The OC Microloan Alliance announces a new microloan program for Orange County small businesses. Photo: ©iStockphoto.com
The program will make microloans ranging from $2,000 to $30,000 available to Orange County entrepreneurs and small business owners. Microloans will be offered to start-up, newly established, or growing businesses.
Through the program, the OCHCC, will promote the program and be the first point of contact for interested small businesses and microenterprises. Those that need training or one-on-one consulting to get the loan will then be referred to the Orange County Small Business Development Center (Orange County SBDC), an economic development program of RSCCD. The Orange County SBDC will guide small business owners through the pre-loan process to ensure that all key loan requirements are met. The loan package will be reviewed by SoCal Reinvestment, the microloan underwriter, and qualification for funding will be determined. Once microloans are granted, the Orange County SBDC will continue providing business consulting services and resources for the first year of the loan to boost business success.
The Wells Fargo Foundation donated the initial $100,000 seed money for the microloan pool. Additional community funders are being sought at this time.
The launch event is slated for 9:00 a.m. to 11:00 a.m. at Rancho Santiago Community College District, 2323 N. Broadway, Room 107 in Santa Ana.
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