Financial Institution Partnership Opportunity (FIPO) announces $115,000 award in support of Sacramento Promise Zone community economic development activities (Sacramento Housing and Redevelopment Agency)

Date Published: 
September 12th, 2019

From Sacramento Promise Zone's press release:

Two community based organizations in the Sacramento Promise Zone were announced as recipients of the 2019 Financial Institution Partnership Opportunity (FIPO) award on August 24, 2019. The 11-member FIPO partnership awarded $115,000 to fund projects by the California Capital Financial Development Corporation Sacramento Promise Zone Microloan Program ($65,000) and Franklin Neighborhood Development Corporation (FNDC) Mercado Project ($50,000). The awards will enable California Capital and FNDC to create jobs and provide economic impact in the Sacramento Promise Zone, some of the most distressed and underinvested areas of Sacramento.

“California Capital’s ability to make a difference for microenterprise businesses in the Sacramento Promise Zone is a direct result of the support we received from the FIPO grant,” said Debbie Muramoto, President/CEO of California Capital Financial Development Corporation. “With the support and encouragement from the FIPO and other funders, we are able to provide impactful business development and access to capital programs that make the dream of business ownership a reality.”

The 11 participating FIPO partners are Exchange Bank, F&M Bank, First Foundation Bank, Five Star Bank, JPMorgan Chase, Merchants Bank of Commerce, Oak Valley Community Bank, Rabobank, N.A., Tri Counties Bank, United Business Bank, and Wells Fargo.

"The Sacramento Housing and Redevelopment Agency and FIPO have been a boon for our community and specifically to our Latino/a entrepreneurs seeking to advance in business,” said Nathan Ulsh, Executive Director of the Franklin Neighborhood Development Corporation. “This funding will provide access to opportunities while lowering barriers to entry for our community."

Read Sacramento Promise Zone's press release, featuring the Sacramento Housing and Redevelopment Agency.

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