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The Fresno Cen Cal Business finance Group office is located at 5094 N. Fruit Ave. Suite 103, in Fresno. Cen Cal photo
published on November 9, 2023 – 3:55 PM
Written by The Business Journal Staff
A Central Valley nonprofit finance corporation has completed a merger with one its counterparts on the Central Coast.
Officials with Fresno-based Cen Cal Business Finance Group announced Thursday the merger with Santa Maria-based Coastal Business Finance effective Oct. 1.
The merger leaves Cen Cal Business Group as the federally designated certified development company for the merged organization.
Cen Cal will maintain Coastal Business Finance’s current office in Santa Maria. All employees with both organizations will remain on the job.
Cen Cal was founded in 1984, providing fixed-rate, Small Business Administration 504 loans for owner-occupied real estate acquisitions and equipment purchases to small- and medium-sized business throughout the Central Valley and Central California Coast, partnering with banks, credit unions and private lenders.
At the end of September, Cen Cal had 233 loans with $106.5 million in loan balances. Coastal Business Finance had 101 loans with $44.2 million in loan balances.
“We have been actively lending in San Luis Obispo and Santa Barbara counties for about 10 years,” said Cen Cal’s Executive Director Frank C. Gallegos. “The merger makes us a permanent fixture on the Central Coast in a locally staffed office with people who know the needs of the area and are available to help small business clients with SBA 504 real estate loans.”
Lesley Lang-Lopez, senior vice president and senior loan officer at CenCal, will lead the Santa Maria office that will serve the Central Coast and parts of Southern California.
Lang-Lopez has more than 30 years of experience managing SBA teams and lending programs.
Two Coastal Business Finance board members will be added to Cen Cal’s board of directors.
A five-member, non-voting Central Coast advisory committee will be established to provide advice on how to best help businesses in the counties of Santa Barbara and San Luis Obispo.
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