The Grow Salinas Fund continues to provide capital and refinancing opportunity to local small businesses.
Salinas, CA –The Grow Salinas Fund has announced the addition of three small businesses to their growing portfolio. Central Coast Sign Factory, North County Industrial Machine Shop and Dairy Queen have all received individual loans from the fund to help the small businesses expand and grow.
Central Coast Sign Factory, located at 1311 Dayton Street, received a loan to acquire machinery and equipment that has allowed the company to take on additional printing work. North County Industrial Machine Shop on Brunken Avenue used the capital to expand and to purchase new equipment to support operations. The Dairy Queen located at 1118 E. Alisal Street, utilized loan funds to finance leasehold improvements to the restaurant.
“Grow Salinas Fund has made it possible for these businesses to expand and provide jobs in our Community,” said Maria Orozco, Economic Development Specialist for the City of Salinas.
“The four businesses that have benefited from the fund have received loans totaling over $1 million, directly resulting in 41 local jobs for residents of the community,” said John Palyo President of NDC Grow America Fund. “We are excited to work with the City of Salinas to identify additional eligible businesses that will benefit from our partnership.”
The City of Salinas and the NDC Grow America Fund established and capitalized the Grow Salinas Fund as an Economic Development tool to assist eligible small businesses who are looking to obtain financing for expansion. The Fund supports local small businesses that are unable to attain conventional bank lending by providing low-interest capital. Loans made under this program will be underwritten by NDC Grow America Fund and Guaranteed by the SBA.
“Without Grow America Fund and the City of Salinas, we would have not been able to grow and invest in top of the line machinery,” said Julio Gil, owner of Central Coast Sign Factory.
About National Development Council and NDC Grow America Fund
Founded in 1969, the National Development Council (NDC) is a national non-profit organization that has evolved into one of the most progressive and innovative community and economic development organizations in the country. NDC’s Grow America Fund (GAF) is a Community Development Finance Institution (CDFI) licensed under US SBA preferred lenders program (PLP). GAF focuses on providing flexible and patient expansion loans to existing small businesses, manufacturers and distributors www.ndcgaf.org