Mission Valley Bank
Climate Impact & Sustainability Data (2023-01 to 2027-12)
Reporting Period: 2023-01 to 2027-12
Environmental Metrics
ESG Focus Areas
- Community Reinvestment Act (CRA) compliance
- Community development
- Small business lending
- Financial literacy
Social Achievements
- Launched financial literacy programs in partnership with Enrich and other organizations.
- Established the CDR Ambassador Program to engage with Black and Latino communities.
- Partnered with various community organizations to provide services and support.
Governance Achievements
- Board and CRA Committee actively oversee CRA plan development and implementation.
Climate Goals & Targets
Long-term Goals:
- Sustainably meet CRA goals and continue serving community needs.
Medium-term Goals:
- Increase small business lending in low-to-moderate income census tracts.
- Expand community development lending and investments.
- Enhance community development services.
Short-term Goals:
- Achieve satisfactory or outstanding ratings based on amended goals within the next 3 years.
Environmental Challenges
- Difficulty meeting initial small business lending goals due to unrealistic targets and economic challenges (pandemic).
- Competition from larger financial institutions in the Los Angeles area.
Mitigation Strategies
- Reassessed and amended small business lending goals based on historical performance and community needs.
- Established an affiliate company to handle SBA loan underwriting and servicing, hired additional staff.
- Contracted with Bankers Health Group to purchase small business loans (short-term solution).
- Increased focus on community development lending, investments, and services.
- Expanded partnerships with CDFIs and other nonprofit organizations.
- Enhanced financial literacy programs.