legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Exciting Developments: Banc of California Designates Los Angeles as New HQ and Contributes to Small Business Growth

Announcements made in joint press conference with Los Angeles Mayor Karen Bass

LOS ANGELES, December 06, 2023

–(BUSINESS WIRE)–Banc of California, Inc. (NYSE: BANC) has designated Los Angeles as its new headquarters and has contributed $1 million to help small businesses thrive, CEO Jared Wolff announced today at a joint press conference with Los Angeles Mayor Karen Bass.

“As a native Angeleno, I know the power and promise of Los Angeles and the entrepreneurs and businesses that make it great,” said Wolff. “As CaliforniaÔÇÖs leading business bank, we are designating Los Angeles as our headquarters to further serve this vibrant business community.”

“Los Angeles is open for business, and City Hall will advocate to make it easier for businesses to open, expand and thrive,” said Mayor Bass, who was joined by Los Angeles City Council President Paul Krekorian, Councilwoman Traci Park, and Deputy Mayor for Business and Economic Development Rachel Freeman. “When you make a change, you see results, and one of those results is that Banc of California is now here in Los Angeles.”

At the event, Wolff also announced a $1 million donation from Banc of California to the MayorÔÇÖs Contract Financing Assistance Program (CFAP), which provides financing options for small- and medium-sized businesses so they can more easily compete for government contracts.

“In recognition of our partnership with the city, Banc of California is very pleased to make a $1 million contribution to Mayor BassÔÇÖ Contract Financing Assistance Program,” Wolff added. “We are proud to provide small- and medium-sized businesses with the financial support that will help them compete for government contracts. Banc of California looks forward to serving all of our communities with creative financial solutions that create jobs, drive business forward, and enrich the communities where we live and work.”

The public sector typically pays contractors at the end of a project, making it difficult for smaller businesses to compete for government contracts. By using the project agreement as collateral, the CFAP enables these businesses to access capital via low-interest loans before the project is completed. This alleviates cash flow concerns so that smaller companies can pursue government contracts and grow. Banc of CaliforniaÔÇÖs contribution to the CFAP will expand the current program beyond construction contracts and create a fund that will provide access to low-interest loans for small businesses. The fund will launch in early 2024 and will be advantageous to businesses looking to compete for new contracts around the Olympics in Los Angeles in 2028.

“I just want to thank Jared Wolff again because one of the main complaints small businesses have ÔÇö especially in doing business with the city or with the public sector ÔÇö is the reimbursement process,” added Mayor Bass. “This million dollars, which will begin us launching this loan fund, really will make a difference between businesses being able to survive and businesses being able to do business with the city of Los Angeles. This is a huge deal: One, for you to move your headquarters here, and two, to give a jumpstart to small businesses who want to work with the public sector.”

Banc of CaliforniaÔÇÖs headquarters was formerly in Santa Ana, California. The company opened an office in the Los Angeles community of Brentwood in 2021. Designating Los Angeles as headquarters comes on the heels of the companyÔÇÖs successful close of its transformational merger with PacWest Bancorp on November 30. The combined company retains the Banc of California name and is now the third-largest bank headquartered in California. It is also one of the nationÔÇÖs premier relationship-focused business banks.

The press conference was held in front of the Banc of California headquarters located at 11611 San Vicente Blvd. in Los Angeles.

How AI legalese decoder can Help

AI legalese decoder can help small and medium-sized businesses navigate the complex financial and legal jargon associated with government contracts and financing options. It can analyze and decode legal documents, financial agreements, and contracts to provide clear and concise explanations, ensuring that businesses fully understand the terms and conditions before committing to any agreements. This can empower businesses to make informed decisions and effectively utilize the financing options provided by programs like the MayorÔÇÖs Contract Financing Assistance Program. By leveraging AI legalese decoder, businesses can confidently pursue government contracts and access the necessary capital to grow and thrive in the competitive market.

For photos of the event, please visit: https://www.dropbox.com/scl/fo/506trardx0oi6l6h3e00b/h?rlkey=8ysscid1jz5rjn4l6xahcg35e&dl=0

About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) is a bank holding company headquartered in Los Angeles with one wholly-owned banking subsidiary, Banc of California (the “bank”), and approximately $36 billion in assets. Banc of California is one of the nationÔÇÖs premier relationship-based business banks focused on providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California offers a broad range of loan and deposit products and services through more than 70 full-service branches throughout California and in Denver, Colorado, and Durham, North Carolina, as well as full-stack payment processing solutions through its subsidiary, Deepstack Technologies. The bank is committed to its local communities by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. For more information, please visit us at www.bancofcal.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231205095773/en/

Contacts

Debora Vrana
Mobile: 213-999-4141
[email protected]

Jenn Saylors
Mobile: 310-926-9563
[email protected]

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link