the severed his third district is responsible for a business loan portfolio of 12,000 loans worth $4.2 billion. in 2009, the sba approved $500 million in lending. next, we have the executive director of the san francisco small business office. she was in san francisco in 1986 to open the buffalo exchange limited store, and in the 13 years she worked for buffalo exchange, tennis district manager, she held her open the company from four to 11 stores. in 2009, the mayor appointed her as executive director to the office of small businesses. next, we have the ceo of opportunity funds. he has combined his background as a community organizer with an education from stanford to develop an innovative, not-for- profit financial incision that uses market principles to affect systemic change. it operates one of the nation's largest individual development, programs, a leading provider of micro loans in california, and has a robust community real estate finance unit. next, we have the ceo of ne community federal credit union. since 1988, she has been the ceo of northwest community federal credit unio

business development center. we work with clients throughout san francisco. we have worked with working solutions for many years. approximately 25% of the loans and working solutions' portfolios are from a renaissance clients. and their loans are in magnificent boost to the small businesses. right now, as you know, small businesses need all the help they can get, and they're not able to get loans from local banks. of the loans that renaissance does, we actually are not a loan fund. what we do is repackaged loans for our clients, and then we can work with groups like working solutions to get those loans funded. working solutions has been magnificent in both providing support for our clients and in the follow-up support that they provide as well. their rates are superb. and certainly the clients we work with our 80% at low to moderate income. when they agreed businesses, they are creating at least one job, which is full employment for the business owner themselves. with this additional funds, i think it is really the best way to get more capital into the hands of business owners who are either starting are growing their businesses. thank you. supervisor chu: next speaker, pleas

business development center. we work with clients throughout san francisco. we have worked with working solutions for many years. approximately 25% of the loans and working solutions' portfolios are from a renaissance clients. and their loans are in magnificent boost to the small businesses. right now, as you know, small businesses need all the help they can get, and they're not able to get loans from local banks.

, the redevelopment agency had a portfolio of funds to provide grants to businesses in the bayview for restoring storefronts. it was hard to interest businesses in a loan program when we had greagrand dollars fr the same activity. as a result, the funds state dormant for many years and it was the sheriff that we worked to have those incorporated into a revolving loan fund and for the first time we set rates for what those could be lent out and with wells fargo's help, we really expanded the scope from just store front, now they can be used for working capital, inventory, for other improvements and expanded the number of neighborhoods in which it could be used. >> just the expansion, this is to district 11 neighborhoods. this is more recent? >> yes. >> did we see a huge amount of activity that went before the grants program in district 10 that we can talk about said that we can see that there was a lot of businesses that were applying for the grants and choosing that for a loan program? you mentioned that there is the loan program which did not succeed because we had a grant program. what is the evidence that the grant program was actually effective? >>

businesses. but we have a tremendous amount of loan demand and strength in our balance sheet and our portfolio iste portfolio. so we have what's called a great deal of asset sensitivity, meaning that we will benefit from rates going up and the yield curve steepening. >> if that's the case, and i was just talking at the introduction, wells fargo talking about huge amount of excess tier one capital. you do have a small dividend. i understand they have to be approved by your board. but what would be a normalized level of first horizon dividend if we didn't have putbacks and a better yield curve? >> well, it looks to us like that the fed has set a 30% payout ratio in terms of fixed dividend and you use stock repurchases like we're doing to augment that. our earnings because of the mortgage repurchasers are somewhat lower and have had some volatility associated with those repurchases. so as a result of that, we've used the stock repurchase program rather than trying to fix an increase in the dividend today as a way to get capital back and shareholders. and as you and your viewers note. they're fundame