- Products & Services
- Knowledge Base
SACRAMENTO, CA, September 22, 2022 /24-7PressRelease/ -- Thanks to a new $15 million in funding from the Santa Clara County Board of Supervisors, JPMorgan Chase and the David and Lucile Packard Foundation, California small business owners are once again eligible to apply for the California Rebuilding Fund – a program offering low-interest, fixed-rate loans up to $100,000 and free business coaching to businesses with 50 or fewer full-time equivalent employees. While the Fund had been nearly exhausted due to high demand, this additional $15 million in funding offers a second chance for California entrepreneurs.
"Launched during the darkest days of the pandemic, the California Rebuilding Fund has been a lifeline for the state's small businesses," said Scott Wu, Executive Director of the California Infrastructure and Economic Development Bank (IBank), which anchored this program. "Now, as interest rates skyrocket and the lending environment tightens, many of the state's small businesses are again struggling to access the capital they need to survive and thrive. This new funding is just the injection of capital needed to help our entrepreneurs reach their full potential."
A public-private partnership created in 2020 to help the smallest of California's small businesses build back from the pandemic, the California Rebuilding Fund has distributed nearly $80 million in funding to more than 1,300 small businesses around the state – with a particular focus on reaching small businesses that are unable to access traditional bank loans.
"The decision to apply for a loan through the California Rebuilding Fund has been a game changer for my business," said Tony Beaman, President of Hacking Solutions in Oakland. "Working with a CDFI to get a low-interest loan helped me expand marketing and sales operations which led to new clients and contracts. Main Street Launch helped me through every step of the process. This is a great solution for other small businesses looking for trustworthy capital."
"The California Rebuilding Fund and its CDFI partners are providing critical capital and services to small business owners across California. JPMorgan Chase is committed to this public-private partnership and ensuring more California businesses are able to succeed," said Erin Robert, Managing Director and Head of Impact Finance and Advisory, JPMorgan Chase.
The new funds will be available until the closing of the California Rebuilding Fund on Nov. 30 or when funds run out, whichever comes first. Due to anticipated demand, interested small businesses are encouraged to apply quickly.
Small business owners can view full loan terms, see if they are eligible, and apply at https://www.caloanfund.org/.
To set up an interview with a community lender serving small business owners through the California Rebuilding Fund or with a small business owner who has benefitted from the Fund, please contact Cat Ulrich at [email protected] or (202) 630-7839. Interviews are available in English and Spanish.
About the California Rebuilding Fund
The California Rebuilding Fund is a public-private partnership that raises capital from private, philanthropic and public sector investors to support new lending by Community Development Financial Institutions across California. The fund supports the long-term recovery of the state's smallest businesses as they rebuild and recover. Learn more: www.CALoanFund.org.
# # #