Assistance for Stores Damaged in Demonstrations
January 17, 2009, Oakland, CA – With $50,000 in seed money from the Wachovia Foundation and additional assistance from other corporate partners, the East Bay Community Foundation has established a new fund to advance the growth and retention of small businesses in the East Bay.
Along with $40,000 in funding from the City of Oakland, one of the first uses of the fund will be to immediately provide assistance to 48 small businesses in downtown Oakland damaged during vandalism related to public protests of an incident in which a an unarmed man was fatally shot by a former BART police officer.
Damaged businesses identified by the fund can use can use the assistance to pay for their insurance deductibles and repair some costs not covered by insurance. The City of Oakland, along with its public and private partners, will also provide technical assistance and financing support to assist small businesses.
"Plenty of research, including our own, indicates small and mid-size businesses in the East Bay are extremely important engines of economic development," said Nicole Taylor, President and Chief Executive Officer of the East Bay Community Foundation. "Through Wachovia’s generous offer and leadership, we are able to immediately offset physical and financial harm caused to small retail businesses in downtown Oakland. We especially value Wachovia’s early response to this need in being the first local business to begin the call to action."
"We’re pleased to help create this fund, which not only provides immediate assistance to Oakland small businesses in need, but which will also grow to help support the health of small businesses and economic development in the East Bay," said Agnes Ubalde, Wachovia Vice President of Community Relations for Northern California and Nevada Taylor said the Fund will be used to help attract and retain small businesses in the East Bay, particularly in inner-city neighborhoods serving economically disadvantaged neighborhoods. She also expressed hope that Wachovia’s gift will inspire other corporations to contribute.
Pacific Gas & Electric Company (PG&E) has contributed $10,000 to the fund. OneCalifornia Bank and OneCalifornia Foundation are providing $5,000 – specifically for assistance to the vandalized businesses in downtown Oakland.
Assisting small and medium-sized businesses is part of the Foundation’s strategy to focus on advancing economic opportunity for adults and families in need. The Foundation’s other new priority is ensuring young children are successful in the education system so they have adequate economic opportunity when they become adults. |
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