CDC Small Business finance last week won the 2016 Diamond Award for Partnership in Economic Development, presented by the National Association of Development Companies.
CDC earned the award based primarily on its collaboration with Bank of America. Working with the bank over the past five years, CDC provided over $4 million in capital to 260 small business owners in California, Arizona and Nevada. This funding was projected to create/preserve nearly 4,800 jobs. In 2014-15 alone, CDC partnered with Bank of America to provide minority-owned small businesses with over $18 million in SBA-504 loans, fueling the creation/retention of more than 200 jobs.
Additional partnerships that contributed to CDC being selected for the Diamond Award included collaborations with:
California Southern Small Business Development Corporation – Since CDC’s involvement with Cal Southern, the organization has guaranteed 117 loans for a total of more than $37 million. This lending is projected to create more than 703 new jobs.
San Diego Microfinance Alliance – CDC was an inaugural force behind the creation of this consortium of local microfinance practitioners, donors, educators, students and professionals. Susan Lamping has served pro bono on the Alliance’s advisory board since inception.
Goldman Sachs 10,000 Small Businesses Program – CDC is among a select group of partner organizations to receive a $3 million grant from the Goldman Sachs Foundation to provide SBA financing to small businesses located in low- and moderate-income communities, including those owned by veterans.
For more information about small business loan programs, visit CDC Small Business Finance.