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CIT Provides $100,000 to LA Latino Chamber of Commerce to Assist Small Businesses

August 08, 2016, 08:33 AM
Filed Under: Industry News

OneWest Bank, a division of CIT Bank, N.A, announced it provided a $100,000 grant to the Los Angeles Latino Chamber of Commerce (LALCC), a non-profit organization that supports economic development in the Latino community of the greater Los Angeles metropolitan area. This grant will support the further development of the technical assistance services offered by the LALCC Foundation, the LALCC’s learning effort, which include one-on-one consulting and workshops on improving technological efficiency, accessing capital and gaining contracting opportunities. CIT Bank is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:CIT), a leading provider of commercial lending and leasing services.

Gilbert R. Vasquez, Chairman, Los Angeles Latino Chamber of Commerce, said, “The LALCC supports the expansion of economic opportunities in the communities we serve and the profitable growth of our members’ businesses. Through courses and counseling, the programs of the LALCC Foundation impart the core capabilities needed to run a successful business in today’s competitive marketplace, including strategic planning, accessing capital, finance and accounting, e-commerce and obtaining certification for procurement opportunities. OneWest’s investments in the LALCC are essential to our efforts to help Latino small businesses throughout the Los Angeles region thrive and prosper.”

John Erickson, President, Consumer Banking and President, California, CIT, said, “This grant helps the LALCC deliver technical assistance services that will allow local small businesses to grow and become more efficient while sustaining and creating jobs in the Los Angeles area. In addition, this grant will enable the LALCC to acquire tablets for its Business Technology Center, where small business owners can experience the latest in business technology and learn how they can use technology to help drive their growth. Supporting small businesses is an essential part of our philanthropic activities and a core element of our commitment to facilitate the economic development of communities across Southern California.”

The Los Angeles Latino Chamber of Commerce (LALCC) is a nonprofit, 501(c)3 organization. The purpose of the LALCC is to assist, organize and unify Latino business owners to: (1) generate increased levels of business between members; (2) generate increased levels of business from outside the Latino community; (3) provide valuable and permanent member services for the improvement and success of their businesses; (4) advocate for small and medium-sized businesses on a regional, statewide, and national basis; and (5) provide overall leadership on relevant business issues, as well as community economic development issues.

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