SANTA ANA, Calif. – On Jan. 25, Small Business Development Corporation of Orange County received a financial infusion from one of the nation’s leading Asian American banks that will help support the corporation’s operational activities.
In a symbolic check presentation, Bank of Hope Vice President and Community Development Officer Lisa Hill awarded the development corporation a $15,000 grant. The funds were disbursed under the Community Reinvestment Act which encourages financial institutions “to help meet the credit needs of the communities in which they do business, including low and moderate-income (LMI) neighborhoods,” according to the Federal Reserve.
“We are deeply grateful for this grant, which will help us to continue our mission of providing capital access programs to small businesses around California, particularly those that are most vulnerable and located in underserved areas,” said Michael A. Ocasio, president and chief executive officer of Small Business Development Corporation of Orange County.
The corporation is currently a CDFI as designated by the California Organized Investment Network, or COIN which operates within the California Department of Insurance. The classification allows the corporation to accept institutional and personal investments and in exchange, issue tax credits of up to 20%. The investments in turn allow the corporation, which is a nonprofit, to further its mission of assisting underserved small businesses and their communities with financial products and services unobtainable to them through the economic mainstream.
“Bank of Hope supports organizations that are active providing programs and technical assistance in community services to educate low and moderate-income families and individuals,” said Hill, citing the corporation’s COIN CDFI standing. “We recognize organizations that are involved in affordable housing, economic development of small businesses, revitalization and stabilization of underserved communities.”
“Bank of Hope gives back to the community it serves. This is the second grant this organization has received from us,” Hill added, noting the long-standing relationship between the organizations. “I was part of their first board and loan committee many years ago. Currently, Mike and I will be working on a strategic plan to get them certified as a CDFI [Community Development Financial Institution] with the U.S. Treasury. With this designation they will be able to attract more capital to expand [their] lending products and services.”
Los Angeles-based Bank of Hope has been serving the country’s largest Korean American community for more than 40 years. It holds $17.8 billion in assets. The bank serves diverse populations through 54 branches and 13 loan production offices across 12 states and offers a range of personal and commercial banking services.
