Genesis for Good Foundation Awarded a Grant to Empower Small Businesses and Historically Marginalized Entrepreneurs

Rhea-AI Summary

Genesis for Good Foundation (GFG) has been awarded a $100,000 grant from the Federal Home Loan Bank of San Francisco's AHEAD Program, in partnership with Citizens Business Bank. The grant will support GFG's Catalyst Empowerment Grant Program, which provides up to $10,000 to eligible small businesses in Southern California's low to moderate-income communities. The program focuses on supporting historically marginalized and underinvested entrepreneurs by providing essential resources, capacity building, networking opportunities, education, and capital. Genesis Bank, as one of only five diverse, multiracial Minority Depository Institutions among approximately 4,600 U.S. banks, collaborated with Citizens Business Bank to secure this competitive grant.

Positive

• Secured $100,000 grant funding for small business support program
• Partnership with established financial institutions (FHLBank San Francisco, Citizens Business Bank, Fiserv)
• Program offers grants up to $10,000 to eligible small businesses

Negative

• None.

Insights

Financial Analyst

The $100,000 AHEAD grant awarded to Genesis for Good Foundation, while supporting a worthy cause, has minimal direct financial impact on CVB Financial Corp (CVBF). With a market cap of $3.06 billion, this community investment represents just 0.003% of the company's value.

The partnership does offer strategic benefits through enhanced Community Reinvestment Act (CRA) compliance and potential business development opportunities in underserved markets. However, the immediate financial impact on CVBF's bottom line or stock performance is negligible. The initiative aligns with broader industry trends toward ESG and community development but isn't likely to materially affect investor returns.

Citizens Business Bank Partners with Federal Home Loan Bank of San Francisco to Award AHEAD Grant to Boost Economic Development in underserved communities across Southern California

ORANGE COUNTY, Calif.--(BUSINESS WIRE)-- Genesis Bank (“Genesis” or the “Bank”), announced today that the Genesis for Good Foundation (“GFG”) will receive a $100,000 grant in support of its Catalyst Empowerment Grant Program, awarded by the Federal Home Loan Bank of San Francisco (“FHLBank San Francisco”) AHEAD Program in partnership with CVB Financial Corp., which is the holding company for Citizens Business Bank.

Working in concert with Genesis Bank and the Genesis Bank Institute for Entrepreneurship, and in partnership with Fiserv, Inc., the Genesis for Good Foundation Catalyst Empowerment Grant Program represents a shared commitment to empowering historically marginalized and underinvested entrepreneurs and diverse business communities. This innovative program serves to support small business owners and diverse entrepreneurs located in low- to moderate-income communities 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 collaborated with Citizens Business Bank to receive the grant from FHLBank San Francisco through a competitive application process. The AHEAD Program enables FHLBank San Francisco members like Citizens Business Bank to give a critical boost to local programs and projects that target pressing community needs and bring greater opportunity to underserved populations.

Stephen H. Gordon, Chairman and Chief Executive Officer of Genesis Bank and Chairman of the Genesis for Good Foundation, stated, “On behalf of Genesis Bank, the Genesis Bank Institute for Entrepreneurship, and the Genesis for Good Foundation, we are honored to receive this grant from the FHLBank San Francisco AHEAD Program. We are also deeply thankful to Citizens Business Bank for sponsoring the Genesis for Good Foundation in support of our application for the AHEAD grant. As one of only five diverse, multiracial Minority Depository Institutions (“MDI”) out of approximately 4,600 banks in the U.S., our growing partnership with FHLBank San Francisco and Citizens Business Bank truly exemplifies the positive impact that financial institutions can accomplish when they collaborate together to support our communities. This grant will enable us to broadly amplify our efforts to support small businesses and make a lasting impact in the diverse small business communities that we serve across Southern California.”

Amil Aaron, President and Executive Director of the Genesis for Good Foundation, and Senior Vice President, Head of Community Impact of Genesis Bank, stated, “We are grateful to have received contributions from Fiserv, Citizens Business Bank, and now FHLBank San Francisco for the Catalyst Empowerment Grant Program. Our mission is to support growth and job creation for diverse small businesses and entrepreneurs, many of which have been historically marginalized and underinvested. We are excited to continue collaborating with more mission-aligned partners in order to foster broader support, expertise, and resources to build upon our programming, outreach, and overall community impact.”

“This grant for the Genesis for Good Foundation delivered in partnership with our member Citizens Business Bank can create life-changing economic opportunity for minority- and women-owned small businesses and entrepreneurs in Southern California,” said Eric Cicourel, community investment officer for FHLBank San Francisco. “We’re proud that for 20 years and counting, the AHEAD Program continues to make a positive impact throughout the communities we serve.”

Jess Tirado, Vice President and Community Development Officer of Citizens Business Bank, stated, “We are grateful to the FHLBank San Francisco and its AHEAD Program, which ensures that people living in lower-income communities have the infrastructure and resources they need to fully participate in a changing economy. We look forward to collaborating with Genesis Bank and the Genesis for Good Foundation on their empowerment program that will support small business owners and diverse entrepreneurs throughout Southern California.”

Small businesses interested in learning more about the GFG Catalyst Empowerment Grant Program can visit https://genesisforgood.org/catalystgrant. Additionally, organizations interested in partnering with GFG to support the GFG Catalyst Empowerment Grant Program can reach us using the contact information below.

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 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 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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241112120437/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

How much grant funding did Genesis for Good Foundation receive from FHLBank San Francisco's AHEAD Program?

Genesis for Good Foundation received a $100,000 grant from FHLBank San Francisco's AHEAD Program in partnership with Citizens Business Bank.

What is the maximum grant amount available to small businesses through the Genesis for Good Catalyst Empowerment Grant Program?

Eligible small businesses can receive grants of up to $10,000 through the Genesis for Good Catalyst Empowerment Grant Program.

Which geographic area does the Genesis for Good Foundation's Catalyst Empowerment Grant Program serve?

The Catalyst Empowerment Grant Program serves small business owners and diverse entrepreneurs located in low to moderate-income communities across Southern California.