AmPac Raises $ 500,000 to Help Indoor Small Businesses – San Bernardino Sun
With many businesses temporarily shutting down or scaling back operations amid the COVID-19 pandemic, the loans could offer homeowners a lifeline.
The money will allow the Grand Terrace-based lender to expand its community development financial institution small business loan program. Businesses that have been in business for at least two years can apply for loans of up to $ 50,000 to help cover costs associated with inventory, equipment, personnel and related expenses.
“This will help us greatly to continue the work we have done for many years – serving small businesses and targeting underserved communities, including women and minority-owned businesses,” said the president and founder. from AmPac, Hilda Kennedy.
Pacific Western provided the $ 500,000 in the form of a low-interest loan that AmPac must repay within five years. The deadline may be extended if all funds have not been dispersed.
In a press release, Pacific Western said it was “proud to invest in the communities in which it operates” and understands that contributing to the economic vitality of its communities has a positive and measurable effect on the growth and prosperity of these communities. .
A solid track record
AmPac is a US Small Business Administration certified development company. He received the injection based on his strong lending history in San Bernardino and Riverside counties.
The company has provided payroll protection program loans and other loans to businesses affected by COVID-19. In just 90 days, AmPac has funded more than $ 2.2 million in Riverside County PPP and COVID-19 relief loans for more than 140 small businesses.
Another brilliant idea Inc., a Corona-based mobile and social marketing company, received a loan through AmPac two years ago. Owner and text marketing expert Mary Barnett said the money was put to good use.
“It helped us when we were in expansion mode,” she said. “It helped us grow and buy new equipment, and we were also able to recruit three new employees. They also just called us and surprised us with a six month loan discount! “
This means that his business will not have to pay six months of loan repayment. The relief was made possible thanks to the Coronavirus Aid, Relief, and Economic Security Act (CARES), a $ 2.2 trillion economic stimulus bill enacted by President Donald Trump in March.
“It was a blessing,” Barnett said. “It made all the difference. “
AmPac operates as a faith-based lender.
“We are targeting churches and places of worship to identify and reach out to business owners in need of resources,” Kennedy said. “These places can host company workshops. People feel safe talking and asking questions there. It felt natural to reach out and engage with the faith community. “
Kennedy said AmPac works with people who cannot get traditional bank loans, “especially for small amounts.”
“Having someone say ‘yes’ is huge for them,” she said. “Small businesses are the lifeblood of our community. “
AmPac has a long history of supporting small businesses. Of its $ 4.6 million in direct loans in 2019, 41% went to women; 24% to African American-owned businesses and 13% to Latino business owners. Seventy-three percent of the loans went to low- and moderate-income borrowers.
Those who wish to apply for a loan can visit www.ampac.com and click Apply. More information on AmPac’s loan programs can be found by calling 909-915-1706.