Loan Fund Granted For La Mesa, East County Small Businesses In These Communities

LA MESA, CA — A revolving loan fund for East San Diego County small businesses has been unanimously approved by the Board of Supervisors, it was announced Wednesday.

The board voted Tuesday to transfer $300,000 from the county Office of Emergency Services to the Office of Economic Development and Government Affairs to fund the Empower East County Business Revolving Loan Fund.

Subscribe

Approval of the transfer of $300,000 will allow the county to obtain an additional $400,000 from the U.S. Economic Development Administration, according to a statement from Supervisors Joel Anderson and Monica Montgomery Steppe, who introduced the motion creating the fund.

The fund will serve businesses in El Cajon, La Mesa, Lemon Grove, Santee and communities in unincorporated East County areas, "while pairing financing with technical assistance through the Small Business Development Center," the statement said.

At Tuesday's board meeting, Anderson said the county has "had tremendous success with programs like this in the past," helping over 570 businesses, creating 53 full- and part-time jobs, retaining over 500 jobs, starting up 25 new businesses and training over 1,800 people.

That has translated into $3.3 million in increased client sales, which helps communities and the overall tax base, he added.

Anderson noted that "none of the loans go to big, evil companies," but rather family-oriented ones.

Montgomery Steppe said that as the daughter of small business owners, she has seen first-hand the challenges they face.

"It's essential to back the people and organizations driving real change," said Montgomery Steppe, who added she's proud that leaders were able to find the funding to make loan program a reality.

"Today's action does cement our economic opportunity for all principles," Montgomery Steppe said.

The fund "will be very helpful to small businesses in East County and will allow them to grow and stabilize their operations and create local jobs," said Steve Lockett, deputy director of the county Office of Economic Development & Government Affairs.

Lockett added that repaid loans will be returned to the fund to help future borrowers.