Community development financial institution

On the Road Lending Announces $500,000 Funding From Tolleson Wealth Management

Retrieved on: 
Wednesday, September 6, 2023
Other Automotive, Professional Services, Automotive, Finance, Partnership, U.S. Department of the Treasury, Office of Inspector General, Food, Road, University, Office of Inspector General, U.S. Department of Health and Human Services, Education, Public policy, Quality of life, Carsey School of Public Policy, Treasury, Data, Community development financial institution, Community development, Transport, Health, Bank

“On the Road Lending fuels economic mobility and long-term success by providing the engine that drives people’s dreams,” said Michelle Corson, On the Road Lending’s Founder and CEO.

Key Points: 
  • “On the Road Lending fuels economic mobility and long-term success by providing the engine that drives people’s dreams,” said Michelle Corson, On the Road Lending’s Founder and CEO.
  • Tolleson Private Bank is a wholly owned subsidiary of multi-family office Tolleson Wealth Management (“Tolleson”).
  • When the opportunity to partner with On the Road Lending was presented, the Tolleson team was excited to get involved and support its mission.
  • “We are proud of this partnership and what it can do for the community,” said Carter Tolleson, CEO of Tolleson.

BayPort Credit Union Donates $10,000 to the Hawaii Salvation Army as Wildfire Relief Continues

Retrieved on: 
Thursday, August 17, 2023
NCUA, Partnership, Food, Housing, Wildfire, The Salvation Army, Meal, Heart, Collection, National Credit Union Administration, Community development financial institution, International Red Cross and Red Crescent Movement, Virginia Peninsula, Community development, No Age, Credit union, Nursing, NEWS

NEWPORT NEWS, Va., Aug. 17, 2023 /PRNewswire/ -- BayPort Credit Union today announced it is donating $10,000 to the Hawaii Salvation Army to support its Maui wildfires relief fund.

Key Points: 
  • NEWPORT NEWS, Va., Aug. 17, 2023 /PRNewswire/ -- BayPort Credit Union today announced it is donating $10,000 to the Hawaii Salvation Army to support its Maui wildfires relief fund.
  • "The credit union philosophy of 'People Helping People' doesn't end here at home," said Jim Mears, President/CEO of BayPort Credit Union.
  • BayPort has selected the Salvation Army due to its longstanding partnership with the Salvation Army of the Virginia Peninsula.
  • BayPort is the region's only Community Development Financial Institution and a National Credit Union Administration (NCUA) Low-Income Designated Credit Union.

Carver Launches Suite of Cash Management Services to Support Growth of Small and Larger Businesses Across Greater NYC Region

Retrieved on: 
Wednesday, August 16, 2023
Community development, MDI, Greater, Investment, CDFI, Carver Federal Savings Bank, Community development financial institution, Bank

Our cash management services and products assist businesses with the effective management of their financial assets, cash, and investments in a safe and secure online environment."

Key Points: 
  • Our cash management services and products assist businesses with the effective management of their financial assets, cash, and investments in a safe and secure online environment."
  • Optimizing the cash management for your business is critical to creating and sustaining its success and decreasing financial and operational risk.
  • As a community bank serving small and larger companies, Carver is proud to bring its cash management offering to the diverse communities it serves across the Greater New York City region.
  • Carver's new offering contains a complementary suite of services and products to help entrepreneurs and businesses succeed:

QUONTIC NAMES ROBERT G. RUSSELL, JR. AS NEW PRESIDENT

Retrieved on: 
Thursday, August 10, 2023
Online, Interim, Data analysis, Accounting, Organization, American Banker, Pay, Data, Community development financial institution, CFO, Growth, Entrepreneurship, Community development, Management, Quontic Bank

NEW YORK, Aug. 10, 2023 /PRNewswire/ -- Quontic announced today that Robert G. Russell, Jr. has been appointed President of Quontic, reporting to the Interim CEO and Co-Founder, George Lazaridis, and the institution's Board of Directors.

