Small business loan program in Riverside rescued by US Bank
A $25,000 grant from US Bank will allow SoCal CDFI, a multi-bank consortium operating in the Inland Empire, to continue its plan to offer small, working-capital loans to businesses in low- and moderate-income areas. According to a news release, the program initially was designed with state Loan Guarantee Program providing a 40 percent to 60 percent guarantee, and Riverside providing an additional 35 percent guarantee. The program was threatened when the state suspended its loan-guarantee program. The grant from US Bank allowed the program to be resuscitated.
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