mainstream capital markets.
Lee previously served as vice president with Hancock Small Business Financial Development Corp. in Los Angeles, a position he held since 2006. His primary responsibilities in that role included managing the small business loan guarantee program.
Michael A. Ocasio, president and chief executive officer is enthusiastic for the new appointment. “Richard comes from a diverse business background in the economic development industry with a long history and proven track record supporting small business entrepreneurs. The agency believes Richard Lee’s contributions will ensure the organization remains a leader in supporting access to capital for women, minorities and those small companies located in project areas throughout the state.”
ABOUT SMALL BUSINESS DEVELOPMENT CORPORATION OF ORANGE COUNTY
SBDC of Orange County (http://sbfdoc.com) is a quasi-public/private 501(c)(3) not-for-profit public benefit corporation, which operates under the state’s public municipal bank, The California Infrastructure and Economic Development Bank (iBank). SBDC of Orange County is not affiliated with the U.S. Small Business Administration.
The corporation, established in 2001, is a mission driven organization dedicated to assisting small business owners secure operating capital through its capital access programs including California’s State Loan Guarantee Program, Export Lines of Credit, bond conduit and Green Energy Initiatives to support small business access to credit.
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