Seven California and Arizona metro areas are among the best in the nation for helping small businesses gain access to financing to help them grow.
In a study sponsored by CNBC, 261 metro areas were evaluated by the total dollar value of business loans approved. The California and Arizona areas that landed in the top 25 are listed below. They are considered among the nation’s best and “can be a difference-maker for entrepreneurs looking to fund a new business or take their current business to the next level,” according to CNBC.
“Many small business owners have struggled to secure traditional bank loans and turned to pernicious online lenders who charge astronomical interest rates,” said Kurt Chilcott, president and CEO of CDC Small Business Finance, a non-profit lender based in California that provides SBA loans and other financing to help entrepreneurs grow and create jobs. “Affordable capital is out there; small businesses just need to know how to find it.”
Small Business Administration (SBA) loans are an attractive financing tool because of low rates and terms that give small business entrepreneurs the flexibility to grow at their own pace. Three reliable SBA programs are the SBA-504 loan for the purchase of buildings and large equipment, and Community Advantage loans and Microloans, often used for working capital needs.
California is a national hotbed for the craft beer industry, spawning over 500 small businesses breweries and generating over 48,000 jobs.
According to the California Craft Brewers Association, craft beer is a $6.5 billion industry in the golden state, providing the largest economic impact of any state.
Over the years, many craft beer entrepreneurs have turned to SBA financing to grow and expand their companies. They’ve used this financing to acquire production facilities, construct buildings, purchase large equipment, buy products and cover working capital needs.
CDC Small Business Finance, a not-for-profit lender, has helped several craft brewing small businesses launch and expand operations, providing nearly $30 million in SBA financing. Here are a few of the companies – including the international brand Stone Brewing – that CDC has assisted with SBA-504 loans as well as Community Advantage and SBA Microloan financing:
Anna Marie Cruz, has joined the not-for-profit CDC Small Business Finance as a loan officer to provide SBA financing to small businesses in the Los Angeles region.
Cruz will encourage small business owners to take advantage of SBA Community Advantage financing (up to $250,000) and SBA microloans (up to $50,000) to help them expand, grow and create jobs.
Before joining CDC, Cruz worked three years for the Asian Pacific Islander Small Business Program, a collaborative of five community organizations focused on assisting Filipino, Chinese, Korean and Japanese small/micro businesses. Prior to that Cruz served as a microenterprise consultant for the United Nations.
CDC Small Business Finance leads the nation in providing Community Advantage loans as well as SBA-504 loans, designed to help small businesses entrepreneurs purchase a commercial/ industrial building or large equipment.