Citi Supports “Capital Connections” Program To Create Up To 300 Jobs In Four California Communities

Today, the California Downtown Association (CDA) and Citi Community Development (CCD) announced Capital Connections, a new initiative to promote economic development by increasing access to financing for small businesses with gross revenues of $1 million or less.

“Small business lending is a key driver of the California economy and job growth,” said Brook Taylor, deputy director of the Governor’s Office of Business and Economic Development (GO-Biz). “Citi and the California Downtown Association should be commended for providing critical financing opportunities to small business owners that might not otherwise have access to capital.”

California, with unemployment at approximately 12%, has a strong need for job creation, including in the communities targeted by Capital Connections: Fresno (15.7% unemployment), Los Angeles and Long Beach (11.9%); and Sacramento (10.9%). The ultimate goal of the initiative is to create or retain 250-300 jobs in Business Improvement Districts. CDA will work with these Business Improvement Districts to implement the program, measure its impact and develop a set of best practices so that the model can be replicated across California.

“At Citi, we share Capital Connections’ commitment to supporting small businesses and providing them with the resources they need to grow and succeed,” said Rebecca Macieira-Kaufmann, President of Citibank California. “By working with Business Development Districts, this innovative program will help drive permanent job creation and retention in low- and moderate-income areas.”

With funding from Citi, CDA will conduct marketing, training and outreach to connect small businesses located in the target Business Improvement Districts with Community Development Financial Institutions (CDFIs), which can provide the needed financing. This will provide them with access to technical assistance and capital that is unavailable for businesses of this size or stage through traditional financial institutions.

“Capital Connections makes the critical link between small businesses and the strategic advisory services and capital they need to grow,” said Bob Annibale, Citi’s Global Director for Community Development and Microfinance. “The California Downtown Association and its member Business Improvement Districts are building an innovative model that we think can be replicated in cities across the U.S.”

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