Reyes AnnaThe corporation, known as California Southern, aims to provide access to capital, such as startup or growth loans, for small businesses, especially those owned by minorities and women, who may not qualify for a bank loan without a guarantee. The new fund’s grantmaking will focus on programming, such as internships and workshops, for small businesses located in San Diego County.
California Southern has made a tremendous difference in the lives of local women and minority small business owners, as well as their access to capital to build and grow their economic livelihoods.
California Southern will be the first of seven fiduciary development corporations (FDCs) in California to launch this type of grantmaking fund. Hernandez hopes that California Southern’s actions will inspire other FDCs across the state to do the same in their communities to help their local small businesses through this phase of recovery and rebuilding. California Southern plans to begin awarding grants later this year.
In its role as a community foundation, the San Diego Foundation works with local nonprofits to help them establish agency funds that secure long-term assets and maintain stable income streams, which ensures long-term sustainability and support. Through agency funds, nonprofits can rely on the expertise of the San Diego Foundation’s experienced team, allowing nonprofits to do what they do best: serve their community. To date, nearly 150 nonprofits have opened more than 400 nonprofit funds. To learn more about becoming a donor or establishing a fund at the San Diego Foundation, visit SDFoundation.org/donors.
For more than 30 years, California Southern has helped small and medium-sized businesses get the financial assistance they need to become productive and successful contributors to their communities. Through long-standing and trusted relationships with more than 40 banks and lending institutions, California Southern helps provide financing to small businesses that have great potential but lack sufficient credit and may not be able to qualify for a conventional loan on their own. The program emphasizes helping small businesses, especially minority and women-owned businesses, who cannot qualify for a bank loan without a guarantee. California Southern has guaranteed more than 4,000 loan requests totaling more than $387 million to support small businesses in California. Learn more at CASouth.com.