LOS ANGELES/Sept. 23, 2002 - In keeping with its mission to support small businesses located in low- to moderate-income areas, Comerica Bank-California announced today that it has made sizable grants to three technical assistance organizations based in the Los Angeles area.
The West Angeles Community Development Corporation and the Vermont Slauson Economic Development Corporation will each receive a grant of $40,000 and $30,000 has been earmarked for the Pacific Asian Consortium in Employment (PACE). The formal presentation of the grants is set for Monday, Sept. 23 at Comerica Bank-California's LAX office.
The West Angeles group intends to provide group training and individual technical assistance to existing and potential small businesses in the Crenshaw community.
With the grant from the bank, the Vermont Slauson organization will focus its efforts on entrepreneurial training, technical assistance and business capitalization services for business start-up and expansions.
PACE will use its grant to help expand its capacity to provide technical assistance to both existing and start-up low income, minority, disabled and women-owned businesses.
"The bank is pleased to present these contributions," said William Becker, the Southern California Community Reinvestment Officer. "They are well established organizations and have a proven track record in providing technical assistance for low income and minority businesses.
"We are sure these grants will have a measurable impact on the Los Angeles area community."
About Comerica Bank-California
Comerica Bank-California is the fourth largest bank headquartered in California, based on assets of $15.6 billion as of June 30, 2002. Comerica Bank-California is a subsidiary of Comerica Incorporated, a $51 billion asset company headquartered in Detroit, with banking subsidiaries in Michigan, California and Texas, banking operations in Florida and business in several other states. Comerica has an investment management subsidiary, Munder Capital Management, commercial banking operations in Canada and a commercial banking subsidiary in Mexico. Comerica Bank-California includes approximately 50 offices in northern and Southern California, as well as offices in numerous other states, including Arizona, Colorado, Washington, Massachusetts, New York, North Carolina, Texas, Georgia, Florida, Tennessee and Virginia.
About West Angeles Community Development Corporation
Executive Director - Dr. Lula Ballton
West Angeles CDC was founded in early 1994 as an outreach program of West Angeles Church of God in Christ. Their mission is to increase social and economic justice, demonstrate compassion, and combat poverty in partnership with low- and moderate-income people in Crenshaw and adjacent communities in South Los Angeles. The CDC develops affordable permanent housing; stimulates business development and job creation; delivers community and youth services, including school-based peer mediation training; and shapes and promotes collaborative planning to build a stronger community. For more information, visit www.westa.org/cdc.htm.
About Pacific Asian Consortium in Employment (PACE)
President & CEO - Mr. Kerry Doi
Founded in 1975, PACE is a community development agency whose mission is to build healthy communities through workforce, housing and business development efforts and to foster healthy future generations of youth through early childhood education and youth advocacy programs. In addition to the Business Development Center, the agency operates a One Stop Workforce Development Center, a community and housing development program, a Head Start preschool program and a YouthBuild training and leadership education program. For more information, visit www.pacela.org.
About Vermont Slauson Economic Development Corporation
Executive Director - Marva Smith Battle-Bey
The mission of Vermont Slauson Economic Development Corporation (VSEDC) is to facilitate community development of the Vermont Slauson area through providing programs structured to revitalize the physical, economic and social life of the community. In order to realize this purpose, VSEDC has developed and implemented a comprehensive approach to community economic development that includes technical assistance and training, business development, housing, commercial and industrial development, youth development programs and community outreach services. They can be reached at (323) 753-2335.
Media Contact:
Keith Turner
Comerica Bank-California
(408) 556-5111
keith_turner@comerica.com
