Clearinghouse CDFI to leverage the investment to benefit low-income and distressed communities nationwide.
Lake Forest, CA — January 23, 2024 – Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced an additional $350,000 million equity investment from Sunwest Bank, a privately held commercial bank headquartered in Sandy, Utah. Since 2010, Sunwest Bank has made three primary investments in Clearinghouse CDFI, for a total of $850,000.
“Sunwest Bank is pleased to increase its investment with Clearinghouse CDFI. As long-time investors, we know the essential role that Clearinghouse CDFI plays in our community. In partnership, we can better serve the credit needs of low- and moderate-income individuals and communities than we could alone,” said Kevin Fuhrmann, AVP CRA & Fair Lending Officer, Sunwest Bank. “Investing in Clearinghouse CDFI is an investment in economic opportunity for entrepreneurs and an affordable place to call home. We are excited help sustain and grow the critical work of Clearinghouse CDFI in California and beyond. May this investment play a positive role in their ability to continue expanding service to other areas of the nation with unmet credit needs.”
Clearinghouse CDFI will leverage this investment to benefit low-income and distressed communities nationwide. The $350,000 investment will help Clearinghouse CDFI continue financing small businesses, community facilities, affordable housing, and other projects that create jobs and services in underserved areas.
“We are tremendously grateful to Sunwest Bank for their additional investment and for our long-time work together to create opportunity in and uplift the communities we serve,” said Douglas J. Bystry, President/CEO, Clearinghouse CDFI.
Clearinghouse CDFI has funded $2.5 billion in total loans for 2,670 community projects over the past 28 years. These projects have created or retained more than 43,800 jobs and benefit over 4.8 million individuals. Clearinghouse CDFI loans have also created 13,060 affordable housing units since inception.
About Sunwest Bank:
Sunwest Bank was founded in 1969 in Tustin, California, and is a privately held commercial bank with more than $2.7 billion in assets. Today, Sunwest is headquartered in Sandy, Utah, and has expanded to include banking offices in California, Arizona, Idaho, Utah, and Florida. Sunwest is an entrepreneurial business bank with a long tradition of providing excellent service to entrepreneurs, privately held corporations, family offices, small and medium-sized businesses, and real estate developers throughout the United States. Sunwest Bank is a Member FDIC and Equal Housing Lender. More at www.sunwestbank.com.
About Clearinghouse Community Development Financial Institution
(Clearinghouse CDFI):
Clearinghouse CDFI addresses unmet credit needs throughout the U.S. and in Indian Country through direct lending, equity investments, and financial assistance. Since 1996, Clearinghouse CDFI has helped bridge the gap between conventional lending standards and the needs of low-income, distressed, and communities of color. Clearinghouse CDFI is also a B Corp—a certification received from the nonprofit B Lab. B Corps are companies who meet rigorous standards of social and environmental performance, transparency, and accountability, and use business as a force for good. More at www.ccdfi.com.
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Media Contact:
Ron Demeter, Partner
Vectis Strategies on behalf of Clearinghouse CDFI
Phone: 310-614-1059
Email: rdemeter@vectisstrategies.com
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Sunwest Bank Invests an Additional $350,000 in Clearinghouse CDFI
