ORANGE : Loan Plan Aimed at Small Businesses
The city’s economic development division is offering loans to small businesses that qualify under its federally funded Small Business Loan Program.
Businesses eligible for assistance include those that will create or retain jobs for low- and moderate-income residents, as well as those that provide goods and services in areas designated by the U.S. Department of Housing and Urban Development.
Loans are offered at a 3% interest rate and can be used for property improvements, capital equipment purchases and working capital. Repayment terms vary depending on the use of funds.
“It’s very difficult for businesses to obtain loans for less than $50,000 in today’s conventional lending market,” said Ellen Bonneville of the city’s development division. “We saw a strong need for such loans in the small business community and, for the first time, tapped into the city’s community development block grant entitlement funding.”
For more information, please call Victoria Cleary or Cherene Sandidge with the city’s development division at (714) 771-2315.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
