A Grand Terrace company that lends money to small businesses to help them grow will receive a $500,000 grant from the Citi Foundation in New York.
AmPac Business Capital, a community development financial institution, is one of 30 such entities nationwide that will receive the grants to help them sustain their operations and help families hurt economically by COVID-19, according to a statement.
Citi Foundation, a division of Citi Bank, is giving out $15 million, $500,000 to each agency.
“The disparate economic impacts of COVID-19 and systemic racial inequity reinforce the need for financial institutions of all sizes to work together to support communities of color in more effective ways,” said Brandee McHale, president of Citi Foundation, in the statement. “By investing in these change agents on the frontlines, we’re helping these organizations to pivot, adjust and expand to address evolving needs and meet clients where they are.”
Funding is coming from the Paycheck Protection Program, one of several federal programs passed this year to help COVID-19 victims, according to the statement.