OneCalifornia Bank to Receive Funds to Support Community Development in Oakland
For Immediate Release
August 19, 2009
Contact: Nicole Y. Williams
(202) 225-2661
Washington, D.C. – Today, Congresswoman Barbara Lee (D-CA) hailed an announcement by the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund that OneCalifornia Bank has been selected to receive an award of $700,000 through the FY 2009 round of the Bank Enterprise Award Program for providing small business and commercial real state loans in Oakland, California.
The BEA Program was enacted to provide an incentive to FDIC-insured banks and thrifts to increase either their level of support to certified community development financial institutions (CDFIs), increase their provision of loans, investments and financial services in distressed communities, or both. CDFIs are specialized community-based financial institutions that are able to respond to gaps that exist in their local markets.
“In these tough economic times it is important that our financial institutions make an effort to reinvest in our communities,” said Congresswoman Barbara Lee. “This award will help bolster development and greater investment throughout the city of Oakland and the entire 9th Congressional District of California.”
The mission of the U.S. Department of the Treasury's CDFI Fund is to expand the capacity of financial institutions to provide capital, credit and financial services to underserved populations and communities in the United States. Its vision is an America in which all people have adequate access to affordable capital, credit and financial services. For more information on the CDFI Fund, please visit www.cdfifund.gov.
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