In the News - Overview
"S.F. nonprofit Urban Solutions to begin lending"
San Francisco Business Times, by Mark Calvey
Friday, February 12, 2010 - Link to full article >>
San Francisco-based Urban Solutions established California Lending Partners to help Bay Area businesses secure Small Business Administration financing for commercial real estate.
The nonprofit that focuses on community development in low-income neighborhoods took four years to get SBA approval of the certified development company that will compete with TMC Development and Capital Access Group, both in San Francisco, among others.
Urban Solutions expects to invest $250,000 over the next two years in ramping up California Lending Partners, said Jenny McNulty, president and CEO of California Lending Partners and executive director of Urban Solutions. Urban Solutions sees the lender as a steady source of revenue for the nonprofit’s other work. Certified development companies assist small business owners in securing financing under the SBA’s 504-loan program and then servicing the loan.
California Lending Partners has about 25 deals in its pipeline totaling approximately $30 million, said Michel Ottolia, California Lending Partners’ vice president and business development officer, who previously was vice president of SBA financing in the Bay Area for Puerto Rico-based Banco Popular’s small business capital unit.