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Newsletter
January 28, 2016
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Executive Director's Message

The Changing of the Guard at the Small Business Finance Center

 

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I am pleased to announce IBank hired Chris Houlemard as the new Program Manager for the Small Business Finance Center (SBFC).  Chris has a long career in public service defined by a strong interest to help small business owners’ access capital.

 

“I plan to make it easier for the FDCs to serve small businesses by removing obstacles and lowering the barriers to entry for business” said Chris.

 

As a member of the IBank executive committee, Chris will manage all of the Small Business Finance Center programs including: the Small Business Loan Guarantee Program (SBLGP), which includes the State Small Business Credit Initiative (SSBCI) Program, the Farm Loan Program and the Export Financing Program. Working with the SBFC team, Chris reviews and analyzes loan guarantees and claims and Farm Loan reimbursement requests. In addition, he ensures adherence to law, policy, the IBank Board approved Directives and Requirements and the smooth administration and management of the SBFC Programs.

 

Chris is looking forward to helping IBank foster a world class organizational culture.  He has the kind of winning attitude we were looking for in a manager and says he believes government should be approachable and easy to work with.

 

Prior to joining IBank, Chris worked as a loan officer helping small business
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owners secure funding at CalRecycle.  He started his career with the State at the Legislative Data Center working in constituent management for the Legislature.  Chris has a Bachelor of Arts degree in Physical Geography from California State University, Sacramento and a Masters in Public Administration from the University of San Francisco.

 

I am pleased and honored to pass the Program Manager baton to Chris and hope you’ll join me in making Chris feel at home in his new job. 

            

Take care,

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Teveia Barnes

IBank Executive Director



Congratulations to Citizens Business Bank, Named Forbes Best Bank 2016

Citizens Business Bank, a participating lender for IBank's SBLGP, has servicedforbes 2 Southern California as well as the Central Valley area for more than 40 years. It is the 93rd-biggest bank in the U.S. and ninth-largest headquartered in California, with $7.6 billion in assets. Citizens Business Bank has been incredibly consistent, logging 154 straight quarters of profitability, even through the depths of the financial crisis, and 105 consecutive cash dividends. Forbes used a detailed methodology to rank the 100 largest banks and thrifts and Citizens Business Bank was the top-ranked!


Read the full Forbes article here


Welcome New Lenders!

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Bank of Southern California, N.A., Golden Pacific Bancorp and Oak Valley Community Bank made their first SSBCI-supported loans in the quarter ending December 31, 2015

 

Bank of Southern California, N.A. began business operations in December 2001. Bank of Southern California celebrates the entrepreneurial spirit and is committed to serving the unique professional and personal needs of the local business communities.


State Small Business Credit Initiative Director Jeff Stout Expresses U.S. Treasury's Appreciation to IBank SBLGP Lender Accion San Diego

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Accion San Diego, a member of the Accion U.S. small business lending network, received special recognition with a letter of appreciation from the U.S. Treasury. “Accion San Diego is among the most active users of this program,” said Jeff Stout, SSBCI Director. “We appreciate Accion San Diego for its role in maintaining healthy credit markets and providing access to capital for small businesses in its state.”

 

Accion San Diego made 313 loans of more than $5 million to small businesses with the support of the SSBCI in the last three years. The most recent Annual Report shows the activity of Accion San Diego and other lenders in the program.

 

According to the report, small businesses are the engine of economic and job growth in this country. SSBCI was designed to support small businesses that are creditworthy but cannot access the capital they need to expand and create jobs. Under SSBCI, each state could apply for funding for a credit support program suited to its local conditions. Currently, 57 states, municipalities, and U.S. territories participate in a small business support program using SSBCI funds.

 

The response from states and the private sector has been impressive: since 2011, the Treasury Department has provided more than $1 billion in SSBCI funds to participating states. Of that amount, states have so far expended $864 million, which leveraged more than $6 billion in new loans and investments to approximately 12,400 businesses – that is 7-to-1 leverage. Business owners report that more than 140,000 jobs will be created or saved as a direct result of SSBCI support. Additionally, 80 percent of SSBCI-supported loans or investments went to businesses with ten or fewer employees, and more than half of all loans went to businesses less than ten years old, which research shows are the businesses most likely to create new jobs.

 

SSBCI is a collaborative program funded by the U.S. Treasury, managed by the states and their contractors, and implemented through the participation of private sector lenders like Accion San Diego and others.


IBank Accomplishments

Jobs Created and Retained:

As of September 30, 2015, jobs created and retained resulting from SSBCI-supported loans totaled 31,202 with the third quarter alone resulting in 2,142 jobs.

 

SSBCI-supported Loans:

Through September 30, 2015, IBank supported 984 loans, amounting to $400.3 million, with SSBCI-supported guarantees amounting to $281.7 million.

 

Recycled SSBCI Funds:

As of September 30, 2015, IBank recycled over $10.8 million of SSBCI funds to support guarantees.


Top 30 IBank SBLGP Lenders


Fast Facts from the latest SSBCI Quarterly Report 

States have drawn 94 percent of available funding: As of September 30, 2015, $1,362,671,748 out of $1,456,685,731 or 94 percent of total allocated funds was disbursed to the States. All 57 States, including California, received their first disbursement; 55 States received their second disbursement; 42 States received their third disbursement.

 

States have deployed over $1.2 billion to support small business financing: Through September 30, 2015, States deployed a total of $1,243,430,637. Of this total, $1,121,747,784 was from original SSBCI allocations and $121,682,853 was from recycled SSBCI funds. These funds support loans or investments to small businesses, including through financial institutions and intermediaries, and for administrative expenses related to the program.  

