BUSINESS | Special Grant Opportunity – San Bernardino, CA
Microloans Offer Inland Empire Small Businesses Affordable, Predictable Financing – And a Special Grant Opportunity for those in San Bernardino
With the number of Inland Empire small businesses increasing by over 20% since 2014, there is a growing need for capital in the community as entrepreneurs race to hire employees, buy equipment, and cover expenses during their critical startup, acquisition, or expansion period. Many small businesses need less than $50,000 to tide them over until cash flow is more regular.
The first place many small businesses may turn for financing is their bank. However traditional financing sources can have credit requirements that prohibit many entrepreneurs – particularly those of color – from accessing the capital they need to grow. All too frequently, the only alternatives may appear to be merchant cash advances or hard money lenders, who may offer quick cash but with extremely high interest rates. This can leave small businesses in a far worse position long-term, and hinder growth as they deal with unpredictable payments.
Our community’s entrepreneurs deserve a partner committed to fostering their success, rather than merely capitalizing on it,” asserts April Lewis, a Loan Officer based in the Inland Empire. “When embarking on a new business venture or expanding operations, strive to establish financial stability. Opting for a lower rate loan from a nonprofit lender dedicated to your best interests empowers you to concentrate on business growth.”
Microloans: an Alternative To Traditional Bank Financing
As an alternative to traditional banks or hard money lenders, we offer a number of Microloans to support the small businesses throughout the Inland Empire. For small loans under $50,000, entrepreneurs can find competitive market rates starting at Prime +2.75%, repayment terms of 6 years, and funds that can be used for working capital, operating expenses, tenant improvements and equipment. The loan can also be used to acquire a business or start a new one, as well as refinance existing business debt.
A Special Offer for You or Someone You Know
For a limited time, CDC Small Business Finance is proud to partner with the MicroEnterprise Collaborative and the James Irvine Fund to offer small businesses operating in the City of San Bernardino a unique incentive when working with us for a Microloan:
Up to $5,500 that can be used for down payment assistance and/or loan fees.
That’s right, to help small businesses in the City of San Bernardino thrive, we are offering grant funds that do not need to be repaid, to further illustrate how we want to be your lender and partner.
The Importance of Partnership
When looking for an SBA lender, entrepreneurs should also consider how well their lender knows their industry and community, and what kind of support they offer beyond just financing.
“When a small business comes to us for a loan, that’s just the start of how we come alongside, connect them, and set them up for success” says April.
CDC Small Business Finance has been among the leading SBA Microloan lenders in California for over three decades, and offers all borrowers access to complimentary business advising support before and after their loan is closed. Our loan experts look at a borrower’s complete background and financial picture when making credit decisions, rather than the more rigid requirements of traditional lenders. As part of the Momentus Capital branded family of organizations, it is our mission to help overcome systemic barriers to capital that many entrepreneurs have historically faced.
With small businesses comprising 99% of the Inland Empire’s overall business population, CDC Small Business Finance understands that it is vital for these entrepreneurs to have access to the capital and opportunities they deserve in order for the local economy to continue thriving.
Click here to learn more about the SBA Microloan program for San Bernardino and Inland Empire Entrepreneurs
