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Community News: Southeast

REGION : State Program Aids Small Businesses

August 06, 1995

In a visit to South Gate recently, state Treasurer Matt Fong introduced a state program that helps fledgling companies obtain small-business loans.

Citing a garment manufacturing firm in Vernon that received $500,000 from the year-old California Capital Access Program, Fong said money from the program can be used to finance the acquisition of land, construction or renovation of buildings, the purchase of equipment and other capital projects.

The maximum loan amount is $2.5 million.

To be eligible, the borrower's primary business and 50% of its employees or business income, sales or payroll must be in California. Fong urged businesses seeking loans to apply at a participating bank.

Information: (916) 654-5610.

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