LAKE FOREST, CA – Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today that current shareholder Royal Business Bank has committed an additional $100,000 in equity to support community development lending in low-income and underserved areas.
“We are always looking for ways to increase our ability to meet the needs of the communities we serve. Clearinghouse CDFI, through its innovative programs and technical expertise in the sometimes complex world of tax credits, grants, etc., makes a great partner in helping us to meet those needs, said President and CEO of Royal Business Bank, Alan Thian.
The $100,000 investment will be utilized by Clearinghouse CDFI to fund affordable housing, commercial facilities, commercial real estate, nonprofits, and small businesses.
“Clearinghouse CDFI thanks Royal Business Bank for stepping up once again to support our lending efforts in the community,” stated Douglas Bystry, President and CEO of Clearinghouse CDFI. “Investors such as Royal Business Bank make it possible for us to finance projects that create jobs and revitalize communities.”
Clearinghouse CDFI’s mission is to provide economic opportunities and improve the quality of life for lower-income individuals and communities through innovative financing that is unavailable in the conventional market. To date, Clearinghouse CDFI has financed a total of $1.1 billion in loans for 1,540 projects benefiting over 824,000 individuals. Clearinghouse CDFI loans have created or retained 11,540 jobs and developed or rehabilitated 9.9 million square feet.
ABOUT CLEARINGHOUSE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI)
Clearinghouse CDFI addresses unmet credit needs in California and Nevada by bridging the financing gap between conventional lending standards and the needs of low-income families and communities. More information is available at: www.clearinghousecdfi.com.