Women and minorities own nearly 30%
of all the businesses in California but many can't get the bank loans they need
to grow their firms.
California Bank & Trust in San
Diego is aiming to change that — and bolster its own loan portfolio — with a
new multi-pronged lending initiative targeting female and minority
entrepreneurs.
The $10.9 billion-asset unit of
Zions Bancorporation (ZION) has established a program in which its lenders will
educate business owners on what they will need to qualify for loans and guide
them through the loan process.
California Bank & Trust has
dubbed the initiative T.E.A.M., which stands for Tools, Education, Access and
Mentoring. It will kick off the program in Los Angeles Thursday at a business
event sponsored by Latina Style magazine.
The initiative is geared toward all
women- and minority-owned businesses, though the focus at Thursday's event will
be on Latina-owned businesses.
Hispanic women in particular have
become more entrepreneurial in recent years. According to U.S. Census data,
Latinas own 30% of all businesses in the U.S. that are owned by minority women.
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