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Citi Foundation Provides $15 Million in Support to 30 Community Development Financial Institutions Across the U.S.

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Funds Directed to Organizations Serving Small Businesses Owned by People of Color and Households Most Impacted by COVID-19

The Citi Foundation today named 30 Community Development Financial Institutions (CDFIs) that will collectively receive $15 million to support their efforts to provide small businesses with the vital resources needed to sustain their operations and support economically vulnerable households impacted by COVID-19. The CDFIs, which will each receive $500,000 in unrestricted funding, were selected through an open Request for Proposals application process based on their strong track record of serving small businesses owned by people of color and underserved individuals and communities.

“The disparate economic impacts of COVID-19 and systemic racial inequity reinforce the need for financial institutions of all sizes to work together to support communities of color in more effective ways,” said Brandee McHale, Head of Community Investing and Development and President of Citi Foundation. “By investing – and trusting – in these change agents on the frontlines, we’re helping these organizations to pivot, adjust and expand to address evolving needs and meet clients where they are.”

The $15 million fund was deployed by the Citi Foundation from initial net proceeds donated by Citi through its participation in the U.S. Small Business Administration’s Paycheck Protection Program (PPP). This funding is a component of Citi and Citi Foundation’s more than $100 million provided to date in support of COVID-19-related community relief and economic recovery efforts globally.  

“The global pandemic has exponentially increased the demand on CDFIs across the country to provide critical financial support to small businesses and communities of color,” said Calvin L. Holmes, President, Chicago Community Loan Fund. “The support from Citi Foundation is furnishing and emboldening CDFIs like ours with the flexibility we need to advance our work with these communities during a time of great crisis.”

“Citi Foundation’s funding has made it possible for us to continue our work in providing credit and services to small businesses and entrepreneurs who do not have access to loans from traditional commercial sources,” said Janie Barrera, President & CEO of LiftFund. “This latest endorsement of our work gives us the freedom and the opportunity to address local community needs without limitations.”

The following organizations have been selected to receive Citi Foundation funding:

Arizona

  • Chicanos Por La Causa: Helps individuals and families achieve self-sufficiency by providing affordable access to housing, healthcare, education, work, small business support and financing
  • Raza Development Fund: Serves low-income households and Latino communities by providing capital and technical assistance to small businesses owned by women and minorities that do not have access to traditional banking services

California

  • Access Plus Capital: Provides affordable financing and business advisory services to small businesses and entrepreneurs of color in central California who are helping to create jobs in underserved communities
  • Accion Opportunity Fund: Serves diverse entrepreneurs and communities across the country by providing affordable capital and personalized support
  • Accion Serving Southern California: Provides economic opportunity for low- to moderate-income business owners who lack access to traditional sources of credit
  • AmPac Business Capital: Finances small businesses at all stages of growth to promote economic development and job creation in low- and moderate-income communities across the Inland Empire
  • Mission Asset Fund: Helps immigrant and low-income communities to rebuild and recover with zero-interest small business loans
  • Neighborhood Partnership Housing Services: Creates innovative housing and economic solutions to help underserved small businesses grow and create more living wage jobs for low-income families
  • Pacific Coast Regional Small Business Development Corporation: Supports underserved communities by providing loans and counseling to minority small business owners

Delaware

  • True Access Capital: Educates and empowers business owners and entrepreneurs by augmenting technical expertise, increasing access to capital and stimulating business growth through Delaware and southeastern Pennsylvania

District of Columbia

  • City First Enterprises: Provides capital to Black and Latinx entrepreneurs and small business owners in the D.C. region, and works with public and corporate partners to build financial resiliency for small businesses
  • Washington Area Community Investment Fund: Increases equity and economic opportunity in underserved D.C. area communities by providing capital and advisory services to low- and moderate-income entrepreneurs

Florida

  • Capital Good Fund: Provides equitable loans to lower-income families for a variety of key needs
  • Central County Community Development Corporation: Advances business growth, as a subsidiary of the Urban League of Broward County, through the provision of flexible capital solutions and technical support for minority entrepreneurs and small businesses across Florida  

