The SCV Economic Development Corporation (SCVEDC) is making significant strides in supporting local businesses and announced Tuesday their partnership with the Valley Economic Development Center (VEDC) offering Santa Clarita Valley’s small businesses access to capital through the Small Business California Loan program.
Offering businesses loan amounts ranging from $50,000 to $750,000, the Small Business California Loan Program provides funding for business purchases including equipment, inventory, tenant improvements, owner occupied commercial real estate and more. Funds are paid directly to vendors minimizing the risks of irresponsible spending as well as enabling businesses to funnel associated costs through the program rather than incur out-of-pockets expenses.
“Leveraging our relationship with the VEDC has provided us with the ability to offer additional capital to local businesses that are looking to enhance their operation by expanding their business, completing tenant improvements or purchasing new equipment,” remarked Jonas Peterson, CEO of the SCV Economic Development Corporation.
Funding is determined on a case-by-case basis and is available to businesses that employ 5-100 individuals and that have been in operation for at least two years. The Small Business Loan program can also approve capital for new business start-up to qualifying applicants.
“We are delighted to partner with the Santa Clarita Valley Economic Development Corporation to bring financial support to Santa Clarita’s small businesses. We recognize the challenges that small businesses are currently facing. Through the Small Business California Loan Program, we now have access to capital to support these businesses and give them the opportunity to thrive and grow,” Roberto Barragan, VEDC President.
The Santa Clarita Valley Economic Development Corporation strives to provide local business with the resources to succeed in the Santa Clarita business community to sustain jobs as well as further develop industry in Santa Clarita to create more local job opportunities.
Business owners looking to apply for a Small Business Loan through the SCVEDC and the VEDC should contact the SCV Economic Development Corporation at (661) 288-4410 or at SCVEDC.org for additional information.