Community Development Block Grant funding for loans programs and business assistance
CAMARILLO – To spur new hiring and employment growth, the Ventura County Board of Supervisors recently approved $442,502 in funding for the Economic Development Collaborative-Ventura County’s business assistance and loan programs, the organization reported Wednesday in a media release.
The EDC-VC programs are projected to create 71 jobs over the course of the funding period, July 1, 2012 through June 30, 2013. Target communities for these resources include Fillmore, Moorpark, Ojai, Port Hueneme, Santa Paula and the county’s unincorporated area.
Of the Community Development Block Grant funds, $352,612 will be applied to EDC-VC’s loan programs. Small businesses unable to secure commercial credit will receive priority on the below-market-rate loans.
The loans will generally range from $5,000 to $25,000 with the limits and interest rates set by an independent, professional loan board. The program is expected to create 17 jobs in the companies that receive capital.
“Direct small business lending and advising are proven methods to accelerate job creation,” Supervisor Kathy Long, who is also EDC-VC’s vice chair, stated in the release. “We’re able to directly infuse these businesses with the assistance they need now, helping promote jobs and Ventura County’s economic prosperity.”
EDC-VC’s Small Business Development Center will receive nearly $90,000 to fund consulting services for small businesses. Nearly 30 expert advisors provide one-on-one business advising and workshops that are free to businesses. SBDC has a proven track record for business advising and technical assistance and is focused on business stabilization and growth, and job creation and retention. The goal is for the companies that receive services to create a total of 54 jobs.
EDC-VC is a private, nonprofit organization that serves as a business-to-government liaison to assist businesses in Ventura County by offering programs that enhance the economic vitality of the region.
For more information about the Small Business Development Center, loan programs, the Manufacturing Outreach Program, international trade program, or other services available to small businesses through EDC-VC, contact Bruce Stenslie at 805-384-1800 ext. 24 or bruce.stenslie@edc-vc.com Or visit www.edc-vc.com