Genesis for Good Foundation Announces Initial Round of Grant Awards to Small Businesses Through Catalyst Empowerment Grant Program

Rhea-AI Summary

Genesis Bank, through its Genesis for Good Foundation, announced its first round of grant awards to five small businesses through the Catalyst Empowerment Grant Program. The program provides grants up to $10,000 to eligible small businesses, focusing on historically marginalized and underinvested entrepreneurs across Southern California. The initiative received support from Fiserv, Inc., Federal Home Loan Bank of San Francisco, and CVB Financial Corp. Grant recipients include Gutierrez Chiropractic, Prisma Communications, San & Wolves Bakeshop, Spark Studios, and Vinos Unidos, each receiving funds for specific business expansion and improvement projects.

Positive

• Program provides grants up to $10,000 to support small business growth
• Secured funding partnerships with major institutions including Fiserv, Federal Home Loan Bank of San Francisco, and CVB Financial Corp
• Successfully launched first round of grant distributions to five diverse businesses

Negative

• None.

Insights

Financial Analyst

This grant program announcement, while positive for community development, has minimal direct financial impact on FI (Fiserv) stock. The company's contribution to the Genesis for Good Foundation's Back2Business initiative represents an insignificant portion of Fiserv's $122B market cap. While such ESG initiatives can enhance brand reputation and community goodwill, they typically don't materially affect the company's financial performance or stock valuation.

The grants, ranging up to $10,000 per business, are relatively small-scale investments that align with Fiserv's existing community engagement strategy. The program's focus on diverse small businesses could potentially expand Fiserv's merchant services customer base in Southern California, but any revenue impact would be negligible relative to the company's global operations.

ORANGE COUNTY, Calif.--(BUSINESS WIRE)-- Genesis Bank (“Genesis” or the “Bank”), the Genesis Bank Institute for Entrepreneurship (“GBIE”), and the Genesis for Good Foundation (“GFG”), announced today the first series of grant awards to five qualifying small businesses through the Genesis for Good Catalyst Empowerment Grant Program. This innovative program aims to empower historically marginalized and underinvested entrepreneurs and diverse businesses across Southern California, by providing access to essential resources, capacity building, networking opportunities, education, and capital, including grants of up to $10,000 to eligible small businesses.

Genesis for Good Foundation awards initial round of grant awards through Catalyst Empowerment Grant Program (Genesis Catalyst Expo, September 12, 2024) (Photo: Business Wire)

Stephen H. Gordon, Chairman and Chief Executive Officer of Genesis Bank, stated, “We are thrilled to announce this first round of grant awards from the Genesis for Good Catalyst Empowerment Grant Program. As one of only five diverse, multiracial Minority Depository Institutions (“MDI”) out of approximately 4,600 banks in the U.S., Genesis Bank is acutely aware that small businesses too often lack access to vital resources, technology, education, and capital to support their growth and expansion. Working in concert with the GBIE and GFG, we here at Genesis have mobilized and delivered a broad range of private and public resources to small businesses and entrepreneurs, through our distinguished programming, financial education, and networking. Such comprehensive efforts serve to accelerate their economic growth and capacity to create jobs, scale, and enhance their positive impact on their communities.”

Amil Aaron, President and Executive Director of the Genesis for Good Foundation, and Senior Vice President, Head of Community Impact of Genesis Bank, stated, “Every grant recipient was thoughtfully selected from an impressive pool of applicants, all of whom demonstrated entrepreneurial passion, business track record, and a genuine commitment to making a difference in their communities. We are proud to stand alongside these entrepreneurs and help equip them with resources as they take the next steps in growing their businesses and expanding their impact. This is just the beginning—together with our community partners, we will continue this journey to further empower more diverse small business communities to thrive.”

