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Crenshaw Chamber of Commerce wants small business owners to know about a new forgivable loan program
Pedestrians walk past a street mural of the late rapper Nipsey Hussle, Thursday, June 30, 2022, in the Crenshaw district of Los Angeles.
(
Chris Pizzello
/
AP Photo
)
This story first appeared on The LA Local.
The Crenshaw Chamber of Commerce is spreading the word about a new loan program for business owners across the state.
The World Stage Ready Forgivable Loan Program is presented by TMC Community Capital, a nonprofit microlender, which is offering small business loans with favorable terms including 12 months to repay the loan, 0% interest rate, a year-long deferment, if needed, and up to 100% forgiveness if program requirements are met.
The loan program looks to attract small businesses that are preparing for major events, want to serve more customers, grow their businesses with confidence and want access to expert support, according to TMC’s promotional flyer.
“A lot of small businesses simply don’t have information about these programs,” said JC Lacey, president of Crenshaw Chamber of Commerce. “It’s our goal to make sure they get it.”
The loans are funded through a $700,000 grant from the Wells Fargo Foundation and range from $5,000 to $10,000, Lacey said. TMC announced its partnership with Wells Fargo on LinkedIn last month.
“The loan amounts may seem small but these loans can help a business grow or save it from failing for an entire year,” Lacey said.
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Other community partners assisting with the loan program are the California Hispanic Chamber of Commerce and Yacanex Community, an educational entrepreneurship organization based in the Bay area.
Want to know more and/or apply for the program? See the details below:
What are the eligibility requirements?
- Applicants must be a for-profit business owner in California.
- The business must have generated revenue for at least 12 months.
- No minimum FICO score is required.
- Individual Taxpayer Identification Numbers, or ITINs, are accepted.
- Some excluded industries include: adult entertainment, cannabis, rideshare, real estate, weapons/ammunition. (If you’re not sure, contact TMC for clarification)
How much funding can my small business receive?
- Loans awarded to eligible applicants can range from $5,000 to $10,000.
- Applicants who are approved will have 12 months to repay the loan.
- The loans will have a 0% interest rate.
- Repayment of the loan can be deferred for 12 months, if needed.
- Eligibility for 100% forgiveness if program requirements are met.
For more information about the loan program, contact one of the following:
- Email TMC Community Capital: info@tmccommunitycapital.org
- Email California Hispanic Chamber of Commerce: presta@cahcc.com
- Email Yacanex Community: informes@ybusinessgroup.com
- For more information about eligibility requirements: TMC Community Capital
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