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By Suzanne Potter, California News Service
Photo via CNS
September 30, 2022 (Sacramento) -- A renewed lifeline is available for small business owners still struggling after the pandemic - as the California Rebuilding Fund has announced it is making an additional $15 million available to fund fixed-rate low-interest loans.
The fund had almost run dry after making $80 million in loans over the past 2 years. Tony Beaman, president of Oakland-based Hacking Solutions, said the program provided his company much-needed capital in the first round.
"It was completely a lifeblood for our company," said Beaman. "We've grown significantly, we've been able to hire. We brought on several new clients. It set us up to really springboard our growth going forward."
To qualify, a company must be based in the Golden State, have fewer than 50 full-time employees, and be in business for more than a year. So far, the program has helped more than 1,300 small businesses.
To apply, go to caloanfund.org.
Luz Urrutia is CEO of Accion Opportunity Fund - a community development financial institution. She said the fund is expecting a stampede of applications, so business owners need to act fast.
"The small businesses that we're talking about generally don't get access to capital from the mainstream financial system," said Urrutia. "And so, they're faced with having to access very high-cost loans. And this program is specifically focused on helping California businesses rebuild after COVID."
The $15 million to revitalize the California Rebuilding Fund came from the Santa Clara County Board of Supervisors, JPMorgan Chase, and the David and Lucile Packard Foundation.
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