In support of the Catalyst Empowerment Grant Program, the Genesis for Good Foundation has graciously received generous contributions from Fiserv, Inc., as part of its ongoing Back2Business initiative to support small businesses, the Federal Home Loan Bank of San Francisco, as part of its Access to Housing and Economic Assistance for Development (AHEAD) Program, and CVB Financial Corp., which is the holding company for Citizens Business Bank. Organizations interested in partnering with Genesis For Good to support the GFG Catalyst Empowerment Grant Program can reach us using the contact information below.

Applications for the GFG Catalyst Empowerment Grant Program are accepted on a rolling basis. Small businesses interested in learning more can visit https://genesisforgood.org/catalystgrant.

Meet our Grant Recipients

Gutierrez Chiropractic Inc. provides a broad range of general and specialized chiropractic care, including instrument-assisted soft tissue treatment, percussive massage, compression therapy, sports injury rehabilitation, gait analysis and orthotic fitting, Kinesiology taping, corrective exercises, and temporomandibular joint treatment. Gutierrez Chiropractic received a grant to help expand their marketing, digital advertising, and social media campaigns, in order to raise brand awareness of their broad range of chiropractic care and treatment services. Dr. Eunice Nam, Office Manager and Chiropractic Doctor, stated, “We would like to express our heartfelt thanks to the Genesis for Good Foundation. We are excited to put this money towards our continuous efforts to reach more members of our community with quality affordable chiropractic care.”

Prisma Communications is a public relations agency dedicated to helping companies reach out to diverse audiences in a way that is authentic and meaningful. Prisma Communications received a grant to enable further investments in top-tier video equipment, technology, and software, in order to enhance its public relations, multimedia services, and video content capabilities. Betty Martinez Franco, Founder and CEO, stated, “I am beyond grateful to receive the Genesis for Good Catalyst Empowerment Grant. As a Latina business owner, opportunities like this are rare. Minority-women-owned businesses often struggle to access funding due to limited knowledge or daunting application processes. Genesis Bank has made incredible efforts to ensure this information reaches the communities that need it. With this grant, I can expand my public relations services, focusing on video content that captures audiences' attention in today's fast-paced digital world.”

San & Wolves Bakeshop is the first established vegan Filipino bakery offering traditional and new vegan Filipino baked goods. San & Wolves Bakeshop received a grant to help fund capital investments towards baking equipment and supplies, which will enhance the scale, efficiency, and quality of its production, as it targets to open a brick-and-mortar location in Long Beach, California in the Fall of 2024. Kymberlie Estrada, Founder and Owner, stated, “I was honestly a bit skeptical at first because I didn’t expect to be able to receive this type of support. As I researched this opportunity and throughout my interaction with the Genesis team, I have been happy with their inclusive and progressive approach and how they practice what they preach. I am deeply honored to have been backed by the Genesis For Good Foundation and Genesis Bank. The grant I received helped me invest in a rotating rack oven, which will enhance my bakery's efficiency and production volume, and enable me to provide better service and higher quality vegan Filipino pastries going to your bellies!”

Spark Studios is a premier photo and video content studio for business owners, photographers, and professionals, offering professional photography services in-studio and on-location, photo studio rentals, and memberships. Spark Studios received a grant to support its investments towards studio renovations and photography equipment, which will serve to broaden and improve the quality of its photography, studio, and video content services. Jennifer Garcia, Founder, stated, “When I learned that Spark Studios received the Genesis Grant for Good, I was overwhelmed with gratitude. Wins like the one Genesis created allowed me the space and support to grow my company in ways I haven’t been able to in this challenging economy. And when Spark wins, our community wins because of the new opportunities we can create. Thank you, Genesis, for the support, your generosity is a game changer for my small business.”

Vinos Unidos is a vintner and wine distributor, offering a broad and unique variety of wines sourced from Napa Valley. Vinos Unidos received a grant to support its marketing efforts to increase brand awareness, specifically focused on digital content, product materials, social media, graphics, and web design. Robert Jauregui, Co-Founder, stated, “We are so pleased to be a recipient of the Catalyst Grant. When we started Vinos Unidos, we had two goals – Make world class wines and be a positive force in our community. As part of the 1% of winemakers who are Hispanic/Latino, we are proud to be on the leading edge of Latinos known for making great wines, while helping non-profits and foundations with their fundraising efforts. Cheers to Genesis Bank for caring about small businesses like us, we are honored.”

