Article: California Leaders Launch The Capital Corps, LLC

California Leaders Launch The Capital Corps, LLC

  • Prime lender to expand access to capital for homeowners and small businesses, including those with non-traditional credit needs unable to borrow directly from banks.
  • Announces leadership team led by former Banc of California executives Steven Sugarman (Founder, Chairman, CEO), Jeffrey Seabold (co-Founder, Vice-Chairman, Chief Banking Officer), Paul Simmons (Chief Credit Officer), Thedora Nickel (Chief Administrative Officer), Janet Hargreaves (Management Information Systems), and Raquel Gillett (Financial Controls).
  • Announces community advisory board led by Faith Bautista (CEO, National Diversity Coalition (“NDC”) and National Asian American Coalition (“NAAC”)), Jin Sung (Chair, NDC), Jeff Lim (Co-Chair, NAAC), Pastor Mark Whitlock (COR AME Church), and Gil Vasquez (Chair, Los Angeles Latino Chamber of Commerce).

LOS ANGELES–(BUSINESS WIRE)–Founders Steven Sugarman and Faith Bautista announced today the launch of The Capital Corps, LLC (“The Capital Corps”), a California based financial institution focused on providing access to capital to diverse homeowners and small businesses, including those with non-traditional prime credit needs currently unserved by banks and traditional financial institutions. Mr. Sugarman and Ms. Bautista will be joined by co-Founder Jeffrey Seabold and an experienced team of bankers and lenders to serve this marketplace. Additionally, The Capital Corps made the following announcements today:

“The Capital Corps will focus on ensuring its lending platform is scalable, financially strong and the leader in non-traditional prime lending. We seek to meaningfully expand access to capital to the over $100 billion of diverse borrowers that are currently unserved by banks.”

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  • The Capital Corps has formed strategic partnerships with the National Diversity Coalition and the National Asian American Coalition to expand the reach of its programs and ensure the programs are appropriately tailored to the needs of their members.
  • The Capital Corps has appointed Faith Bautista as Chair of its Community Advisory Board and named Jin Sung, Jeff Lim, Pastor Mark Whitlock and Gil Vasquez founding members.

“The launch of The Capital Corps is the realization of a commitment I was proud to announce alongside President Clinton, Mayor Villaraigosa, and the California Reinvestment Coalition in 2015. We pledged to collaborate with community leaders to create a lending platform focused on providing access to capital to credit-worthy borrowers who need it most. Our goal was to reshape lending under the Community Reinvestment Act to be more impactful to underserved communities with better risk adjusted returns for banks. It gives me great pride today to make good on that commitment.” Said Mr. Sugarman.

Mr. Seabold stated, “The Capital Corps will focus on ensuring its lending platform is scalable, financially strong and the leader in non-traditional prime lending. We seek to meaningfully expand access to capital to the over $100 billion of diverse borrowers that are currently unserved by banks.”

To ensure The Capital Corps has robust financial strength and stability, we will seek certification as a community development financial institution by the U.S. Department of Treasury and membership with the Federal Home Loan Bank of San Francisco.

Mr. Sugarman continued, “Employees, borrowers, and the diverse communities we serve must know that their lenders will be there to finance their homes and businesses during all seasons and all cycles, and will not cut and run over short term pressures. The Capital Corps team has demonstrated their commitment to the communities we serve over the long haul. We have set up our governance and structure to maximize our ability to serve all borrowers safely and soundly for decades to come. We couldn’t be more excited to be recruiting partners – capital, community, employee, and strategic – who are authentic, passionate, and mission-driven.”

Founder Faith Bautista, Chief Executive Officer of the National Diversity Coalition, remarked: “I have worked for years to find ways to encourage hundreds of banks to expand their community development efforts to low income and minority communities that are left out of the system. Steven Sugarman was the rare bank CEO who found innovative ways to help our members while ensuring his bank was protected and profitable. That is why he was the first banker who earned the National Diversity Coalition’s highest honor: The Giraffe Award. The award is given to the person willing to stick their neck out for the benefit of doing the right thing for the community. He has the integrity, community commitment, and financial experience that we need. We are grateful to partner with Steven and his team for the benefit of the diverse borrowers who are currently left underserved by traditional banks.”

