IE Business Daily Business news for the Inland Empire.
Apple Valley is offering low interest loans for local small businesses.
The recently launched Apple Seed Small Business Loan Program provides low-interest financing and leverages additional private capital, both of which will help small businesses grow, according to a city statement.
Loans for small businesses are hard to find and, when they are available, they often come with interest rates as high as 25 percent. The Apple Seed program is designed to make up for that, while providing funding for buying equipment or inventory or providing training for employees.
Specifically, the program offers $10,000 minimum loans, five-year term with no pre-payment penalties and fixed interest rates as low as 7.5 percent.
“This program is aimed at the micro-level, to provide just a small injection of capital to get the ball rolling,” Town Manager Frank Robinson said in the statement.
Apple Valley’s economic development office is partnering with AmPac Tri-State in Grand Terrace to administer the program. For more information call (909) 752-3140 or access [email protected].
