According to Davis, Sanwa and other participating financial institutions hope to help CEDLI
fulfill its mission to address the unmet credit needs of small business, foster community economic development, and promote job creation and retention.
Thus far, 45 banks have committed approximately $250,000 to the creation of CEDLI," said Hartnack.
CEDLI will strongly address this void and give banks the opportunity to help shape the way small business lending in California will be conducted in the future.
was established in July 1995 to offer loans to small business and community development organizations throughout California.
Michael Fulton, president and CEO, stated, "This CEDLI provides an opportunity for Comerica Bank-California to approve loans to small businesses that do not have access to conventional financing by working together with other financial institutions and corporations.
It is gratifying to participate with CEDLI in this small business loan venture putting business capital to work in California to help create and retain the jobs small businesses support," Fulton said.
In addition to meeting credit needs, CEDLI
will promote job creation and retention and promote lending by working through existing networks, including bank branches, government sponsored programs and local community development organizations.
The potential to impact local economies increases tomorrow when CEDLI opens its doors," Parry said.
have taken a bold step in forming partnerships with financial institutions by becoming founding investors in CEDLI.
CEDLI is a vital step forward in providing the financial support that is so critical to California's long-term economic development," Welch said.
Initially capitalized at $50 million, CEDLI is the largest statewide consortium for small business lending in the United States.
At the meeting, the banks that have been the most active in creating CEDLI
delivered advance commitments to join as founding investors.