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.
CEDLI, which is headquartered in Oakland, opened its doors and began processing loan applications on Tuesday, Oct.
Rather than duplicate existing programs, CEDLI will work through and in conjunction with existing networks, including banks, government sponsored programs, and local community development organizations.
With CEDLI, I believe we have made an important addition to our community investment portfolio so that small businesses in our community, in particular minority and women-owned businesses, have increased opportunities to grow and thrive," he said.
have taken a bold step in forming partnerships with financial institutions by becoming founding investors in CEDLI.
Union Bank Vice Chairman and CEDLI Chairman Richard Hartnack said he is pleased that financial institutions of all sizes are participating.
CEDLI offers the potential for a tremendous boost to our communities," CEDLI President George Williamson said.
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.
Rick Hartnack also announced that CEDLI has secured its first corporate investor, Pacific Bell, which has agreed to support CEDLI due to their interest in promoting minority, women-owned and other businesses which have historically been underserved by financial markets.
Williamson comes to CEDLI from his position as president of the Bay Area Small Business Development Corporation in Oakland.