LOS ANGELES SMALL BUSINESS LOAN PORTAL: Facilitating Small Businesses

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LOS ANGELES SMALL BUSINESS LOAN PORTAL
Facilitating Small Businesses Access to Credit

• Jean Lim, Wilshire State Bank
• Cooke Sunoo
• Board Members
• Los Angeles Small Business Loan Portal

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Background

• FDIC/Koreatown Community Economic Development
  Roundtable
• Small Business Task Force
• Los Angeles Small Business Loan Portal

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LA Small Business Loan Portal

• Participants
• Banks
• Non-Profit Organizations (NPOs)
• Small business technical assistance providers
• Community lenders

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Organizational Structure and Governance

• California nonprofit mutual benefit corporation
• Board of Directors
• Membership agreements
• Bylaws

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Goals

• Improve small businesses access to credit
• Simplified loan initiation process
• Increased exposure to multiple banks
• Reduce time and resources needed to initiate and
  process loan application
• Facilitate greater cooperation between NPOs and
  banking community

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Value Added to Banks

• Convenience via centralization
• CRA credit
• Increased access to potential clients
• Reduced time and cost of identifying small
  business loan opportunities

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Value Added to Small Businesses

• Increased loan request exposure
• Opportunity for technical assistance

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Demonstration

• www.loanportal.org

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Demonstration
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