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Monday, Feb 26, 2024

Opportunity Funds Expands Lending Program Statewide

Opportunity Fund, a nonprofit lender for small businesses, has expanded its pilot Community Partner Program from the Los Angeles region to include San Diego, the Central Valley and Northern California, the company announced Thursday.

The San Jose-based company provides loans to small business owners who have difficulty qualifying for loans at larger banks, according to its website. In the Los Angeles region, which includes the Inland Empire, the company said it partnered with 17 technical assistance organizations to provide a 225 loans totaling $3.7 million.

“Opportunity Fund has opened doors for aspiring entrepreneurs in Los Angeles, providing access to capital that will allow them to start, grow and expand their business,” Jan Perry, manager of the city’s Economic and Workforce Development Department, said in a statement.

The expansion of the program comes after a recent cash infusion of $27 million from Charles Schwab in 2016 and grants of $600,000 grant from Google and $350,000 grant from Wells Fargo last month, the company said.

Manufacturing and trade reporter Shwanika Narayan can be reached at snarayan@labusinessjournal.com. Follow her on Twitter @shwanika.

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