Officials with Mechanics Bank, the City of Fresno and Southwest Fresno Development Corp. pose with an oversized check in this photo from Mayor Dyer’s Facebook page
Fresno Mayor Jerry Dyer on Tuesday announced that Mechanics Bank is providing a $2 million social impact loan to support the Southwest Fresno Development Corp.
The 0% interest, 5-year loan will be used to purchase and rehabilitate blighted homes in the 93706 area — transforming them into opportunities for first-time homebuyers, according to a social media post.
The zip code covers a 155-square-mile area that includes Southwest Fresno bounded roughly by Highways 180, 41 and 99.
“This investment is more than a financial boost— it’s a commitment to revitalizing SW Fresno neighborhoods, building generational wealth, and giving families the chance to achieve the dream of homeownership right here in Fresno,” Dyer said.
Earlier this month, Walnut Creek-based Mechanics Bank announced it had expanded its California Community Impact Goals with the closed merger with HomeStreet Bank on Sept. 2. The new Mechanics Bank has 166 branches in California, Washington, Oregon and Hawaii and more than $22 billion in assets.
The proposed goals include increased direct donations (over $3 million per year) and equity-equivalent investments (EQ-2s), and expanding mortgage and small-business lending alongside the strategic deployment of other financial resources, according to a news release.
The Southwest Fresno Development Corp. was established in 2012 to promote and coach residents to homeownership and support small businesses and nonprofits. Its programs include downpayment assistance grants, housing counseling and credit counseling.
The goal is to build more than 1,000 homes in the community over the next 10 years.
“It keeps me up at night when I think about the opportunity that could pass this community by,” Walker said in a 2022 article.