Jeff Lim, CEO of Island Pacific Supermarkets and Co-Chair of NAAC, stated “Mr. Sugarman and Mr. Seabold helped me grow Island Pacific into the second largest Filipino supermarket in the country through their lending, advise and support. I am thrilled to partner with them to expand access to capital to the next generation of minority owned businesses and entrepreneurs, and to attract capital and build operations in a sound, scalable way.”

In order to ensure that The Capital Corps appropriately meets the evolving needs of the diverse borrowers and communities it serves, it has launched a Community Advisory Board that will provide oversight and advice relating to portfolio lending programs, servicing strategies, and client acquisition and outreach.

The Capital Corps will serve non-traditional prime borrowers by returning to more traditional methods of underwriting residential real estate focusing on the 5-C’s of credit – including a borrower’s character. In its credit decisions, The Capital Corps will place special emphasis on the borrower’s character as opposed to narrow service-bureau-driven credit analytics deployed by banks during the recent credit crisis. The Capital Corps will partner with banks who wish to promote community development goals through lending to underserved communities including low income individuals and communities, borrowers with limited access to capital including African-Americans, Hispanics, underserved Asian populations, women-only borrowers, and borrowers with limited relevant credit histories.

About The Capital Corps, LLC

The Capital Corps, LLC empowers diverse small businesses, entrepreneurs and homeowners to pursue their dreams by expanding access to prime capital for non-traditional borrowers. The Capital Corps focuses on lending secured by residential real estate and provides credit counseling services to its borrowers. The Capital Corps has partnerships with the National Diversity Coalition and the National Asian American Coalition and community leaders to actively participate in the lending process through their Community Advisory Board to ensure its lending programs appropriately reflect the needs of the communities it serves. The Capital Corps’ team is led by its Founders Steven Sugarman and Faith Bautista and co-Founder Jeffrey Seabold. For more information: http://www.thecapitalcorps.com

About The National Diversity Coalition

The National Diversity Coalition is an official 501(c)(3) tax-exempt organization which is comprised of community organizers, faith-based leaders, nonprofit directors, and business owners working collectively for greater financial equality and empowerment for underserved groups. Together we work with corporate and government leaders to advocate for greater opportunities in homeownership, small business, and financial literacy for all people. For more informationhttp://www.nationaldiversitycoalition.org

Faith Bautista Testimonial by Cesar D. Candari, MD, FCAP Emeritus

A TESTIMONIAL FOR FAITH BAUTISTA

A Filipina Appointed to Key Administration Post

    

BY CESAR D. CANDARI, MD, FCAP EMERITUS

Henderson, NV.

    

Faith Bautista of San Francisco, a Filipina-American community leader was one of five members of Community Development Advisory Board appointed by President Donald Trump for terms of 4 years:

This is a key administration post, the White House announced on September 15, 2017.

 

The Community Development Advisory Board’s major function is to give advises to the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund on policies and activities.

    

Faith Bautista is the President and CEO of National Asian American Coalition (NAAC), HUD –approved Homeowners, small business and Consumer Advocacy organization serving our nation’s 20 million Asian Americans. Through Faith’s dedication and handwork, the NAAC has expanded with its headquarters in the San Francisco Bay Area, a housing in San Diego and neighborhood outreach Hope Booths in over 23 island Pacific Shores. Faith advocates in the halls of Congress, in the California Legislature and in front of key Federal legislature, such as the Federal Reserve, FDIC, OCC, FHFA, STC, FCC and SEC and among America’s Fortune 500 corporations, as a major voice for the Asian-American community. She holds a position as  advisory board of first republic bank, one west/cit, banc of ca, Royal business bank, PG&E and consumer action Board.

 

Why All Asian Americans Must Work Together to Fulfill Our Dreams.