Illinois

  • Chicago Community Loan Fund: Serves small businesses owned by people of color and low-income individuals by providing grants, low-interest relief loans and technical assistance
  • IFF: Advances the recovery and long-term resiliency of nonprofit organizations in order to preserve jobs, services and assets in low-income communities across the Midwest

Maryland

  • FSC First: Provides direct loans and grants to minority-owned small businesses, including Black and Latinx small business owners 

Missouri

  • Justine PETERSEN: Provides affordable capital, loans, credit building products and financial education to minority-owned small businesses and entrepreneurs

New York

·         Accompany Capital: Provides microloans, emergency grants and one-on-one counseling to small businesses owned by refugees, immigrants and people of color, as well as low- to moderate-income individuals impacted by COVID-19

·         BOC Capital Corp: Serves Black and Latinx entrepreneurs across the NYC Metropolitan area by disbursing COVID-19 relief loans

·         Greater Jamaica Development Corporation: Serves minority entrepreneurs across Queens, NY by providing technical assistance and accessible loan products

·         Grow Brooklyn Inc.: Serves small businesses and low-income families in Brooklyn, NY through counseling, technical assistance and legal services alongside its CDFI affiliate Brooklyn Cooperative Federal Credit Union

·         Neighborhood Trust Financial Partners: Supports minority- and women-owned small businesses and low-income workers in NYC by providing financial coaching and affordable financial products in partnership with its CDFI affiliate, Neighborhood Trust Federal Credit Union

·         PathStone Enterprise Center: Provides disaster relief and recovery services to underserved and minority-owned small businesses impacted by COVID-19 and the earthquakes in Puerto Rico

·         TruFund: Serves small businesses owned by women and people of color by providing affordable, flexible financing and customized support services

South Dakota

  • Four Bands Community Fund: Delivers programming aimed at building financial capability and greater access to capital for Native Americans across the state of South Dakota
  • Lakota Funds: Provides loan capital and technical assistance for businesses owned by tribal members across the Pine Ridge Reservation 

Texas

  • LiftFund: Provides capital and services to small businesses and entrepreneurs across Texas who do not have access to loans from traditional sources
  • National Association for Latino Community Asset Builders: Serves ethnically diverse Latinx communities in 40 states, Washington D.C. and Puerto Rico to promote economic mobility, providing grants and low-cost loans to support small businesses owned by people of color
  • PeopleFund: Creates economic mobility and financial stability for underserved communities by providing access to capital, education and other resources to build small businesses

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

Business

Supported by Local Leaders, CALED’s Annual Conference will be in Ontario this May

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Empowering Economic Growth: CALED Conference Set to Unite Industry Leaders in Ontario

CALED’s ‘Growing Local Economies from the Ground Up’ Conference is being held in Ontario at the DoubleTree by Hilton Hotel Ontario Airport on May 7-9. This event is co-hosted by the City of Ontario and San Bernardino County, with Jennifer McLain Hiramoto, CALED’s Chair of the Board and Derek Armstrong respectively representing their city and county as Co-Chairs of the event.

With over 950 members and 45 years of empowering economic developers, CALED is the largest economic development association in the country and the annual conference is the number one place to meet and connect with the boots-on-the -ground, decision makers in our communities. 

The conference will include a pre-conference teaching tour, ‘Building & Paying for Development Projects’ on May 6th and then begin in full on May 7th, with a welcome session and breakouts. Overall, there will be four general assembly sessions and 18 breakout sessions, which will delve into local economic development practices and innovative tools.

In addition to compelling content, the conference will have numerous opportunities to connect with community leaders and valued peers through networking receptions, the culinary crawl, and new this year, the Tournament of Champions, where conference attendees will navigate a gauntlet of games to win the grand prize on the evening of Thursday, May 8th.

To learn more about the conference and register, visit the CALED website at www.caled.org.

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Strengthening Community Connections: Our Exciting New Partnership with Toyota Arena, Ontario Convention Center, and GOCAL

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Contributed Content | By Chris Venhoff, Senior Vice President and Inland Empire Market Leader for Consumer and Business Banking at U.S. Bank

As the Inland Empire market leader for U.S. Bank, I’m thrilled to share some exciting news: we are proud to be the Official Bank Partner of Toyota Arena and Ontario Convention Center. This partnership represents a reflection of our deep commitment to the Inland Empire and our dedication to fostering a vibrant, thriving community.

