APPLE VALLEY – Small business loans are now available to businesses within the Town of Apple Valley town officials announced earlier this month. The program is called the Apple Seed Small Business Loan Program and was planned to help businesses plant the seed to grow which can help add jobs in the community.
“This is a great opportunity to give our business owners a small boost, which may be just enough to take them to the next level of business growth,” stated Mayor Barb Stanton. “And the potential job creation is so important to our residents.”
This low-interest financing option is expected to help businesses who normally may find it difficult even getting qualified for much smaller loans with much higher interest rates at a traditional bank. The Apple Seed program funds can be used several ways to make the business grow including but not limited to equipment, inventory, and/or specialized employee training.
The Town of Apple Valley Economic Development office will be working along with AmPac Tri-State, who will underwrite, monitor and service the loans. AmPac has worked with the City of Riverside on a similar program since 2012. “AmPac is also a Community Advantage Associate and provides loans up to $250,000 for businesses,” Town of Apple Valley Officials said. “They are the only non-profit SBA-certified Community Development Corporation in Riverside and San Bernardino County.”
The program offers $10,000 minimum loans on a 5-year term with no prepayment penalties with interest rates as low as 7.5% fixed. “I encourage our local businesses to take advantage of this innovative tool,” said Gabe Lovato, advisory committee member and president of Apple Valley Communications. “As a local businessman, I see how it can help a small company gain traction and leverage additional financing.”
For more information on the program including eligibility requirements or to download an application, please visit www.selectapplevalley.com or www.ampac.com.
AmPac Tri-State CDC, Inc. is located at 22365 Barton Road, Ste. 210 in Grand Terrace and can be reached at (909) 752-3140 or info@ampac.com.
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