OC economic development corporation adds deputy chief credit officer
SANTA ANA, Calif. – The Small Business Development Corporation of Orange County has added a veteran economic development executive to serve as its deputy chief credit officer effective this month.
Nestor Correa, former vice president and program manager at Pacific Coast Regional Small Business Development Corporation in Los Angeles has moved southward to fill the role at the Orange County development corporation in Santa Ana. His primary responsibilities at SBDC-OC will include managing and executing credit policy as well as providing direction and underwriting reviewto ensure the overall quality of the agency’s lending portfolio, while making recommendations to executive management and the board of directors.
“We are fortunate to bring on a seasoned economic development professional of Nestor’s caliber, a talented industry veteran with tremendous people skills as well as the acumen and analytic strength to oversee a fledgling commercial portfolio well beyond $180 million in credit commitments,” said Michael A. Ocasio, president and chief executive officer of the Small Business Development Corporation of Orange County.
“Since Small Business Development Corporation of Orange Countywas established 17 years ago, I have held a deep interest in working with this agency and working in Orange County,” Correa said. “I feel that my years of experience working several state programs will help this economic development entity grow and become a force in the region. I have assisted many businesses in the Los Angeles area and now I want to do the same in Orange County. The small business development corporation staff led by Michael Ocasio is a team of excellent professionals working together to assist small businesses.”
Correa’s new role builds upon 25 years of operating and managing various economic development lending programs. At Pacific Coast Regional, he planned, implemented and managed all aspects of credit and lending services offered by the corporation including the state’s loan guarantee program, the Economic Development Administration’s revolving loan fund, the State Water Resources Control Board’s equipment loan program, the Comerica micro-loan program in Los Angeles County, and the state’s disaster bridge loan program.
He established underwriting and portfolio guidelines to ensure program compliance and helped obtain more than $300 million in business loans for small business owners. Additionally, as Pacific Coast Regional’s bilingual core business advisor with fluency in Spanish, he has helped more than 20 businesses obtain $1.7 million in funding.
Correa also holds 12 years’ experience in commercial banking with Wells Fargo Bank.
He draws upon personal insight when interacting with small businesses as Correa is also an entrepreneur. He has owned a home-based enterprise since 1997 that provides CPR and first aid instruction to dentists, nurses, day care providers and other clients.
Correa is also involved in the broader business community through membership in three chambers of commerce and other organizations.
Correa is the latest hire by the Small Business Development Corporation of Orange County which has been steadily expanding its services and board membership.
In February the corporation began offering direct loans from its new Entrepreneur Loan Fund, or ELF, to small business owners of low wealth. And last May SBDC-OC announced its receipt of certification by the California Department of Insurance to function as a Community Development Financial Institution (CDFI), a designation that allows the nonprofit to help small businesses, housing developers, social service organizations, economically disadvantaged communities and low-income individuals obtain access to capital.
In fall 2016 the corporation hired its first vice president to further develop the nonprofit’s growing credit guarantee portfolios and loan servicing segments. Over the past two years, four new board members from the banking, legal, and financial services industries have joined the corporation’s board of directors including this summer a bank chief executive officer and a financial advisor.
ABOUT SMALL BUSINESS DEVELOPMENT CORPORATION OF ORANGE COUNTY
SBDC of Orange County (http://sbfdoc.org) 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.