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Bethany Square, LLC
Santa Monica CACDFI Awards for Bethany Square, LLC
NMTC (2008) - $10,000,000
Bethany Square LLC will use its NMTC allocation award to provide financing to extend and expand upon its existing business of providing loans and equity investments with below market rates and flexible, long-term and subordinate terms to support specific real estate projects located in highly distressed, low-income communities in Los Angeles, California. The projected net operating income from these low-income community projects would simply be insufficient, under current conditions, to provide a debt coverage ratio and market rate of return required by traditional commercial lenders. With its NMTC allocation, Bethany Square LLC will be able to provide the financing necessary to ensure financial feasibility for these projects.
NMTC (2005) - $11,000,000
Bethany Square LLC will utilize 100% of its allocation to provide a debt investment in a highly distressed inner-city area in South Central Los Angeles. The investment will support a 3.7-acre mixed-use development involving the construction of new buildings on vacant or underutilized land and the rehabilitation of existing structures. Commercial space will be created for retail tenants, nonprofit offices, affordable housing units, extensive site improvements and cultural facilities. A NMTC allocation will allow Bethany to reduce the cost of borrowing by 25%, offering senior debt that is 350 basis points below market, and mezzanine debt that is 450 basis points below market.
Other Community Development Financial Institutions in California
ACCION San Diego
San Diego
Banco BuenaVentura
Oxnard
Bethany Square, LLC
Santa Monica
BEYOND THE BOTTOM LINE, LLC
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Big Pine Paiute Tribe
Big Pine
Chevron NMTC Fund, LLC
San Franscisco
Clearinghouse CDFI, The
Lake Forest
Comunidades Federal Credit Union
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CT/KDF Community Development Partners, LLC
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El Futuro Credit Union
Porterville
Episcopal Community Federal Credit Union
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Faith Based Federal Credit Union
Oceanside
Genesis LA CDE, LLC
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Housing Trust Fund of Santa Barbara County
Santa Barbara
Impact Community Capital CDE, LLC
San Francisco
Karuk Community Loan Fund, Inc.
Happy Camp
KHC New Markets CDE, LLC
Carlsbad
LA Charter School New Markets CDE
Los Angeles
Los Angeles Development Fund
Los Angeles
Los Angeles LDC, Inc.
Los Angeles
Low Income Investment Fund
San Francisco
Lowe Economic Development Company, LLC
Los Angeles
Mission Area Federal Credit Union
San Francisco
Mission Community Bancorp
San Luis Obispo
Mission Community Bank, N.A.
San Luis Obispo
National New Markets Fund, LLC
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Neighborhood Bancorp
National City
New Markets Community Capital, LLC
Los Angeles
NHS Neighborhood Lending Services
Los Angeles
Northeast Community Federal Credit Union
San Francisco
Northern California Community Loan Fund
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OneCalifornia Bancorp, Inc.
San Francisco
Opening Doors, Inc.
Sacramento
Pacific Community Ventures Investment Partners II, LLC
San Francisico
Pacific Community Ventures, Inc.
San Francisco
Pacoima Development Federal Credit Union
Lake View Terrace
Pasadena Development Corporation
Pasadena
Revolution Community Ventures, LLC
San Diego
Rural Community Assistance Corporation
West Sacramento
TELACU Community Capital
Los Angeles
Women"s Economic Ventures of Santa Barbara
Santa Barbara
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The Program for Investment in Micro-Entrepreneurs Technical Assistance Program is designed to decrease the number of disadvantaged micro-entrepreneurs by helping them enhance their management capabilities, by way of providing them with technical assistance and training in the areas concerning activities that are associated with starting, expanding and growing their businesses.
Small Business Administration Background
The Small Business Administration was established in 1953. Since that time the agency has dispensed millions of dollars in loans and loan guarantees, contracts, consulting assistance and other programs for small business across the United States.
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