Riverside County Office of the Economic Development

By: Sharjeel Sohaib

• 

Oct 20, 2021

 • 

Office of the Economic Development, Riverside

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The County of Riverside’s Office of Economic Development (OED) offers support to grow or expand business in the County of Riverside.

It partners with over 75 economic development agencies to foster growth and build assets in communities across the County. There are many reasons to locate or expand a business in Riverside County. Through effective collaboration, the Office of Economic Development creates provides resources and information support for:

  • COVID-19 Business Resources
  • Opportunity Zones
  • Entrepreneurial support
  • Educational opportunities
  • Financing
  • Online training programs

We have covered this in our Weekly Wire Roundup

Financing Support

The OED especially pays attention to financing support options available via partner organizations. Riverside County also closely supports businesses to acquire low-cost, long-term financing for qualified businesses expanding, upgrading existing facilities, or relocating them to Riverside County.

Some of the partner loans include:

1. SBA Loans

Businesses can approach the Office of Economic Development to help secure Small Business Administration (SBA) business loans. Although SBA will be the entity authorizing the loan, OED can help put up a nice application.

You can use these loans to start or expand your business. A smart tool by SBA is called ‘Lender Match,‘ which helps you to connect to a relevant lender in your area.

The SBA also runs a local office called Orange County/Inland Empire District Office

2. CDC Small Business Loan

The website CDC Loans provides financing options designed for entrepreneurs providing access from $20,000- $250,000. CDC structures it as a monthly payment you can afford, with fixed and variable rates available to meet your needs.

The financing is given for 5-10 year terms and is meant to improve cash flow with complimentary business advising options. It is available in California, apart from other states.

CDC Small Business Finance has delivered over $165,000,000 to minorities, women, and veterans.

3. Accion Opportunity Fund

Accion Opportunity Fund provides loans in various sizes with flexible payment schedules. Apart from financing and loans, you can also access its resource library containing training and learning resources from payroll to marketing and almost any question about running a business.

It also provides access to coaching, programs, and access to a variety of support networks.

4. Economic Development Rate (EDR) Program

Under the EDR program, your business can get rate discounts for retaining, expanding, or locating your business operations within SCE’s (Southern California Edison’s) service territory.

SCE is the largest subsidiary of Edison International and is the primary electricity supply company for much of Southern California.

What type of business should apply for EDR grant?

Candidates include electricity intensive businesses sensitive to electricity rates and businesses that would relocate outside of California or cease operations but for the incentives afforded under SCE’s EDR program.

SCE

You can access further information here.

OED Events and Reports

The OED of Riverside County also holds events related to manufacturing or business functions like branding strategies for startups.

The OED also publishes special sector-specific reports to inform decision-makers of the region.

Some of its key reports include:

  • Retail Market Report – Inland Empire
  • Office Market Report – Inland Empire
  • Industrial Market Report – Inland Empire

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