CIT Provides $100,000 to Los Angeles Latino Chamber of Commerce for Technical Assistance to Small Businesses

  • LALCC Supports Economic Development in the Latino Community of the
    Greater Los Angeles Metropolitan Area
  • Grant Supports Further Development of Small Business Technical
    Assistance Services of LA Latino Chamber of Commerce (LALCC) Foundation
  • Services Include Consulting and Workshops on Improving
    Technological Efficiency, Accessing Capital and Gaining Contracting
    Opportunities

IRVINE, Calif.–(BUSINESS WIRE)–OneWest
Bank
, a division of CIT
Bank, N.A.
, (Member FDIC, Equal Housing Lender), which offers
products and services to consumers through a network of retail branches
in Southern California, today announced it provided a $100,000 grant to
the Los
Angeles Latino Chamber of Commerce
(LALCC), a non-profit
organization that supports economic development in the Latino community
of the greater Los Angeles metropolitan area. This grant will support
the further development of the technical assistance services offered by
the LALCC Foundation, the LALCC’s learning effort, which include
one-on-one consulting and workshops on improving technological
efficiency, accessing capital and gaining contracting opportunities. CIT
Bank is the U.S. commercial bank subsidiary of CIT
Group Inc.
(NYSE:CIT), a leading provider of commercial lending and
leasing services.

Gilbert R. Vasquez, Chairman, Los Angeles Latino Chamber of Commerce,
said, “The LALCC supports the expansion of economic opportunities in the
communities we serve and the profitable growth of our members’
businesses. Through courses and counseling, the programs of the LALCC
Foundation impart the core capabilities needed to run a successful
business in today’s competitive marketplace, including strategic
planning, accessing capital, finance and accounting, e-commerce and
obtaining certification for procurement opportunities. OneWest’s
investments in the LALCC are essential to our efforts to help Latino
small businesses throughout the Los Angeles region thrive and prosper.”

John
Erickson
, President, Consumer Banking and President, California,
CIT, said, “This grant helps the LALCC deliver technical assistance
services that will allow local small businesses to grow and become more
efficient while sustaining and creating jobs in the Los Angeles area. In
addition, this grant will enable the LALCC to acquire tablets for its
Business Technology Center, where small business owners can experience
the latest in business technology and learn how they can use technology
to help drive their growth. Supporting small businesses is an essential
part of our philanthropic activities and a core element of our
commitment to facilitate the economic development of communities across
Southern California.”

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About the Los Angeles Latino Chamber of Commerce

The Los Angeles Latino Chamber of Commerce (LALCC) is a nonprofit,
501(c)3 organization. The purpose of the LALCC is to assist, organize
and unify Latino business owners to: (1) generate increased levels of
business between members; (2) generate increased levels of business from
outside the Latino community; (3) provide valuable and permanent member
services for the improvement and success of their businesses; (4)
advocate for small and medium-sized businesses on a regional, statewide,
and national basis; and (5) provide overall leadership on relevant
business issues, as well as community economic development issues. LALCC
currently targets its services to Latino and other minority businesses
in five Southern California counties: Los Angeles, Orange, Ventura, San
Bernardino and Riverside. lalcc.org

About the Los Angeles Latino Chamber of Commerce Foundation

The goal of the Los Angeles Latino Chamber of Commerce (LALCC)
Foundation is to help businesses retain employees, create new job
opportunities, and participate in new contracting opportunities by
providing consulting, training, financing, and procurement opportunities
to the LALCC’s member businesses. With today’s demanding and
ever-changing economy, the LALCC Foundation’s services are focused on
assisting business owners to be ready for economic opportunities as well
as cultivating an environment for job creation. lalcc.org/business-assistance/

About CIT

Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more
than $65 billion in assets. Its principal bank subsidiary, CIT Bank,
N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of
deposits and more than $40 billion of assets. It provides financing,
leasing and advisory services principally to middle market companies
across a wide variety of industries primarily in North America, and
equipment financing and leasing solutions to the transportation sector.
It also offers products and services to consumers through its Internet
bank franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com

Contacts

CIT
MEDIA RELATIONS:

Matt Klein, 973-597-2020
Director
Matt.Klein@cit.com