Small businesses in Orange County and the Inland Empire will soon benefit from a grant JP Morgan Chase recently made to CDC Small Business Finance.
The $50,000 grant from Chase will support CDC’s efforts to increase awareness of microloans ranging from $5,000 to $20,000 that are available for low- and moderate-income borrowers or small businesses in those neighborhoods.
CDC is currently issuing loans from a $100,000 pool of capital.
As many as 15 Orange County and Inland Empire companies are expected to receive microloans from the $100,000pool, allowing them to create and retain jobs.
“There continues to be a steady demand for microloans,” said Sue Baaden, Market Manager for Chase Business Banking. ”We are delighted to support CDC Small Business Finance in its efforts to assist local entrepreneurs in their expansion efforts.”
Women entrepreneurs are getting their share of attention this week as we approach International Women’s Day March 8. New research shows that the number of women-owned small businesses has grown 59 percent since the late 1990s. According to financial research firm NerdWallet, California can claim three cities (San Francisco, San Jose, San Diego) that rank in the top 15 in terms of percentage of women-owned businesses.
CDC Small Business Finance has approved $1.5 billion in total financing for women-owned companies buying their own buildings, and over $33 million in other SBA loans for women entrepreneurs. Some 34% of CDC loans go to businesses owned by women, minorities and military veterans.
CDC Small Business Finance received top honors this week for excellence in social media marketing. The award was presented by the National Association of Certified Development Companies (NADCO) as part of its national marketing contest to identify industry leaders in marketing communications. CDC was recognized for its strategic development of social media campaigns that featured the use of LinkedIn, Twitter, YouTube and a company blog. Messages were designed to increase small business owner awareness of SBA-504 financing used to purchase commercial real estate.