SBA and Congressional Office Host Financing Workshop for LA Businesses
Newswire Services
July 06, 2009
Financing Workshop Hosted by U.S. Small Business Administration Los Angeles District Office and Congresswoman Grace F. Napolitano.
LOS ANGELES – East Los Angeles was a hub of business activity Tuesday morning, when over 130 attendees, made up of mostly small business owners attended a Finance Workshop hosted by the U.S. Small Business Administration and Congresswoman Grace F. Napolitano´s District Office.
The Whittier Boulevard Merchants Association along with the Department of Commerce-Minority Business Development Agency assisted in bringing local merchants together at the East Los Angeles Library for this unprecedented matchmaking session for one-on-one talks with 11 lenders, seven technical assistance providers and six business support agencies.
"Proud to have grown up in East Los Angeles, I frequently refer to the great diversity and work ethic that exists in the small business community here," said Alberto G. Alvarado, Los Angeles SBA district director. "The financing workshop was a success with small businesses meeting with lenders and technical assistance providers. In addition, Congresswoman Napolitano´s participation underscores for the community that that the SBA and their elected officials are working together toward an economic recovery."
"These are difficult economic times for our nation, but opportunities exist here in East Los Angeles," said Congresswoman Grace F. Napolitano. "Small businesses are the economic engine of our community."
Sophia Jeon, a vice president and marketing and business development manager at Innovative Bank, said "Innovative Bank was excited to see the level of participation and encouraged by the small business owners who we talked with concerning our Community Express Program. We are one of the few lenders that offer the Community Express Loan, which is under $50,000 to businesses with no collateral needed. We received at least 13 inquiries, which will be followed up with by our technical assistance provider."
Xavier Montelongo attended the workshop and has owned Solid Rock Termite Control, since 1998 and been in the industry since 1986 said, "I thought it was informative as a business owner and was helpful in positioning myself for the future. Sometimes you feel in East Los Angeles that you are alone - this event made me feel that we are in this together. I´m looking forward to working with the SBA and the other businesses I met at the event."
Mr. Montelongo, also works with local area youths and started a nonprofit community boxing gym alongside his business. Currently, he has limited funds for the program and his ability to support the boxing gym is in danger.
The financing workshop was made possible through the participation and contributions of supporters including: U.S. Small Business Administration; U.S. Bank; Uniti Bank; Celtic Bank; ACCION USA; Innovative Bank; Hana Financial; FAJ Consulting; Pacific Alliance Bank; Americas United Bank; Valley Economic Development Corporation; Women´s Business Center (VEDC); Pacific Coast Regional Development Corp.; L.A. Minority Business Enterprise Center; Regional Hispanic Chamber of Commerce; Whittier Boulevard Merchants Association; Department of Commerce – MDBA; California State Board of Equalization and Clearinghouse CDFI.
The SBA Los Angeles District Office has been ranked "No.1" in the country in lending and oversees SBA programs to over 12 million people in Los Angeles, Santa Barbara, and Ventura counties. The office manages a total loan portfolio that finances more than 3,700 businesses and nearly $1 billion yearly and generates annual contract procurements of $589 million. In addition, the district office supervises seven Small Business Development Centers, coordinates four chapters of the Service Corps of Retired Executives and oversees five Women´s Business Centers.
LOS ANGELES – East Los Angeles was a hub of business activity Tuesday morning, when over 130 attendees, made up of mostly small business owners attended a Finance Workshop hosted by the U.S. Small Business Administration and Congresswoman Grace F. Napolitano´s District Office.
The Whittier Boulevard Merchants Association along with the Department of Commerce-Minority Business Development Agency assisted in bringing local merchants together at the East Los Angeles Library for this unprecedented matchmaking session for one-on-one talks with 11 lenders, seven technical assistance providers and six business support agencies.
"Proud to have grown up in East Los Angeles, I frequently refer to the great diversity and work ethic that exists in the small business community here," said Alberto G. Alvarado, Los Angeles SBA district director. "The financing workshop was a success with small businesses meeting with lenders and technical assistance providers. In addition, Congresswoman Napolitano´s participation underscores for the community that that the SBA and their elected officials are working together toward an economic recovery."
"These are difficult economic times for our nation, but opportunities exist here in East Los Angeles," said Congresswoman Grace F. Napolitano. "Small businesses are the economic engine of our community."
Sophia Jeon, a vice president and marketing and business development manager at Innovative Bank, said "Innovative Bank was excited to see the level of participation and encouraged by the small business owners who we talked with concerning our Community Express Program. We are one of the few lenders that offer the Community Express Loan, which is under $50,000 to businesses with no collateral needed. We received at least 13 inquiries, which will be followed up with by our technical assistance provider."
Xavier Montelongo attended the workshop and has owned Solid Rock Termite Control, since 1998 and been in the industry since 1986 said, "I thought it was informative as a business owner and was helpful in positioning myself for the future. Sometimes you feel in East Los Angeles that you are alone - this event made me feel that we are in this together. I´m looking forward to working with the SBA and the other businesses I met at the event."
Mr. Montelongo, also works with local area youths and started a nonprofit community boxing gym alongside his business. Currently, he has limited funds for the program and his ability to support the boxing gym is in danger.
The financing workshop was made possible through the participation and contributions of supporters including: U.S. Small Business Administration; U.S. Bank; Uniti Bank; Celtic Bank; ACCION USA; Innovative Bank; Hana Financial; FAJ Consulting; Pacific Alliance Bank; Americas United Bank; Valley Economic Development Corporation; Women´s Business Center (VEDC); Pacific Coast Regional Development Corp.; L.A. Minority Business Enterprise Center; Regional Hispanic Chamber of Commerce; Whittier Boulevard Merchants Association; Department of Commerce – MDBA; California State Board of Equalization and Clearinghouse CDFI.
The SBA Los Angeles District Office has been ranked "No.1" in the country in lending and oversees SBA programs to over 12 million people in Los Angeles, Santa Barbara, and Ventura counties. The office manages a total loan portfolio that finances more than 3,700 businesses and nearly $1 billion yearly and generates annual contract procurements of $589 million. In addition, the district office supervises seven Small Business Development Centers, coordinates four chapters of the Service Corps of Retired Executives and oversees five Women´s Business Centers.
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