Key Points: 
  • NEW YORK, Aug. 10, 2023 /PRNewswire/ -- Quontic announced today that Robert G. Russell, Jr. has been appointed President of Quontic, reporting to the Interim CEO and Co-Founder, George Lazaridis, and the institution's Board of Directors.
  • A veteran in the banking industry, Robert was most recently with Patriot Bank in Stamford, Connecticut, where he was President and Chief Executive Officer.
  • As President of Quontic, Robert will manage and lead the executive management team, as well as the Data Analytics team.
  • Robert will also play an integral role in defining the bank's strategic vision and assuring Quontic is structured for continued growth and success.

New Watts BusinessSource Center Unveiling to Boost Local Economy

Retrieved on: 
Tuesday, August 8, 2023
Housing, Education, Multimedia, City, CDFI, Economic development, Community development financial institution, BSC, Community development, Management

LOS ANGELES, Aug. 8, 2023 /PRNewswire/ --

Key Points: 
  • Where – Inside the Children's Institute at 10200 Success Avenue, Los Angeles, CA 90002
    What – Official unveiling of the Watts BusinessSource Center (Watts BSC), a collaboration between Vermont Slauson Economic Development Corporation (VSEDC) and the City of Los Angeles Economic and Workforce Development Department (EWDD).
  • The new center aims to support local entrepreneurs and businesses through comprehensive business consulting services.
  • The Watts BSC aims to break down systemic barriers and help small businesses thrive through valuable support services.
  • The service VSEDC provides serves to drive community self-sufficiency, facilitate business growth, access to affordable housing, goods and services, and job creation.

New Watts BusinessSource Center Unveiling to Boost Local Economy

Retrieved on: 
Monday, August 7, 2023
Housing, Education, Multimedia, City, CDFI, Economic development, Community development financial institution, BSC, Community development, Management

LOS ANGELES, Aug. 7, 2023 /PRNewswire/ --

Key Points: 
  • Where – Inside the Children's Institute at 10200 Success Avenue, Los Angeles, CA 90002
    What – Official unveiling of the Watts BusinessSource Center (Watts BSC), a collaboration between Vermont Slauson Economic Development Corporation (VSEDC) and the City of Los Angeles Economic and Workforce Development Department (EWDD).
  • The new center aims to support local entrepreneurs and businesses through comprehensive business consulting services.
  • The Watts BSC aims to break down systemic barriers and help small businesses thrive through valuable support services.
  • The service VSEDC provides serves to drive community self-sufficiency, facilitate business growth, access to affordable housing, goods and services, and job creation.

FHLBank San Francisco President and CEO Bazemore Lauds Plans For Increasing Black Homeownership, Credits NAREB For Its Leadership Role In Building Black Wealth

Retrieved on: 
Monday, August 7, 2023
Insurance, Partnership, Housing, Federal Home Loan Banks, United States Department of Housing and Urban Development, National Association of Real Estate Brokers, Estate agent, Research, Urban, NAREB, Civil Rights Act of 1968, SAN, Economic development, Community development financial institution, Accelerator, Community development, Bank, National Association, Social, African Americans, Renewable energy, Credit, Black, White

The new funding, which will also be matched with member contributions, will continue support of the agencies that provide both pre- and post-homeownership counseling.

Key Points: 
  • The new funding, which will also be matched with member contributions, will continue support of the agencies that provide both pre- and post-homeownership counseling.
  • Many FHLBank members originate loans and hold them in their portfolios, in addition to investing in mortgage-backed securities.
  • Bazemore said evidenced-based research is helping redress the systemic barriers that continue to limit homeownership opportunities for people of color.
  • “Our Racial Equity Accelerator proposes tangible solutions that use other data, including consistent, timely rent payments, to determine creditworthiness.,” she said.

