Pan American Bank Joins Los Angeles Mayor Garcetti, Small Business Administration, Elected Officials and Community Leaders to Connect Veterans to Capital

Pan American Bank today announced the “Connecting Veterans to Capital” workshop scheduled for February 5, 2014. The workshop is a collaborative effort between Pan American Bank, the U.S. Small Business Administration, Los Angeles Mayor Eric Garcetti, Congresswoman Lucille Roybal-Allard (40th District), Congresswoman Judy Chu (27th District), State Senator Dr. Ed Hernandez (24th District), Assemblymember Jimmy Gomez (51st District), Los Angeles County Supervisor Gloria Molina (1st District), U.S. Department of Veterans Affairs, Veterans of Foreign Wars Post 4696, East Los Angeles Chamber of Commerce, and Bell Gardens Chamber of Commerce.

In an effort to facilitate lending to veteran-owned small businesses the U.S. Small Business Administration enacted the Veterans Advantage Program that waives the SBA guaranty fee on loans up to $350,000. The Veterans Advantage Program runs from January 1, 2014 through September 30, 2014. The Veterans Advantage Program is an example of the SBA’s commitment to veteran-owned small businesses.

“Of all SBA loans that are made to veterans, 73 percent are at $350,000 and below. The Veterans Advantage Program clearly highlights the SBA’s commitment to serving the men and women that have served our Country and kept us safe at home,” said Pan American Bank CEO Jesse Torres. “Pan American Bank is proud to spearhead this event because we owe it to our veterans to equip them with the tools they need to become successful business owners upon their return home. Our staff is ready to support our veterans by helping them find ways to access capital. We know that the success of these veterans means stronger local communities.”

"Growing numbers of veterans are applying their military skills to create their own businesses and become entrepreneurs. By guiding veterans in accessing capital we can expand opportunities for them to become job creators and build LA's workforce," said Los Angeles Mayor Eric Garcetti.

“On the battlefield, our military pledges to leave no soldier behind. As a nation, we must make that same pledge for every veteran. These men and women have sacrificed so much for the sake of our country and it’s important that we care for them when they return home,” said Congresswoman Judy Chu. “That’s why I am committed to strengthening veterans’ benefits and expanding job training and transitional services. I am proud to lend my support to this event, which will help us accomplish these goals.”

“Our commitment to our military service members does not end when they leave the military. We need to ensure that veterans who have put their lives on the line for our country have the support they need when they return to civilian life. It is my pleasure to support community events like these that go beyond finding quality employment for our Veterans, but provide assistance for Veterans who possess the will, the talents and passion to own their own businesses. The Small Business Administration’s assistance designed especially for Veterans gives them a value-added bonus,” said State Senator Dr. Ed Hernandez, O.D.

“I commend Pan American Bank for taking the initiative to support our military service men and women and for its role in supporting our local communities,” said State Assemblyman Jimmy Gomez. “I encourage our returning veterans to utilize the various opportunities presented by the SBA and other agencies. They deserve nothing less than our full support and commitment in helping them succeed.”

The event will feature special presentations by the SBA and Mayor Eric Garcetti’s Office of Veteran Affairs, a workshop led by Pan American Bank staff about the new loan opportunities and a networking reception for veterans and community leaders. Representatives from the U.S. Department of Veteran Affairs will also be on hand to promote veteran benefits.

About Pan American Bank

Established in 1964, Pan American Bank is California’s oldest Latino-owned bank and the second-oldest Latino-owned bank in the United States. Pan American Bank is also certified by the U.S. Treasury as a Community Development Financial Institution (“CDFI”). Headquartered in East Los Angeles, Pan American Bank has served the needs of the Latino communities in Los Angeles and Orange counties for nearly a half-century. Founded by the first Latina United States Treasurer, Romana Acosta Banuelos, the Bank has stayed true to its mission of transforming and empowering Latino communities through banking relationships built on trust, service, respect, communication, and guidance. Pan American Bank is Member FDIC and an Equal Housing Lender.

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