 

States generate over $7 in new financing for every $1 in federal support: Through 2014, SSBCI operations have generated $7.36 in new small business lending or investing for every $1 of federal support.




For more information on SSBCI funds deployed by state go to the latest quarterly report here.


SBFC Online Application Portal Coming Soon!

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Within the next week, IBank will be launching an application portal at http://applications.ibank.ca.gov/. The first application to go live will be the SBFC Conditional Approval Request (CAR).  FDCs will be submitting CARs to the SBFC electronically through this website. The information submitted will also load into a new database. The SBFC staff looks forward to giving you more details soon. 

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IBank to Announce 1,000th 

SSBCI-Supported Small Business Loan 


IBank and the Governor’s Office of Business and Economic Development (GO-Biz) are pleased to announce IBank’s Small Business Finance Center’s 1,000th SSBCI-Supported Small Business Loan at a press conference on Wednesday, February 3. For more information, monitor the news and check out the next SBFC newsletter. 


Ask the Compliance Officer
Nancee Trombley
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Q. Do all modifications to an existing guarantee need IBank approval?

 

A. YES.  Once a guarantee is approved, you need IBank approval to modify that guarantee whether it be an extension of maturity, release of collateral, or any other monetary change.  This helps us stay compliant and allows us to update our recordkeeping.

 

Q. If a Community Development Financial Institution has been approved to participate in the Small Business Loan Guarantee Program, do they also need to submit an annual SSBCI Certification to Participate?

 

A. Yes they do. The SSBCI certification requirement is in addition to the approval process of a CDFI to participate in the SBLGP.

 

Q. Can a lender refinance a loan that was previously made to an individual for an eligible business purpose and enroll it in the guarantee program?

 

A. No. Earlier this year IBank clarified that the Small Business Loan Guarantee Program is limited to loans for business entities and does not include refinancing a loan that was made to an individual.


Have a question for the Compliance Officer? 

Please submit your questions to sbfc@ibank.ca.gov.


Meet Our New SBFC Staff

Judy Pernell-Stevens, Compliance Analyst
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Judy manages internal audits for the SBLGP and handles compliance for all of IBank's programs. She joined IBank in November of 2015 after working at the California Pollution Control Financing Authority for 4 years as the subject matter expert with regards to uniform administrative requirements, cost principles and audit requirements for federal awards.

Judy has a Bachelor of Arts in Education degree from California State University, Sacramento.


Contact Us

IBank staff are dedicated to customer service and available to assist you with the SBLGP. You can find the staff directory on our website or email us your questions to sbfc@ibank.ca.gov.


Share your success!

We'd like to hear from you! If you have an SBLGP Success Story that you would like featured in a future newsletter, please send it to us at sbfc@ibank.ca.gov.


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Subscribe here to receive the SBFC Newsletter!


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(916) 341-6600


VSBDC Hosts Annual Lenders Appreciation BBQ 


Each year Valley Small Business Development Corporation (VSBDC) hosts an Annual Lenders Appreciation barbecue to show gratitude to its lending partners, funding agencies, and business relationships that support the organization.  The event continues to grow and this year’s ninth annual 
BBQ, held in September 2015, had over 240 attendees.  The event is catered by a woman owned business and borrower of VSBDC, Blair Harlan, of Simply Delicious catering.  The BBQ is the perfect tool to grow relationships between the service providers and lenders. 

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It was a hot day as it often is in the summer in the Central Valley city of Fresno. Attendees were encouraged to wear their Fresno State Bulldogs gear to support the local teams while they enjoyed BBQ Tri-tip, ribs and a variety of refreshing salads. In addition, VSBDC had its Agriculture, Dairy and Rural Development Van on display. This van takes the lenders to rural farm areas to assist small farm borrowers with financial education and assistance.

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In addition to the recognition of the Board and staff of VSBDC, an award was presented to Valley presented by Business Bank, for being the top guarantee lender for 2014-15. The award was Debbie Raven, President and CEO of VSBDC and Nancee Trombley, Chief Compliance Officer of IBank. Accepting the award was Bill Kitchen Executive Vice President and CCO, and Roy O. Estridge Executive Vice President and CFO of Valley Business Bank.

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Small Business Success Story

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Hope of the Valley Rescue Mission


FDC: Pacific Coast Regional Small Business Development Corporation

Current Employees: 36 Full-Time

Estimated Job Creation: 48 Full-Time


Hope of the Valley Rescue Mission is a nonprofit homeless shelter whose mission is to attract people and resources to assist in the effort of meeting the needs of every hungry and homeless man, woman and child in the greater Los Angeles area.

 

Through IBank’s Small Business Loan Guarantee Program partnering with Pacific Coast Regional, Hope of the Valley was able to obtain a loan. They are using the proceeds to help finance a first-of-its-kind 16,000 square foot facility that will offer physical, mental and transitional care for the homeless. Among its many services, the 30-bed center will offer skilled nursing care, a full service cafeteria and dining hall, wound care and physical therapy.

 

"It just is not dignified to take a homeless person that might still be in a gown from a hospital and dump them back on the street. We're working to solve that problem here in the Valley," said Kenneth Craft, president and CEO of Hope of the Valley.

 

Hope of the Valley believes in the hands on approach to serving the homeless, by participating in serving meals, and taking care of the needy. With facilities spread throughout the San Fernando Valley, the organization is better able to serve the homeless population scattered around. Among the copious services they have, family shelters, job training, hot meals, clothing and mental and community health facilities are priority.

 

Learn more about Hope of the Valley Rescue Mission by checking out this slideshow here!





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