At U.S. Bank, we believe that strong partnerships drive meaningful progress. Toyota Arena and Ontario Convention Center are at the heart of the region’s culture and economy, bringing people together for world-class entertainment, business conventions, and community events. By joining forces, we’re not only expanding our presence but also creating opportunities to engage with residents, businesses, and organizations in ways that make a lasting impact.

Through our sponsorship, we’ll support concerts, sporting events, and conventions that showcase the diversity and energy of the Inland Empire. But this is only the beginning. As our partnership evolves, we’ll work closely with Toyota Arena, Ontario Convention Center, and GOCAL to introduce community-focused programs, including financial literacy workshops and charitable giving initiatives.

This partnership is designed to bring added value to the people we serve. For our customers, we’re introducing the U.S. Bank Fast Pass Lanes, providing priority access at Toyota Arena events. Special offers, exclusive event experiences, and tailored financial solutions for businesses operating in the region are just a few of the many perks we’re excited to roll out.

Our employees are at the core of our success, and this partnership allows us to recognize their dedication. Through exclusive access to events, corporate hospitality opportunities, and community volunteer programs, our team will have new ways to engage with and celebrate the community they serve.

The Inland Empire is a dynamic, fast-growing region, and we’re committed to supporting its continued success. By investing in Toyota Arena and Ontario Convention Center, we’re helping to create and sustain jobs while driving local business growth. These venues bring in visitors, revenue, and visibility, strengthening the region’s economy.

This collaboration is about more than just sponsorship—it’s about making a difference. By working together, we can elevate not just these venues but the entire Inland Empire. At U.S. Bank, we’re committed to being a partner in progress, supporting our customers, businesses, and communities every step of the way.

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Inland Empire Celebrates Entrepreneurial Excellence at Spirit Awards Gala

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Honoring Visionary Leaders Driving Innovation and Community Impact

The Spirit of the Entrepreneur Awards Gala, held at the Riverside Convention Center, celebrated the brightest entrepreneurial talent across the Inland Empire. Among the evening’s finalists was Edward Ornelas, Jr., President & CEO of the Inland Empire Regional Chamber of Commerce, who was honored in the Social Entrepreneur category for his outstanding leadership and commitment to the region.

Although Ornelas did not win, the Social Entrepreneur award went to Cesar Navarrete, President & CEO of Children’s Fund, a proud Chamber member. “Being a finalist alongside such remarkable leaders is an incredible honor,” said Ornelas. “I am especially thrilled to see Cesar, a Chamber member, recognized for the transformative work he’s doing to improve the lives of children in our community. It’s a proud moment for us all.”

Another highlight of the evening was the recognition of Hilda Kennedy, President & Founder of AMPAC Business Capital, another Chamber member, who was awarded the Top Female Entrepreneur category. Hilda’s leadership at AMPAC, a mission-driven business lender, has been instrumental in empowering small businesses and fostering economic growth across the region.

“It’s amazing to see leaders like Hilda and Cesar being celebrated for their contributions,” added Ornelas. “Their achievements underscore the talent and dedication of entrepreneurs in our Chamber and across the Inland Empire. They are setting the standard for excellence and impact in their fields.”

The evening also featured the prestigious “Best of the Best” Award, sponsored by Best Best & Krieger LLP, which was awarded to Mauro Gomez, Chief Growth Officer of Anita’s Mexican Foods Corp.. Based in San Bernardino, Anita’s Mexican Foods has grown from modest beginnings into a leader in the food production industry under Gomez’s strategic direction.

The Spirit of the Entrepreneur Awards Gala continues to shine a spotlight on the transformative work of Inland Empire entrepreneurs, celebrating their innovation, resilience, and commitment to the community.

For more information about the Spirit of the Entrepreneur Awards, visit https://www.spiritawardsie.com.

For more details about the Inland Empire Regional Chamber of Commerce and its members, visit www.iechamber.org.

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