Organizations Filed Purposes:
This corporation has been formed under the California Nonprofit Benefit Corporation Law for the advancement of local enterprises in underserved areas, expand the economic output in their communities by linking these enterprises to capital, expertise, education,and other entrepreneurial support services, and to carry on other charitable activities associated with the goals as allowed by law.
The corporation has adopted policies for a loan guarantee and loan participation program. The corporation responded to a request for proposal from the California Association for Economic Development (CALED) to operate a revolving loan fund with funds originating from the US Economic Development Administration (EDA).The corporation received $1,059,453 from CALED. The corporation provided a 20% match totaling $264,863 bringing the total initial capital to $1,324,316. CALED subsequently provided an additional $187,899 with no match required increasing the capital to $1,512,215.The corporation received $664,896 in funding from the CARES Act in 2020. These funds must be deployed by 2022.In 2020, the corporation added the Rural Community Assistance Corporation (RCAC) as an affiliate member. By agreement, the RCAC can become a full voting member by the Spring of 2022.In 2021. The corporation expects to add California Capital Financial Development Corporation as an affiliate member with full voting membership by 2023.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Brynda Stranix | SECRETARY/TREAS | 0 | $0 |
| Ross Welch | PRESIDENT | 0 | $0 |
| Bob Nash | VICE PRESIDENT | 0 | $0 |
| Marc Nemanic | MANAGEING DIREC | 0 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202140889349300434_public.xml