SANTA ANA, Calif.– Small Business Development Corporation of Orange County on Sept. 26 received notice of a federal grant award that will further enable it to assist underserved small businesses and their communities.
The $125,000 Technical Assistance award arrives via the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund as part of $27.57 million in such awards issued to 218 organizations during fiscal year 2022. The awards are made during fiscal funding rounds for the treasury’s CDFI Program and Native American CDFI Assistance (NACA) Program. The rollout represents the largest number of technical assistance awards in the history of the two programs, according to a release from the U.S. Treasury’s CDFI Fund.
Small Business Development Corporation was the only technical assistance grant awardee in Orange County following a competitive application process. The evaluation procedure for award selection included a compliance risk evaluation and business plan review.
Technical assistance funds are typically used to support such activities as analyzing target market-appropriate products and services, developing lending policies, building staff capacity, adding new products, and innovating new ways of serving existing markets, the CDFI Fund release said. Specific examples of expenditures covered by the award include personnel services, fringe benefits, travel costs, training and education, equipment and supplies.
“We are truly grateful for this award which is so important to our overall efforts and mission of providing at-risk small businesses access to capital, educational guidance and other assistance, and in that process helping their communities move toward economic success,” said Michael A. Ocasio, president and chief executive officer of Small Business Development Corporation of Orange County. “It is also exciting and humbling to be selected as a finalist for this significant competitive award, and I am grateful for our superb board leadership and skilled staff who work every day to propel us forward in successful fulfillment of our mission.”
Of award recipients for the federal CDFI Fund technical assistance grant, 202 are based in 41 states, the District of Columbia and Puerto Rico and received $25.22 million in CDFI Program awards. The remainder of the technical assistance grant allotment for fiscal 2022 was awarded to NACA Program award recipients in 10 states.
Community Development Financial Institutions have been certified by the U.S. Treasury’s CDFI Fund and operate with a primary mission of serving low-income communities. CDFIs may include credit unions, banks, loan funds and venture capital funds. Small Business Development Corporation of Orange County received state CDFI certification in fiscal year 2017-18.
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.
