The Federal Home Loan Bank of San Francisco’s (FHLBank San Francisco) Quality Jobs Fund invested $5 million into the Central Valley Fund, an investment firm that helps small- and medium-sized businesses expand.
“Many companies like Utility Telecom can expand and create quality jobs if they have access to capital,” José Blanco, managing partner at the Central Valley Fund, said. “We thank FHLBank San Francisco for making this extraordinary commitment to workers.”
The FHLBank San Francisco seeded the new Quality Jobs Fund (QJF) with a $100 million charitable contribution to facilitate job creation and help small business expand in Arizona, California, and Nevada.
Specifically, the QJF supports innovative programs that offer skills training to workers and increase wages for working families. This would lead to an increase in homebuyers.
“Through an ongoing partnership with FHLBank San Francisco we can attract more investment and resources to our area, and I look forward to continuing to work together to expand economic development opportunities in our community,” Rep. Jerry McNerney (D-CA) said.
Greg Seibly, president and CEO of FHLBank San Francisco, said it is clear that fresh ideas are needed on how to increase the pool of potential homebuyers.
“The U.S. economy struggles to create quality jobs that offer wages high enough to allow working families to purchase homes in safe, nurturing communities where they can raise their families,” Seibly said. “FHLBank San Francisco began this process two years ago with research on what strategies best fuel successful job creation and small business expansion. It’s exciting to move ahead and start supporting programs and seeing results that will enhance the quality of life for working families.”