Biden-Harris Administration Launches Small Business Loan Program Improvements to Expand Access to Capital Starting today, August 1

Retrieved on: 
Tuesday, August 1, 2023
Small business, Community Advantage Loan, Woman, SOP, Community, SBA, Community development financial institution, Community development, Real estate

WASHINGTON, Aug. 01, 2023 (GLOBE NEWSWIRE) -- On August 1, the U.S. Small Business Administration (SBA) began implementing additional policies aimed at expanding small business access to capital by modernizing SBA’s signature 7(a) and 504 Loan Programs.

Key Points: 
  • WASHINGTON, Aug. 01, 2023 (GLOBE NEWSWIRE) -- On August 1, the U.S. Small Business Administration (SBA) began implementing additional policies aimed at expanding small business access to capital by modernizing SBA’s signature 7(a) and 504 Loan Programs.
  • Today’s loan program updates build on Administrator Isabella Casillas Guzman’s previous announcements that address long-standing persistent capital access gaps for rural, veteran, women, and minority-owned businesses.
  • The loan program improvements will increase small businesses’ ability to access funding to start up and grow through a broader network of lenders with streamlined lender procedures.
  • These lenders are securing permanency in the 7(a) Loan Program by becoming Community Advantage Small Business Lending Companies (CASBLCs).

During National Black Business Month, NC IDEA Foundation Marks Three-Year Anniversary of NC Black Entrepreneurship Council, Achieving Over $2 Million Grant Milestone Since the Council’s Formation

Retrieved on: 
Tuesday, August 1, 2023
Education, Philanthropy, Technology, Fund Raising, Software, Foundation, University, The Washington Post, United States Secretary of Education, U.S. Department of Defense Strategy for Operating in Cyberspace, HBCU, Curriculum, National Science Foundation, National Council of Applied Economic Research, Historically black colleges and universities, Woman, Human, LendingTree, Organization, Entrepreneurship, Vance–Granville Community College, Iran National Science Foundation, Investment, Risk, Council, Economic development, Community development financial institution, Center for Business and Economic Research, Growth, Community development, Worthy, National Bureau of Asian Research, Mouth, Female, Management, Cryptocurrency, Bank, Black

The Council’s game-changing model is leading a paradigm shift in philanthropy by addressing the systemic inequities of Black America through the power of entrepreneurship.

Key Points: 
  • The Council’s game-changing model is leading a paradigm shift in philanthropy by addressing the systemic inequities of Black America through the power of entrepreneurship.
  • To date, the Council has awarded over $2 million in grants within North Carolina directly to Black entrepreneurs, entrepreneurial support organizations, and Historically Black Colleges and Universities.
  • Founded in 2005, NC IDEA has a proven track record of providing entrepreneur-focused grants and programs for historically underserved founders.
  • “The NC BEC, through NC IDEA, built a pipeline of programs that allows both organizations to really get to know our business.

Bay Community Bancorp Earns $1.85 Million in Second Quarter 2023; Declares Quarterly Cash Dividend of $0.05 Per Share

Retrieved on: 
Monday, July 31, 2023
FHLB, ECIP, Community Development Financial Institutions Fund, Current Expected Credit Losses, Common equity, FDIC, Federal, Compact disc, Treasury, Environmental protection, PPP, Department of the Treasury, CECL, Community development financial institution, SBA, Bay, Community Bank, Community development, United States Department of the Treasury, Bank, NOW, Environment, Book, Holding company, Real estate, Video game, Rare-earth element

This marks the tenth consecutive cash dividend payment since the Company initiated quarterly cash dividends on April 30, 2021.

Key Points: 
  • This marks the tenth consecutive cash dividend payment since the Company initiated quarterly cash dividends on April 30, 2021.
  • Earnings per common share was $0.21 in the second quarter of 2023, compared to $0.21 in the second quarter a year ago, and $0.22 in the preceding quarter.
  • Pre-tax, pre-provision, pre-CDFI grant income was $2.54 million in the second quarter of 2023, compared to $3.00 million in the year ago quarter, and $2.76 million in the first quarter of 2023.
  • Net interest margin was 3.19% in the second quarter, compared to 3.28% in the preceding quarter, and 3.63% in the second quarter a year ago.