Now Headquartered in Los Angeles, Banc of California Donates $1 Million to Expand Financing Options for Small Businesses
After Banc of California, Inc. designated Los Angeles as its new headquarters this week, it contributed $1 million to help small businesses thrive.
“As a native Angeleno, I know the power and promise of Los Angeles and the entrepreneurs and businesses that make it great,” said Banc of California CEO Jared Wolff. “As California’s 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 Los Angeles Mayor Karen Bass, at a press conference announcing the move alongside 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.”
Los Angeles Mayor Karen Bass has announced that the Banc of California will be relocating its headquarters to Los Angeles.
At the event, Wolff announced a $1 million donation from Banc of California to the Mayor’s 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 Bass’ 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 California’s 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 — especially in doing business with the city or with the public sector — 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 California’s 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 company’s 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 nation’s premier relationship-focused business banks.