CIT Bank Provides $100,000 Grant to COR Community Development Corporation
June 13 2016 - 8:30AM
Business Wire
- Grant Provides Ongoing Support for COR
Innovation Fund, a Micro Fund and Entrepreneurial Program Targeting
At-Risk, Low-Income Youth in Orange County
- Participants Will Go Through a Rigorous
Financial Education Program and Create a Business Plan
- Select Participants Eligible for
Financing to Invest in Their Business
- Supporting Initiatives Such as the COR
Innovation Fund is Crucial Part of CIT Bank’s Commitment to the
Communities of Southern California
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 COR Community
Development Corporation, the non-profit of Christ Our Redeemer
African Methodist Episcopal Church, located in Irvine, California.
The grant will be used to provide ongoing support for the
development of the COR Innovation Fund, a micro fund and
entrepreneurial program targeting at-risk, low-income youth in
Orange County. Participants go through a rigorous financial
education program and ultimately create a business plan that they
execute. Select participants are eligible for financing to invest
in their business as part of the program. CIT Bank is the U.S.
commercial bank subsidiary of CIT Group Inc. (NYSE: CIT),
cit.com, a leading provider of commercial lending and leasing
services.
Reverend Charles Dorsey, Executive Director, COR Community
Development Corporation, said, “For the past 15 years, we have
specialized in meeting the needs of low and moderate income
individuals. This grant will make a significant impact supporting
our Innovative Impact Fund Young Entrepreneur Academy (IIFYEA)
program, which offers financial literacy, life skills, business
basics, and self-empowerment character building for Orange County
high school and community college students. IIFYEA targets young
people from poorly serviced communities and those currently in the
Orange County ‘alternative’ school system, known as Access. We are
pleased to partner with CIT to support this life-changing
program.”
John Erickson, President of Consumer Banking and President,
California, CIT Bank, said, “The Innovative Impact Fund Youth
Entrepreneur Academy provides a viable alternative pathway for
underserved youth to use their talents, skills and passions to make
a positive impact on their life and the lives of others. Supporting
initiatives such as the IIFYEA is a crucial part of CIT’s
commitment to provide banking services to underrepresented and
underserved communities of Southern California while investing in
the communities where we do business and our employees live and
work.”
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COR Community Development Corporation (COR CDC) is the economic
development arm of COR AME Church, Irvine, CA. COR CDC is
committed to empowering communities and transforming lives through
the work of economic and community development. For the past
15 years, COR CDC has embraced the task of supporting youth
education, offering financial literacy, granting need-based
scholarships to undergraduate and graduate students, and meeting
the social service needs of affordable housing communities in the
Orange County and throughout the state. corcdc.org
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. cit.com
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CIT MEDIA RELATIONS:Matt Klein, 973-597-2020Director,
Media RelationsMatt.Klein@cit.comorCIT INVESTOR
RELATIONS:Barbara Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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