Economic Development Collaborative Awarded $2.45M in New Loan Capital to Support Ventura County Businesses
On August 5, 2020, the Economic Development Collaborative (EDC) secured $2.45M in new loan capital from the U.S. Department of Commerce/Economic Development Administration's CARES Act Fund to help support Ventura County businesses negatively impacted by COVID-19. Set to be allocated as an EDC Revolving Loan Fund (RFL) over the next 24-months, qualifying Ventura County businesses can apply to receive between $10,000 to $250,000 of working capital.
With this new $2.45M award, the EDC now controls $5M total in loan capital set for distribution specifically in Ventura County. Fixed with a 4.2% interest rate, all RFL recipients are reasonably expected to repay in full within 7 years.
"The Economic Development Administration (EDA) is one of the EDC's oldest partners," states Marvin Boateng, EDC Director of Lending. "We greatly appreciate their more than 24 years of continued financial support and are excited that this new grant will expand our opportunity to lend to small businesses within Ventura County. We know that many have been hard hit by COVID-19 and additional capital is a lifeline to businesses with limited cashflow."
Ventura County businesses interested in learning more about or applying for an EDC loan are encouraged to contact Marven Boateng directly via email at firstname.lastname@example.org or phone at (805) 409-9156.