MINORITY BUSINESS
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Small Business Loan Program: A $50,000 grant to Partnership 2010 will go toward the start-up of a $1-million revolving loan program for small businesses in Orange County.
The grant came from Pacific Telesis Foundation and it will be used by the Orange County Minority Business Council, which is developing the loan program in conjunction with Partnership 2010 and credit union executives.
Guarantees for a significant part of the initial $1-million revolving-loan program have already been secured by the private sector. The program will be administered by local credit unions, which are now working out the regulatory and administrative details.
Aaron Lovejoy, chief financial officer of the Minority Business Council, said he expects to have the program up and running by mid-year. Members of the Minority Business Council, formed in 1987, include the black, Chinese American, Latino, Laotian, Korean and Vietnamese chambers of commerce.
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