Not only does PMF have expertise in export finance and help lots of small businesses through that. But we also have ChinaMart as a partner to help locate good buyers in China and abroad.
Los Angeles, CA (Vocus/PRWEB) February 03, 2011
1st PMF Bancorp CEO Stephen Perl and Los Angeles Mayor’s Office Small Business Lending Advisory met to discuss new programs to increase lending to small businesses at Mayor’s Press Conference Room on January 26th. MBOC (Minority Business Opportunity Center) Executive Director Linda Smith and PMF CEO Stephen Perl agreed upon long-term partnership and further cooperation in the coming year to create new export lending programs.
In the meeting, bankers and executives from the major banks in Los Angeles were gathered at the Mayor’s Office. MBOC Executive Director Linda Smith and Business Development Manager Ronald A. Lowe gave welcome remarks, and then introduced the latest programs developed by the government to help small to mid size minority companies survive in this economy downturn. MBOC will be referred to as MBDA (Minority Business Development Agency) Business Center starting April 1st, 2011.
Among the top bankers was Mr. Stephen Perl, CEO of 1st PMF Bancorp, which has specialties in financing minority companies and trade finance. Mr. Perl has been working with minority businesses for about 15 years, and has been working with LA Mayor’s Office for more than five years.
“We focus on helping them (small businesses) with their working capital when traditional banks don’t see them as having a long enough history. They need two to four years of financials in order to get financing from traditional banks. We build the gap for financing the minority companies very well,” said Perl.
The new programs at the Mayor’s Office focuses on developing policies and programs to make it easier for small businesses to do business in Los Angeles, such as streamline daily business with the city, provide consulting services to qualified businesses, and help small businesses get access to capital.
“The new program focuses on a larger minority business with $1 million to $50 million annual sales. It not only creates jobs, but also much more financeable even for small finance companies. We’ll join the opportunity to support the Mayor’s Office. We hope to embrace this new program and help Los Angeles to create more jobs,” said Perl.
After the meeting, Mr. Perl and Ms. Smith had a conversation about PMF facilitating Mayor’s Office with the export transactions for the new program. “Not only does PMF have expertise in export finance and help lots of small businesses through that. But we also have ChinaMart as a partner to help locate good buyers in China and abroad,” said Perl.
1st PMF Bancorp is introducing a new financial product “the Minority Export Lending Program”. This program will support small businesses with $1 million to $50 million annual sales with export lending credit. Mr. Perl believes that this program is in consistent with Mayor’s Office to reach their goals in the new year. For more information about this program and PMF, please visit http://www.pmfbancorp.com.
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