Fresno Mayor Jerry Dyer announced on Tuesday that Mechanics Bank will provide a $2 million social impact loan to the Southwest Fresno Development Corp. The five-year loan, offered at zero percent interest, is intended to purchase and rehabilitate homes in the 93706 area of Southwest Fresno. These homes will be made available for first-time homebuyers.
The 93706 zip code covers approximately 155 square miles in Southwest Fresno, bordered 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,” said Dyer.
Mechanics Bank recently expanded its California Community Impact Goals following its merger with HomeStreet Bank on September 2. With this expansion, Mechanics Bank now operates 166 branches across California, Washington, Oregon, and Hawaii and manages assets exceeding $22 billion. The bank’s new goals include increasing annual direct donations to over $3 million and growing equity-equivalent investments while expanding mortgage and small-business lending.
The Southwest Fresno Development Corp., founded in 2012, focuses on promoting homeownership among residents as well as supporting small businesses and nonprofits. Its services include down payment assistance grants along with housing and credit counseling. The organization aims to facilitate the construction of more than 1,000 homes in the community over the next decade.
