SANTA ANA, Calif. – Small Business Development Corporation of Orange County received $20, 000 in CRA bank grants recently that will be used to further its mission of helping entrepreneurs and owners of small ventures weather difficult times and plan for expansion.
The not-for-profit corporation, or SBDC-OC, received a $10, 000 grant each from City National Bank and CIT Bank, N.A. this summer, and is utilizing the funds for its Entrepreneur Loan Fund which directly lends to businesses. The two bank grants are allocated under the federal Community Reinvestment Act through which banks promote economic development in low and moderate-income communities.
The grant from City National, which is called the Economic Development Small Business Support grant is intended to “enhance the vitality and well-being of our small business Orange County communities, ” said Theresa DonLucas, CRA Officer. “City National Bank recognizes the work SBDC-OC is doing and trusts in their mission to assist small businesses to access capital, to help grow companies and to create jobs.”
News Flash • Lake Wales, Fl • Civicengage
She noted, “TheSBDC-OC’s work aligns well with City National Bank’s P.R.I.D.E. values -- People, Relationships, Integrity, Dedication and Entrepreneurs. By supporting and providing such grants, we honor our values and are able to make a positive impact on our communities – growing small business together.”
Small Business Development Corporation of Orange County provides a variety of capital access and credit programs with a particular focus on aiding businesses owned by veterans, women, people of color, and the disabled.
Its programs include the Entrepreneur Loan Fund, bond conduit program, loans for replacement of underground storage tanks, and its flagship state loan guarantee program that provides credit guarantees to eligible businesses who need assistance obtaining a conventional bank loan. The state guarantee program is funded and administered by the state’s California Infrastructure and Economic Development Bank, or IBank. During the Covid-19 pandemic, SBDC-OC has also offered Disaster Relief Loan Guarantees through IBank with guarantees of 95% for eligible loans up to $1.25 million.
Incentives Downtown Orlando
“We are deeply grateful for the grant awards from CIT Bank and City National Bank as such funds are vital to our ability to provide a variety of capital programs for our business community, ” said Richard Lee, Small Business Development Corporation’s Senior Vice President of commercial lending. “As this pandemic continues, small companies need as many options as possible for acquiring the necessary funds to sustain and grow their businesses and these grants are one avenue by which we can provide those options.”
SBDC of Orange County (http://) isa quasi-public/private 501(c)(3) not-for-profit public benefit corporation, which operates under the state’s public municipal bank, The California Infrastructure and Economic Development Bank (IBank). SBDC of Orange County is not affiliated with the U.S. Small Business Administration.
The corporation, established in 2001, is a mission driven organization dedicated to assisting small business owners secure operating capital through its capital access programs including California’s State Loan Guarantee Program, Export Lines of Credit, Bond Conduit and Green Energy Initiatives to support small business access to credit.The City of Fort Lauderdale Community Redevelopment Agency (CRA) announces an Emergency Business Investment Program designed to provide relief for businesses affected by the COVID-19 pandemic. The program will provide up to $10, 000 in forgivable loans that may be used toward rent or mortgage payments, employee payroll, or utilities.
Strategic Finance Plan For The Downtown/city Center Cra District Amendment 14
Applications are being accepted for eligible small businesses located in Fort Lauderdale’s Northwest Progresso Flagler Heights Community Redevelopment Area (NPFCRA) as well as the Central City CRA. Also, eligible businesses in low- and moderate-income areas of the City of Fort Lauderdale and businesses that employ low-and- moderate income workers throughout the City of Fort Lauderdale may also apply.
“Small businesses are the backbone of our economy, and many are struggling as a result of the COVID-19 pandemic, ” said Mayor Dean J. Trantalis. “We have created an Emergency Business Investment Program to help support them in these difficult times. The assistance can help pay bills and stabilize operations. As a city, we need to do all we can to assist in the long-term economic recovery.”
Providing small businesses with financial support through the Emergency Business Investment Program can bring stability to the local economy, reduce commercial vacancy rates, and help balance rents in the two CRA areas and the community-at-large. The initiative is targeted to business entities that are less likely to be served by the Small Business Administration, including those owned by minorities and women, those that have changed their business models to retain hourly workers, and those that are vital anchors in the Fort Lauderdale community.
May 2022 Community Reinvestment Act Reform Update
Applications for the Emergency Business Investment Program will be available online beginning July 15, 2020 and will be accepted until funding is exhausted. The City allocated $1.34 million to fund the emergency relief program. The three grant funding sources include: $500, 000 from the NPFCRA, $340, 000 from the Central City CRA, and $500, 000 from Community Development Block Grants through the CARES Act.
Applicants must meet program criteria in order to be eligible to receive a forgivable loan. Businesses must be located in the NPFCRA or the Central City CRA or an eligible low- and moderate-income community (as defined by the U.S.Department of Housing and Urban Development (HUD)) and have been in operation for at least six months. Eligible applicants may employ up to 10 people and earn up to $1 million in annual revenue. Applicants should also have a current Business Tax Receipt (BTR) and have not received federal or state COVID-19 assistance or relief at the time of the application. Additional qualifications may apply. The loans will be zero-interest for 24 months. The loans maybe forgiven, if all conditions are met, otherwise they must be repaid at the end of that term.
Applications are being accepted for eligible small businesses located in Fort Lauderdale’s Northwest Progresso Flagler Heights Community Redevelopment Area (NPFCRA) as well as the Central City CRA. Also, eligible businesses in low- and moderate-income areas of the City of Fort Lauderdale and businesses that employ low-and- moderate income workers throughout the City of Fort Lauderdale may also apply.
“Small businesses are the backbone of our economy, and many are struggling as a result of the COVID-19 pandemic, ” said Mayor Dean J. Trantalis. “We have created an Emergency Business Investment Program to help support them in these difficult times. The assistance can help pay bills and stabilize operations. As a city, we need to do all we can to assist in the long-term economic recovery.”
Providing small businesses with financial support through the Emergency Business Investment Program can bring stability to the local economy, reduce commercial vacancy rates, and help balance rents in the two CRA areas and the community-at-large. The initiative is targeted to business entities that are less likely to be served by the Small Business Administration, including those owned by minorities and women, those that have changed their business models to retain hourly workers, and those that are vital anchors in the Fort Lauderdale community.
May 2022 Community Reinvestment Act Reform Update
Applications for the Emergency Business Investment Program will be available online beginning July 15, 2020 and will be accepted until funding is exhausted. The City allocated $1.34 million to fund the emergency relief program. The three grant funding sources include: $500, 000 from the NPFCRA, $340, 000 from the Central City CRA, and $500, 000 from Community Development Block Grants through the CARES Act.
Applicants must meet program criteria in order to be eligible to receive a forgivable loan. Businesses must be located in the NPFCRA or the Central City CRA or an eligible low- and moderate-income community (as defined by the U.S.Department of Housing and Urban Development (HUD)) and have been in operation for at least six months. Eligible applicants may employ up to 10 people and earn up to $1 million in annual revenue. Applicants should also have a current Business Tax Receipt (BTR) and have not received federal or state COVID-19 assistance or relief at the time of the application. Additional qualifications may apply. The loans will be zero-interest for 24 months. The loans maybe forgiven, if all conditions are met, otherwise they must be repaid at the end of that term.
0 comments
Post a Comment