Los Angeles, California – The California Infrastructure and Economic Development Bank (IBank) designates National Asian American Coalition’s (NAAC) membership as a community lender under the Small Business Disaster Relief Loan Guarantee Program. As an approved participating financial institution under the IBank capital access programs including its loan guarantee and disaster assistance programs, NAAC is able to enroll business loan and disaster assistance transactions for guarantee coverage up to $1.0 million.
The Small Business Finance Center has several programs to support small businesses during the pandemic, including a Disaster Relief Loan Guarantee, a Jump Start Loan Program and more. NAAC will be offering grants up to $20,000 to help small businesses fill financial gaps and retain jobs throughout the quarantine. Eligible applicants include small businesses located in California with 1-750 employees that have been negatively impacted or experienced disruption by COVID-19
“NAAC is here to help small business owners in need of financial assistance during this global pandemic” said Faith Bautista, NAAC’s President & CEO. “NAAC’s approval under the State Small Business Loan Guarantee Program is so timely to help businesses in California affected by the sudden economic restrictions imposed by COVID-19. We are grateful to join this family of lenders as they continue to create a healthy climate for jobs and contribute to economic growth in California.”
The California Infrastructure and Economic Development Bank (IBank) was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities. IBank operates pursuant to the Bergeson-Peace Infrastructure and Economic Development Bank Act contained in the California (Government Code Sections 63000-63089.98) et seq. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member Board of Directors.
The National Asian American Coalition (“NAAC”) is the nation’s leading Asian American nonprofit advocating for homeownership affordability; for greater economic growth focusing on the underserved communities; for small business development and for advancing the growing economic and social power of Asian Americans nationwide. NAAC is the founding member of its sister coalition, the National Diversity Coalition, a nationally known nonprofit of diverse community organizers, faith-based leaders & business owners. The NAAC’s success is a combination of over 15 years of strengthening communities who are supporters of our initiatives thereby earning the respect from more than three dozen of Fortune 500 corporations, and from high ranking directors & commissioners of federal & state governmental agencies.