AmPac Receives $500,000 to Provide Capital to Inland Empire Small Businesses
Southern California-Based Bank and Local CDFI Partner to Help Small Businesses Amid COVID-19 Pandemic
By: AmPac Business Capital
AmPac was chosen to receive the investment because of its strong track record of lending in San Bernardino and Riverside Counties. The community lender has been particularly resourceful during the pandemic, assisting clients with PPP loans and providing much-needed loans to businesses impacted by COVID-19. In just 90 days, AmPac has funded more than $2.2 Million in PPP and Riverside County COVID-19 relief loans for over 140 small businesses. The average loan size for all of these loans is less than $20,000.
With the investment from Pacific Western Bank, AmPac is expanding its CDFI small business loan program. Businesses that have been established at least two years may apply for loans up to $50,000 for general working capital, including inventory, equipment, personnel costs, and related expenses.
"We are excited to receive this generous investment from Pacific Western Bank. It will go a long way to help us to continue the work we have done for many years, serving small businesses and targeting underserved communities, including women and minority owned businesses,"
AmPac has a long history of supporting small businesses and has a diverse lending portfolio. Of its $4.6 million in direct loans as of 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 (LMI) borrowers.
"PWB is proud to invest in the communities where it conducts business and it understands that contributing to the economic vitality of its communities has a positive and measurable effect on the growth and prosperity of those communities and more importantly - makes good business sense!" Pacific Western Bank said in a statement.
AmPac's mission is to finance and foster small business success and job growth in underserved communities and to provide ongoing training and coaching programs to support the businesses' long-term success. When asked why AmPac exists, Kennedy stated, "To make communities better and families stronger as Champions of Job Makers – Small Businesses."
To apply for a loan visit www.ampac.com and click Apply. For more information on AmPac's loan programs, call the office to speak to an AmPac Business Champion at 909-915-1706.