Banc of California partners with Rise Economy to launch a $4.1 billion benefits plan aimed at underserved communities and businesses in California.
Facts
- The plan spans three years and focuses on achieving specific investment goals to positively impact communities.
- It includes $1.45 billion for small business lending, $2.3 billion for community development lending, and $300 million for community development investments.
- The plan prioritizes low-income communities and initiatives related to homelessness, equality, and climate resiliency.
- Rise Economy, formerly known as California Reinvestment Coalition, is a non-profit working on economic and racial justice in California.
- The partnership is a result of Banc of California’s merger with PacWest Bancorp, totaling $36.1 billion in assets.
- Banc of California’s COO highlights collaboration with Rise Economy, aiming to implement critical recommendations.
- The plan showcases the positive community benefits of the merger with PacWest.
- Rise Economy’s CEO emphasizes support for special credit programs, affordable housing, climate resiliency, and community development initiatives led by people of color.
