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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
Monday, August 8, 2016 08:30 AM

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.”

Theresa Martinez, LALCC’s CEO, added, “This is a substantial investment by OneWest Bank that will ultimately lead to greater opportunities for locally owned and operated Latino small businesses and entrepreneurs looking to launch their dream company. The impact of this support will be realized in the training the LALCC will provide its members in order for them to grow and expand and help foster an economic boon in the communities where our members operate.”

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.

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.

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.



Matt Klein, 973-597-2020