Black-Owned Businesses Face Challenges Accessing Capital; Community Bank of the Bay Strives to Ease Barriers
Charles Hill thought he knew banking from the inside, but as an entrepreneur he faced a series of hurdles getting loans for his business. He’s had a different experience at Community Bank of the Bay, where a mentor of his put him in contact with an African American banker. Hill has done four loans with that bank since 2016, one of which was the PPP loan that went nowhere at his previous bank.
Nearly 25 Years After its Founding, CBB Remains Committed to Developing Inclusive Local Economies
By providing local businesses and non-profits a committed and resourceful financial partner, Community Bank of the Bay—California’s first CDFI Bank—continues to make a positive and sustainable impact on its community.
While Big Banks Prioritized Big Clients for PPP Loans, Community Bank of the Bay Looked Out for Local Businesses
The initial rollout of the Paycheck Protection Plan left small businesses worried and frustrated, locked out of applying at some large lenders, like San Francisco-based Wells Fargo. Large banks are likely prioritizing bigger companies with hundreds of employees, experts say. Before the money ran out, credit unions and community banks stepped into the gap, saying their neighborhood connections and willingness to loan to the smallest of businesses make them perfect for this moment.
Community Bank of the Bay is the First Bank to Sign Anti-Displacement Code of Conduct to Mitigate Displacement
Silicon Valley Community Foundation, Community Bank of the Bay, and the California Reinvestment Coalition announced a unique collaboration to help curb commercial lending that displaces local tenants, homeowners, small businesses, and community institutions in the Bay Area’s red hot markets.