Small Business Development Corporation of Orange County congratulates Stearns Bank and its recent approval by the California Infrastructure and Economic Development Bank (IBank) as a participating financial institution in California’s State Loan Guarantee Program. Access to capital is critical for the many small businesses currently impacted by the COVID epidemic. As a California resource partner, Stearns Bank is able to help the state’s economy through the deployment of mainstream capital for small business owners. We welcome Stearns to the family of lenders able to make a significant difference within the small business community.
Stearns Financial Services Inc. (SFSI) is a well-capitalized, $2.2 billion independent financial holding company based in St. Cloud, MN. Founded in 1912, the bank was acquired by Norm Skalicky in 1964. His daughter Kelly Skalicky became president in 2018, and later was named president and CEO. Stearns Bank continues to extend its foundation of excellence with bank locations in Minnesota, Arizona and Florida. As a nationally recognized, top performing bank, Stearns is known for their outstanding personal service and commitment to customer success.
The IBank was created by the state legislature in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities. It is a self-supporting entity financed through service fees and interest earnings. Programs include those administered through its Small Business Finance Center, namely the Jump Start Loan Program, Small Business Loan Guarantee Program, Farm Loan Program and the California Disaster Relief Loan Guarantee Program. As of October 2019, IBank had financed more than $55 billion in infrastructure and economic development projects.
