Much of the money will be lent to businesses owned by women, minorities or veterans, or those certified by the state as Disadvantaged Business Enterprises.
“Small businesses are the bedrock of the local economy and as these businesses grow and create new jobs, our neighborhoods thrive,” said Reese Jarrett, president and CEO of Civic San Diego, which assists the city in development projects.
Accion CEO Elizabeth Schott said the funds will help the organization provide support to more businesses.
The funding came in the form of a five-year, no interest loan of $200,000 that can be renewed for an additional five years, $40,000 for a loan loss reserve and $10,000 for operating support, said Michael Lengyel, assistant vice president of investment and finance development for Civic San Diego.
He said the agency’s board could approve more funding of up to $200,000 within the next year.
–City News Service
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