Circle Bank Funds First Loans
As Part of Women’s Initiative Grant
$100,000 Pledge Designed
To Support Entrepreneurs
Traditionally “Ignored”
Novato—March 23, 2011 - Circle Bank today announced that it had funded the first loans of a $100,000 loan pool designated for Women’s Initiative clients. Women’s Initiative is a Bay Area non-profit that provides high-potential, lower-income women the training, resources and on-going support to start and grow their own business.
The initial loans were made to:
- Lauren Clymer, founder of Runway Junkie (www.runwayjunkie.com), an online community where women buy
and sell designer clothing and accessories while supporting non-profit organizations and
- Victoria Bianchi, owner of Biscotti di Bianchi (www.biscottibianchi.com) which makes gourmet biscotti for retail
sale in Northern California.
In 2010, Circle Bank (www.umpquabank.com) committed to fund loans from $1,000 to $10,000 for terms up to five years. The program provides funding for start-up and expansion micro-loans to women entrepreneurs and small business operators to cover start-up or expansion costs such as business licenses, computers, delivery vehicles, foodservice equipment and employees.
“Our commitment to the Women’s Initiative,” said Kim Kaselionis, CEO and president of Circle Bank, “is designed to support women who have the initiative and the desire to start or to expand their businesses and to help overcome the lack of capital availability which has been a primary factor in preventing their success.
“Frankly, banks have been remiss in recognizing the talents and business acumen of small business women entrepreneurs. These women have been ignored. We want to change that.”
Clymer and Bianchi are prime examples of the types of individuals that the Women’s Initiative was formed to support.
Said Clymer, “When someone buys or sells on RunwayJunkie.com, we donate 10 percent of our proceeds to pro-women organizations, but also we aim to build financial self-sufficiency among members and provide information and forums on social issues affecting women worldwide.”
Bianchi, whose Italian American family has been in the baking and food business since the early 20th century, has turned her love of cooking into a thriving business, baking gourmet biscotti. “We have developed a following at small local groceries and farmers markets. We only use the finest, freshest, all-natural ingredients.”
“Both business owners worked with us to create comprehensive business plans,” said Nicole Levine, executive director of Women’s Initiative in San Francisco and the North Bay. “They began their businesses on a shoestring budget and needed some capital funding to get to the next level and make their dreams a reality.”
About Women’s Initiative
Since 1988, Women’s Initiative has provided high-potential, low-income women with the training, funding and ongoing support to start a business and become financially self-sufficient. The unique program addresses the cultural, social and economic barriers to self-sufficiency. The women who go through the training program significantly increase their income and assets while launching businesses, employing others and stimulating the local economy.
About Circle Bank
Circle Bank (www.umpquabank.com) is a full-service bank, providing a broad range of financial services to consumers and businesses. It is headquartered in Novato, with branches in San Rafael, Petaluma, Santa Rosa and San Francisco’s Noe Valley. It will open a new branch in Corte Madera’s Town Center Mall in April. The Bank had total net assets of $301 million as of the quarter ending December 31, 2010.
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