SAN DIEGO (CNS) — Small businesses in east San Diego County will be eligible for loans of up to $50,000 under a new revolving loan program approved by the county Board of Supervisors, it was announced Wednesday.
Supervisors voted unanimously Tuesday to approve a proposal by Supervisors Joel Anderson and Monica Montgomery Steppe establishing the "Empower East County Business Revolving Loan Fund."
According to a statement from Anderson and Montgomery Steppe, the grant "will help businesses that may have difficulty accessing traditional financing, providing loans for working capital, equipment, inventory, facility improvements, expansion and job creation."
The program will serve businesses in the cities of El Cajon, La Mesa, Lemon Grove and Santee and communities in unincorporated East County, "while pairing financing with technical assistance through the Small Business Development Center," according to the supervisors.
The program will allow small businesses to access revolving loans ranging from $1,000 to $50,000 for capital, equipment, inventory or other expansion needs, according to a county news release.
