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Fresno CDFI: Vezina Industries Receives Loan as Part of a new SBA Lending Pilot Progr
Original message from: Rebecca.Miller@fresnoeoc.org
Fresno EOC is one of twenty non-profit lenders in the country to
utilize a $1 million direct loan from the SBA to expand access to
capital and drive economic growth and job creation in Fresno area.
FRESNO, CA - This week, Fresno County Economic Opportunities Commission
(EOC), funded a loan for Vezina Industries for its expansion. This loan
is part of the Small Business Administration’s Intermediary Lending
Pilot Program. Vezina Industries is one of the first small businesses
in the country to use financing made possible by the US Small Business
The Intermediary Lending Pilot program, established by the Small
Business Jobs Act of 2010, is a program that aims to expand access to
capital to small businesses and drive economic growth and job creation.
The program provides direct loans up to $1 million to non-profit
intermediaries, which in turn help to finance small businesses in
underserved markets by providing loans up to $200,000. The pilot program
will assess this intermediary model as a tool for increasing the number
of smaller loans to small businesses.
Fresno County Economic Opportunities Commission (EOC) was one of 20
organizations nationwide to be awarded funds in 2011. Fresno Community
Development Financial Institution (Fresno CDFI), a subsidiary of the
EOC, will identify potential candidates for these funds in the Fresno
area over the next year.
“Partnering with community lenders will increase points of access to
capital for startups and businesses that have been disproportionately
affected by the recession,” said SBA Deputy Administrator Marie Johns.
As a new company in an industry hit hard by the recession, owner Mike
Vezina was denied by the banks before being referred to Fresno CDFI. “I
had a good company that is growing. I just didn’t fit inside the bank’s
box.” said Vezina. The company will use the loan funds to finance its
continued expansion. In an industry based on credit, and the ability
for companies to manage their receivables, this loan will help retain 11
existing jobs and create 4 green jobs at the company.
“Vezina Industries is a great example of the kind of company we want to
assist. Our loan fund can step in where the traditional lending
institutions are unable to help,” said Salam Nalia, Fresno CDFI CEO.
“We want to help these small business owners and entrepreneurs
achieve their goals.”
Vezina Industries is a Madera-based home performance contractor
specializing in windows, insulation, fireplaces, and lead hazard
control. The company began its operations out of owner Mike Vezina’s
garage, replacing and installing vinyl windows, and has grown to include
remodels, new and existing residential and commercial construction,
solar, insulation, fireplaces, lead hazard control, and much more.
Vezina Industries is an EPA Certified Firm, BPI Certified Professional,
PG&E Certified Contractor, AAMA Certified Window Installer, San Joaquin
Air Board Certified Contractor, and an active member of the Better
Fresno CDFI is a Loan Fund that provides economically disadvantaged
communities access to capital to start and expand businesses, build
assets, and develop needed community facilities. To learn more about
Fresno CDFI, please visit www.fresnocdfi.com or call 559.263.1351.