SBA Loan Program to Benefit Pacoima, Santa Ana
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The Small Business Administration has unveiled a loan program targeting small businesses in 35 areas nationwide, including Pacoima and Santa Ana.
The program is designed to assist communities that may have been adversely affected by the North American Free Trade Agreement. The 35 eligible areas were identified based on unemployment data and other economic figures.
“NAFTA has made notable contributions to the American economy, but the benefits have not been equally distributed everywhere,” SBA Administrator Aida Alvarez said. “We must be prepared to finance new job creation, business opportunities and growth in those areas where there has been job loss attributable to NAFTA.”
Starting in September, loans and loan guarantees will be made available through the SBA’s 7(a) loan program, the North American Development Bank and the Department of Agriculture’s Business and Industry Loan Program.
Businesses in the designated areas may be able to qualify for SBA loan guarantees of up to $750,000.
For more information, contact the North American Development Bank at (562) 908-2100 and ask about the Community Adjustment and Investment Program.
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