$500,000 equity investment will benefit distressed communities in California and Nevada
LAKE FOREST, CA – February 16, 2016 – Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today a new $500,000 equity investment from First Foundation Bank. This is their second such investment, making them Clearinghouse CDFI’s fourth largest shareholder. First Foundation’s investments significantly improve Clearinghouse CDFI’s capacity to improve distressed communities and address unmet credit needs in California and Nevada.
“We thank First Foundation for their ongoing partnership and their shared commitment to underserved communities,” said Clearinghouse CDFI President and CEO Douglas Bystry. “We look forward to working together to continue finding new and bigger ways to spur financial opportunity in these areas.”
Clearinghouse CDFI will use First Foundation’s investment to help finance loans for projects that provide measurable community benefit such as community facilities, affordable housing projects, commercial real estate, and small businesses. Examples of similar projects previously financed by Clearinghouse CDFI include:
- Rebuilding Together Southern Nevada (RTSN) – a $175,000 loan for RTSN to provide critical home repairs for 50 low-income individuals.
- Co-West Commodities – a $3 million loan for a new commercial facilitiy that will bring clean energy resources, greenhouse gas reductions, recycling and waste management, and wastewater treatment to the surrounding area
- Quality Long Term Care of Nevada – a $4.47 million loan to build a 75-bed skilled nursing facility
“First Foundation is committed to supporting projects that make a positive impact on the underserved. That is why we are excited to partner again with Clearinghouse CDFI to support their mission of bringing economic opportunities to low-income individuals and communities in California and Nevada,” said Scott F. Kavanaugh, CEO of First Foundation.
ABOUT CLEARINGHOUSE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION:
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western United States. Rated ‘AA’ Stable by Standard & Poor’s Ratings Services, Clearinghouse CDFI is an industry leader helping to bridge the gap between conventional lending standards and the needs of low-income and distressed communities. Over the course of 19 years, Clearinghouse CDFI has funded $1.2 billion in total loans for over 1,650 projects which have created or retained more than 13,800 jobs and benefit over 1 million individuals. Clearinghouse CDFI is also a B Corp—a certification received from the nonprofit B Lab. B Corps are companies who meet rigorous standards of social and environmental performance, transparency, and accountability, and use business as a force for good. Today, Clearinghouse CDFI has over $270 million in assets. More information is available at: http://www.clearinghousecdfi.com.
ABOUT FIRST FOUNDATION:
First Foundation, a financial institution founded in 1990, provides integrated investment management, wealth planning, consulting, insurance, trust and banking services. The Company is headquartered in Irvine, California with offices in Newport Beach, Pasadena, West Los Angeles, Oakland, San Diego, Indian Wells and the Imperial Valley in California, in Las Vegas, Nevada and in Honolulu, Hawaii. For more information, please visit www.ff-inc.com.
Ron Demeter, Partner
Vectis Strategies on behalf of Clearinghouse CDFI
Download the full release here: Clearinghouse CDFI Announces First Foundation as 4th Largest Shareholder