WESTON, Fla.--(BUSINESS WIRE)--Florida Community Bank and FCB Holdings (NYSE: FCB) President and Chief Executive Officer Kent S. Ellert announced today the Company has made a financial commitment of $250,000 to the Urban League of Broward County Small Business Loan Fund. As a result, the Urban League will have greater depth of financial resources.
In making the announcement, Kent Ellert commented, “The work of the Urban League of Broward County Small Business Loan Fund will provide lending to entrepreneurs, under-resourced and minority small business owners.” He continued, “Providing this investment to the Small Business Loan Fund is just one of many ways FCB is reaching into every corner of the community to strengthen the economy.”
The Urban League of Broward County Small Business Loan Fund provides loans to Florida entrepreneurs and small businesses with twenty-five or fewer employees and average annual gross revenue of $5 million for the past two years. Loans made by the fund will range from $25,000 to $250,000. “Florida Community Bank and the Urban League of Broward County share a common goal of ensuring families have access to opportunities that enable them to achieve long-term economic security,” said Urban League President and CEO, Dr. Germaine Smith-Baugh. “FCB has been a longtime supporter of our housing programs, and we are thrilled to continue our partnership to build stronger communities through a network of small business owners.”
In July 2014, the Urban League of Broward County entered into a five-year grant agreement (with annual renewals for the next five years) with the State of Florida Department of Economic Opportunity (DEO). The DEO provided $1.25 million to establish, administer and market a loan guarantee program to stimulate access to credit for entrepreneurs, under-resourced and minority small business owners. As part of the agreement, the Urban League will fund the Small Business Loan Fund by raising a four-to-one match in seed capital from investors.
About the Urban League of Broward County
Celebrating 40 years of service, the Urban League of Broward County is a not for profit organization founded to empower communities and change lives. Our mission is to assist African Americans and other disenfranchised groups in the achievement of social and economic equality. Our “Breaking the Cycle” of poverty programs uplift more than 7,000 people every year through affordable housing initiatives, youth development and diversion, employment and training, community empowerment, and civic engagement. Learn more about the Urban League of Broward County by calling 954-584-0777 or visiting: www.ulbroward.org. Urban League of Broward County can be found on Facebook at facebook.com/ulbroward and on Twitter at @ULBroward.
About Florida Community Bank
With approximately $7 billion in assets, Florida Community Bank (FCB) is the fourth largest Florida-based bank. Listed on the New York Stock Exchange, (NYSE: FCB), the bank serves the state with 50 full service banking centers. The presence of FCB blankets both Florida coasts from Daytona Beach to Miami-Dade, Naples through Tampa Bay to Brooksville, as well as the I-4 Corridor. FCB is consistently ranked among the most highly capitalized banks in the state with capital ratios exceeding the regulatory standard to be considered “well capitalized” by a wide margin. Information on the company is found at www.FloridaCommunityBank.com. Equal Housing Lender, Member FDIC.