Press Release: Region Finance praises Elk Grove

Press Release

Press Release - Region Finance praises Elk Grove

Posted: 11/09/2017

Region Finance

For More Information
Joshua Wood, (916) 397-4776
CEO, Region Finance
Darrell Doan, (916) 627-3210
Economic Development Director, Elk Grove

Region Finance praises Elk Grove as first city willing to participate in RISE, an innovative policy proposal in which local governments redirect $1 Billion to retain and grow local businesses Elk Grove modifies its investment guidelines to allow up to $15 million being dedicated towards the program, becoming 1st city to adopt such a policy

Sacramento, CA – Region Finance, a newly formed trade association, and the City of Elk Grove announced that Elk Grove has modified its investment guidelines, allowing it to participate in the Responsible Investments for a Stronger Economy (RISE) program. With the changes, Elk Grove can now invest as much as $15 million in RISE. Region Finance aims to advance regional economic growth by encouraging Sacramento region municipalities to redirect investment of $1 billion of its funds into community banks headquartered in the Sacramento region to spur economic growth.

“The City of Elk Grove is excited to be the first city able to participate in this new and innovative program,” said Darrell Doan, Economic Development Director for the City of Elk Grove. “The goals of RISE, supporting local economies and the Sacramento region through business lending, are in perfect alignment with Elk Grove’s strategy of supporting our small businesses by providing them enhanced access to capital.”

Locally headquartered banks such as: American River Bank, Five Star Bank, River City Bank, and others will support economic growth, job creation, and business expansion in the region by reinvesting these funds, along with others that will be dedicated to RISE, in growing local businesses.

“RISE is a simple solution to the problem of lack of funding for local businesses. Municipalities set aside funds that would otherwise be invested outside of their community. These funds are held in locally headquartered community banks who guarantee the municipality the same rate of return, but agree to investing a large portion of those funds into helping local businesses grow, said Joshua Wood, Executive Director of Region Finance. “Every local government in our region should follow Elk Grove’s lead and adopt RISE. It’s a concrete way to infuse local dollars into our economy instead of sending it across the country or oversees. Let’s invest in ourselves as a region.”

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