Eastern American CDC is a Certified Development Lender that provides financial support for its local community’s economic development through cooperation with local governments and local commercial banks. It is a 501 C3 Certified Economic Development Private Non Profit Corporation.
Eastern American CDC’s corporate structure includes CEO and President, Kwon Ho Jung, 9 Board of Directors and 4 authorized loan specialists. Kwon Ho Jung was SBA manager and EVP of community banks.
Eastern American CDC has 9 Board of Directors, 1 professional manager, and highly trained staffs. The Board consists of 5 different background and expertise in internal controls, financial risk management, commercial lending, legal issues relating to commercial lending, and corporate governance. In addition, Eastern American CDC has at least one voting director that represents the economic, community or workforce development fields, and at least two voting directors that represent the commercial lending field.
Each of these groups has its own Board of Directors chosen from its memberships and these directors are part of the Board of Directors, which acts as Executive Committee and Loan Committee.
The professional management team and staff are subject to rigorous SBA training in the SBA 504 program. The management team and staffs are highly skilled and experienced in packaging loans, processing loan applications, closing loans, servicing loans, and if necessary, liquidating such loans. Kwon Ho Jung is the Chief Executive Officer and personally oversees the staffs.