The city of Rancho Cordova has committed to bank with two locally based community banks in order to support local small business lending.
Rancho Cordova has put $5 million each into deposit accounts at Five Star Bank and American River Bank, as part of an initiative by Region Finance, a trade association operated by the Sacramento Region Business Association. The effort seeks to put municipal funds to work in the local business community, said Josh Wood, CEO of Sacramento Region Business Association.
