Heritage Commerce (HTBK) in San Jose, Calif., has teamed with a Bay Area nonprofit group to help low-income entrepreneurs secure startup capital.
The $1.4 billion-asset parent of Heritage Bank said Tuesday that graduates of AnewAmerica's business incubator program would have direct access to Heritage, which will lend up to $5,000 to assist approved borrowers with operating expenses.
AnewAmerica helps low-income families become financially self-sufficient. It currently has about 270 participants in its business incubator, which is said to guide graduates through the loan application process.
"We are continually looking for new ways to help encourage the entrepreneurial spirit in the local community, and are very pleased to be partnering with AnewAmerica to help entrepreneurs succeed in their business ventures," Walt Kaczmarek, Heritage's chief executive, said in a press release.