Grand Terrace, CA – Rep. Pete Aguilar announced that AmPac Business Capital of Grand Terrace has received $375,000 from the US Department of Treasury’s Community Development Financial Institution (CDFI) Fund for the AmPac Business Loan program. The program provides loans of up to $100,000 for Inland Empire small businesses to be used for hiring employees, growing inventory and other business-growth needs.
“Community lenders like AmPac help empower small businesses to keep the Inland Empire economy moving. I’m proud to announce this funding, which will help struggling small-businesses navigate the challenges of the coronavirus crisis, keep employees on payroll and create new jobs in our community,” said Aguilar.
“The Inland Empire needs the support of CDFI’s, especially at this time in our community’s history. One CDFI leader described us as the national guard for small businesses when other traditional lenders are unable to provide needed capital. These funds will directly help small businesses in business for more than two years to grow and pivot,” said AmPac Founder/President, Hilda Kennedy.
Rep. Aguilar serves as the Vice Chair of the House Appropriations Committee, the committee responsible for allocating funds for programs like the CDFI Fund.