The first business accelerator in Southeastern San Diego opens, gives a boost to start-up businesses in San Diego, underserved neighborhoods
San Diego CA— As part of its ongoing commitment to support the San Diego community and small businesses, MUFG Union Bank today announced its grant of $300,000 to help fund CONNECT ALL @ the Jacobs Center (CAJC), the region’s first diversity focused business accelerator program. Union Bank executives joined Mayor Kevin L. Faulconer and other special guests, as well as the first cohort of thirteen local start-up companies, at a ribbon cutting, opening ceremony and tour of the new center.
A partnership between the City of San Diego, the Jacobs Center for Neighborhood Innovation and CONNECT, CAJC is geared specifically toward diverse and financially disadvantaged founders of San Diego-based, early-stage startups that are poised for growth and job creation.
A strong supporter of small business in general, Union Bank has made more than $30 million in small business loans to women and minority businesses in San Diego over the past eight years alone. Nearly 30 percent of the bank’s borrowers located in San Diego are women and minority owned businesses.
“Union Bank truly believes that small businesses are the backbone of our communities and we are committed to providing support and resources to help them succeed,” said Julius Robinson, Managing Director, Corporate Social Responsibility, MUFG Union Bank. “CONNECT ALL @ the Jacobs Center embodies the spirit of our commitment to small business and we are proud to partner with the City of San Diego, the Jacobs Center and CONNECT. We can’t wait to hear about the many successful businesses that develop through this program.”
Union Bank will provide an annual $100,000 contribution for three years to CAJC to help it reach its goal of providing opportunity for low-to-moderate income and diversity focused entrepreneurship and spurring economic development in San Diego including in historically underserved communities.
Companies accepted into the CAJC business accelerator will participate in a six-month program tailored to support their various needs, including expert mentors, opportunities to access capital, and free co-working space complete with office equipment, such as high-speed internet and printers. All components of the program will be free to participants; no equity stake required. CAJC also offers a no-cost Business Resource Center foe Entrepreneurs at all levels.
About MUFG Union Bank, N.A.
As of March 31, 2019, MUFG Union Bank, N.A. operated 351 branches, consisting primarily of retail banking branches in the West Coast states, along with commercial branches in Texas, Illinois, New York, and Georgia, as well as 22 PurePoint ® Financial Centers. We provide a wide spectrum of corporate, commercial, and retail banking and wealth management solutions to meet the needs of customers. We also offer an extensive portfolio of value-added solutions for customers, including investment banking, personal and corporate trust, global custody, transaction banking, capital markets, and other services. With assets of $133.4 billion, as of March 31, 2019, MUFG Union Bank has strong capital reserves, credit ratings and capital ratios relative to peer banks. MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE: MUFG), one of the world’s largest financial organizations with total assets of approximately ¥311.1 trillion (JPY) or $2.8 trillion (USD)¹, as of March 31, 2019. The corporate headquarters (principal executive office) for MUFG Americas Holdings Corporation, which is the financial holding company, and MUFG Union Bank, is in New York City. The main banking office of MUFG Union Bank is in San Francisco, California.
1 Exchange rate of 1 USD=¥110.9 (JPY) as of March 29, 2019