About Fiserv

Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World’s Most Admired Companies™ for nine of the last 10 years. Visit fiserv.com and follow on social media for more information and the latest company news.

About the Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions – propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.

About CVB Financial Corp.

CVB Financial Corp. (NASDAQ: CVBF), is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with more than $15 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 60 banking centers and three trust office locations serving California. Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVBF, visit our Citizens Business Bank website at www.cbbank.com.

About Genesis Bank

Genesis Bank is a California state chartered commercial bank, organized by a group of highly experienced and successful bankers, investors, and business professionals. The Bank focuses on serving the financial needs of small to mid-sized businesses and owners, and investors in income-producing multifamily and commercial real estate located in the Bank’s Target Markets of Los Angeles, Orange, Riverside and San Bernardino Counties, California. Additionally, Genesis Bank is designated by the FDIC as a Minority Depository Institution (“MDI”), and is one of only five diverse, multi-racial MDIs in the U.S., out of approximately 4,600 banks. The Bank is powered by GenTeck^SM, a groundbreaking combination of best-in-class technologies, which are tightly integrated to give clients a seamless, digital first, and transparent experience. The Bank’s products, services, and solutions primarily include traditional commercial business, Small Business Administration (SBA), income property, and owner-occupied commercial real estate loan and deposit products, as well as treasury management, escrow, and Section 1031 exchange services and solutions. Genesis Bank is headquartered in Orange County, California, and can be found online at www.mygenesisbank.com. Genesis is an Equal Housing Lender and Member FDIC.

About Genesis For Good Foundation

The Genesis For Good Foundation (GFG) is a public 501(c)3 philanthropic organization committed to building thriving, inclusive, and vibrant communities by mobilizing private and public resources to advance opportunity and drive positive community impact. GFG collaborates with purposeful partners to take collective action and empower organizations that support underestimated minority-owned businesses and diverse communities. GFG supports organizations and initiatives that serve diverse and predominately low- to moderate-income (LMI) communities in Southern California. GFG looks to partner with organizations that can demonstrate measurable and sustainable impact through their programs and services. Priority areas of focus include entrepreneurship, economic mobility and opportunity, financial empowerment and inclusion, diversity, education, affordable housing, nonprofit capacity building, and digital connectivity. Visit www.genesisforgood.org to learn more about the Genesis For Good Foundation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241113809213/en/

For more information, please contact:

Amilcar Aaron

President and Executive Director of Genesis for Good Foundation

Senior Vice President, Head of Community Impact of Genesis Bank

E-mail: aaaron@genesisforgood.org

Phone: 949-273-1534

Will Han

Executive Vice President, Chief Financial Officer of Genesis Bank

E-mail: whan@mygenesisbank.com

Phone: 949-273-1226

Source: Genesis Bank

FAQ

What is the maximum grant amount offered by Genesis Bank's Catalyst Empowerment Grant Program?

The Genesis for Good Catalyst Empowerment Grant Program offers grants of up to $10,000 to eligible small businesses.

Which companies are supporting Genesis Bank's Catalyst Empowerment Grant Program?

The program is supported by Fiserv, Inc., the Federal Home Loan Bank of San Francisco through its AHEAD Program, and CVB Financial Corp.

Who are the first recipients of Genesis Bank's Catalyst Empowerment Grant Program?

The first recipients are Gutierrez Chiropractic Inc., Prisma Communications, San & Wolves Bakeshop, Spark Studios, and Vinos Unidos.

How can small businesses apply for Genesis Bank's Catalyst Empowerment Grant?

Small businesses can apply through the website https://genesisforgood.org/catalystgrant, with applications accepted on a rolling basis.