The National Asian American Coalition is a unique organization. Faith Bautista stated: “We have a Board of Directors more diverse than any in corporate America; it includes Blacks, Whites, Latinos, Korean Americans, Chinese Americans, Japanese Americans, and Filipino Americans. In addition, Vietnamese American and Cambodian Americans are key members of our staff.

The primary mission is to empower twenty million Asian Americans and two million Asian American small businesses to become a national economic powerhouse.”

Today, the NAAC is the nation’s leading Asian American nonprofit advocating against foreclosures, advocating for greater economic and small business development and in advancing the growing economic and social power of Asian Americans.

Faith added to say: “Working closely with prominent Black, Latino and other Asian American organizations, it is our intention to be a resource for all corporate and governmental leaders that wish to ensure that they have a diverse 21st Century blueprint and footprint.”  National Asian American Coalition is a 501(c) 3 Non-profit Organization, a HUD Approved Home Counseling agency and an IRS approved VITA site.

This writer is a friend and town mate of Faith Bautista who grew up in the province of Antique, Philippines.

 

We have all the reasons to be proud at this very moment for Faith’s appointment. The challenge is very much in our midst. There is so much to be achieved by Filipino Americans in this country our second homeland,  “the land of the free and the home of the brave.” There has been a significant change in the lives of the Fil-Am after the fourth wave landed in this country. The new immigrant generations are more comfortable in America who has shown their impressive services with much recognition and appreciation from the American public.

 

Now, significant and fast-growing Fil-Am communities are in California, New York and Las Vegas.

    

In my previous article I stated;  “we Filipino Americans grow in number, we also become active in matters that impact the lives of the people. What a great CHANGE and improvement in our quest to be recognized by state, county and city government. Filipino empowerments are in our dreams, goals and aspirations in 
this beloved country we have adopted with an awakening, albeit sluggish, finally reached the pedestal from ethnic to mainstream- the levels where we can actually take pride of our multi-cultural diversity.” 

   

 

Today, Filipinos in America are now visible in the American mainstream especially the younger generation. Their families have raised them to levels where they can actually take pride. It is a journey that we all feel proud, awesome to witness.

With high esteem, our congratulations to Faith Bautista and with open hearts we must contemplate on the following statements I wrote in my book “Success is a Journey”: Modest achievements, contributions to society, heroism, and lessons in life, dreams, joys, and woes are parts of life on this earth. Faith has experienced all these in tandem with her profound and compassionate leadership.

 

Leadership is a quality hidden in the personality of a human being. Human personality is very complex, and it is difficult to grade individuals according to one’s personality. Leadership, on the other hand, depends on the organic structure of the personality, which includes experience, skill, responsibility, intelligence, power of organizing people and social interaction. It also includes charity and humanitarian messianic zeal, passion and total devotion. Nothing great in the world has ever been accomplished without passion. That is what Faith Bautista is all about. 

 

Mabuhay!

FCC Consumer Guides in Four AAPI Languages – Now Available Online!

Subject: FCC Consumer Guides in Four AAPI Languages – Now Available Online!

The Federal Communications Commission’s top consumer guides are now available in Chinese, Korean, Vietnamese and Tagalog to better serve Asian American and Pacific Islander (AAPI) communities. Developed at the suggestion of several AAPI advocacy groups, these translated materials are provided to help consumers understand their rights and protections under telecommunications laws and FCC policies.  

Consumer guides address topics that range from understanding your phone bill to stopping unwanted calls, and from wireless technologies to frauds, scams and alerts. They are available on FCC.gov via the following links:

消費者指南 (Chinese)

소비자 안내서 (Korean)

Người tiêu dùng Hướng dẫn (Vietnamese)

Consumer Mga Gabay (Tagalog)

Please help us spread the word about these newly translated materials and share ideas about how to let others know about them. Email us at outreach@fcc.gov

Small Business Development Workshops in San Deigo, CA!

Small Business Workshops happening in San Diego, CA!

SMALL BUSINESS FINANCING Made Easy

Many small business owners believe that getting a small business loan is a difficult and complicated process. The truth is, it doesn’t have to be. Direct Capital, a partner of NAAC, offers small business loans with speed and ease at competitive rates.