ReStart Small Business Loan of $15k-$30k: Who is Eligible to Apply?

By: Sharjeel Sohaib

• 

Jan 14, 2022

 • 

Business Loan

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The Riverside County Office of Economic Development announced it has partnered with AmPac to provide business restart loans to small businesses.

The details published by the Economic Development department are as follows:

Restart loans are available to businesses located anywhere in the county. Loans may be given for $15,000 to $30,000.

We Covered this in our Weekly Wire Roundup

Eligible Business Types

  • Private for-profit
  • Businesses with 25 or fewer employees
  • Minimum 2-year operating history

Restart Loans ($15,000-$30,000)

  • Interest Rate: 3.75%
  • Term: 5 years (60 months)
  • No payments for the first six months

You can apply for the loan here.

Micro Loans and Grants by Riverside Office of Economic Development

1. The PIVOT Microloan

This loan program is for Southern California businesses in San Bernardino, Riverside, and East Los Angeles County. The PIVOT provides capital to new and existing small businesses to finance the adjustments they need for their operations to grow and thrive.

Excluded business types or uses:

  • Real estate company
  • Housing construction
  • Churches without revenues beyond the tithe
  • Gambling facility
  • Adult businesses: Video, bookstore, and club

2. Altura CU Emergency Loans

 Requirements

  • Credit qualification required
    • FICO must be 600 or above
  • Member must show recent proof of income
    • We understand that you may have reduced or no wages at this time; however, we want to review your “normal” earnings to calculate the debt-to-income ratio.
  • Loan document signing via DocuSign

3. CA Jump Start Loan Program

The Jump Start Loan Program (Jump Start), administered through iBank, helps small businesses start, grow, and thrive. Jump Start provides microloans, technical assistance, and financial literacy training.

Loan Terms:

  • Loan amounts range from $500 to $10,000
  • Term up to 5 years, fully amortized

About AmPac

We recently reported that AmPac, a certified lender for the SBA (Small Business Administration) founded in 2005, launched a Growth Resource Center called ‘Entrepreneur Ecosystem’, which includes co-working space, growth resource training centers, and conference room space for entrepreneurs. As a capital partner, AmPaC Business Capital can help early-stage startups sustain and thrive in the marketplace when cash is most pressing.

Behind this initiative is Hilda Kennedy, founder of AmPac Business Capital, a successful nonprofit community lender, who started in the City of Inglewood as Chief of Staff to the Mayor, Executive Assistant to the City Manager, and later as the Economic Development Director. Finally, she transitioned into founding AmPac Business Capital.

Its founder established a $45 million fund using Department of Housing and Urban Development funds with matching bank funds to provide financing to businesses in the community.

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Encouraged by her mentor and successful businessperson, Bill Lowenstein, Hilda transitioned into the lending business by obtaining an SBA license and opening AmPac Business Capital.

Grant Programs in the Inland Empire

The Inland Empire Community Foundation (IECF) has invited applications from non-profits who want to apply for grants of up to $20K. These grants aim to strengthen recipient NPOs’ work that prioritizes equity, inclusion, and diversity in their communities.

Deadline and Technical Assistance Workshop

The deadline for applying for this grant is midnight on Jan. 17, 2022, through IECF’s online process Nonprofits wanting to learn more about the granting process can attend a technical assistance workshop on Jan. 6, 2022.

After the Jewish Vocational Services (JVS) secured $1M in funding from the Department of Education, the group onboarded The Inland Empire Utilities Agency (IEUA/Agency) as a participant agency for IEWorks, a water/wastewater workforce development group developed by JVS to develop a workforce for the Inland Empire water infrastructure.

What is CyberCorps?

In September last year, we reported about CSUSB’s cybersecurity scholarship program.

Cal State USB’s program accepts both undergraduate and graduate students into the program; however, the stipend amount for both is different.

The scholarship covers tuition and books paid for, and students receive a stipend of $25,000 per year for undergraduates and $34,000 per year for graduate students. Another official page of the university puts the scholarship stipend at $50k and $80k for undergrads and graduates, respectively.

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