SANTA ANA, Calif. – Small Business Development Corporation of Orange County was recently awarded a $20,000 operating grant from CIT Bank, N.A., bolstering the nonprofit corporation’s mission of supporting at-risk business ventures. 

 CIT Bank provided the funds for the purposes of supporting technical assistance such as guidance with loan packaging and education as well as support for the loss reserve for SBDC-OC’s Entrepreneur Loan Fund (ELF), a micro-credit program assisting small businesses, in particular those impacted by COVID-19. 

 “We are quite appreciative and extend our gratitude to CIT Bank,” said Michael A. Ocasio, president and chief executive officer of Small Business Development Corporation of Orange County. “The funding is very important in supporting our efforts to provide capital access and resources for businesses in vulnerable communities and the many small business owners who, but for state resources, would have difficulty acquiring access to capital to sustain operations during this critical pandemic including the creation of new jobs.” 

 SBDC-OC is a mission-driven organization dedicated to assisting small businesses, particularly those owned by women, minorities, veterans and the disabled and that are located in underserved communities, in securing operating capital. Funding opportunities are provided through a variety of access programs including its Entrepreneur Loan Fund, California’s State Loan Guarantee Program, Export Lines of Credit, bond conduit and Green Energy Initiatives.

 “Empowering businesses is at the core of our mission and we’re proud to support SBDC-Orange County and the resources they offer to the local community,” said Steve Solk, president of Consumer Banking for CIT. “This grant will support technical and lending assistance to small businesses hardest hit by the COVID-19 pandemic.”