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.”
She noted, “The SBDC-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.”
CIT Bank’s Community Development Grant to SBDC-OC was awarded after an invitation from the bank to apply for the funds.
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.
“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.”
ABOUT SMALL BUSINESS DEVELOPMENT CORPORATION OF ORANGE COUNTY
SBDC of Orange County (http://sbfdoc.org) is a 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.
