On the most recent edition of Morning Brew with Mayor John Valdivia, a program that brings news of the City of San Bernardino to its residents via interviews with local newsmakers, the subject was local jobs and specifically how AMPAC Business Capital (ABC) could help local businesses. ABC provides funding solutions in the form of loan products and business resources to help companies in all stages of growth. ABC is a partner of the federal Small Business Administration and according to Hilda Kennedy, President of ABC who was interviewed during the program they are there to “help small businesses start, grow, and thrive in the local community.”
Mayor Valdivia stressed the importance of more businesses starting in the City of San Bernardino to support the local economy. Banks are often unwilling to lend even small amounts of money to companies that are small or are just starting out because they have little credit history and no collateral to speak of.
As a community-based lender, ABC is different and is actually seeking to fill that gap and provide funding to those types of businesses. Due to the pandemic many business have failed or are really struggling and ABC has money available, in some cases as much as $50,000 dollars to help affected businesses survive or start over.
The loans have very low interest rates and an average of a six year term. Another program provides loans to businesses to buy the commercial real estate they need for their operations at very competitive rates.
The entire interview can be found at http://www.ci.san-bernardino.ca.us/cityhall/mayor/community_updates_with_the_mayor/default.asp.