(코리아타운뉴스) “Apply for the Small Business Loan Program”

City of Garden Grove provides up to $25k
The interest rate is capped at 5 percent

“Small business owners are encouraged to apply for the loan as they can either use it as their operational costs or as means to improve facilities.”

The city of Garden Grove held an introductory seminar to explain the details of its newly launched loan program for small business owners. The event was held at the US Metro Bank headquarters last Thursday for approximately 60 attendees.

The loan program is the first of its kind for Garden Grove, as $100,000 has been estimated to be invested into developing the local economy. To promote the program, the city partnered with US Metro Bank, O.C. Small Business Development Center and O.C. Korean Chamber of Commerce.

“We hope that many small business owners can use the city’s help through this program to contribute to the growth of our city’s economy,” said Garden Grove Mayor Steve Johnson.

Garden Grove’s community and economic development director Lisa Kim added: “With the total of $100,000, the program can provide up to $25,000 per business over five years. The interest rate is capped at 5 percent depending on the applicant’s credit.”

To be eligible for the loan, the applicant must be running a small business in Garden Grove. The business must have a proper license, insurance and necessary permits with the applicant having at least 600 credit score.”

Loan approval also requires a collateral. “Collateral can be provided with the business property itself or its facilities. A car used for business that has been purchased with the loan could be a collateral as well. The paperwork and approval process are kept simple to accommodate the business owners,” said US Metro Bank president Dong-il Kim.

The city government will directly review the applications.

“We will provide free assistance with business owners who need help with filling out their applications,” said OCSBDC business consultant Caleb Kim. “The applicants are encouraged to act promptly as the reviewing process is done on a first come first serve basis.”

Meanwhile, the attendees at the event also discussed various ways to promote Korean businesses based in Garden Grove. The discussed topics included ▶promoting Korean businesses on the city website ▶starting a monthly marketplace ▶addressing homelessness in the city.

“A homeless person broke into our business property three times after we spent a year to remodel our building,” said one property owner.

Garden Grove city manager Scott Stiles replied, “We’ve placed police officers to deal directly with homelessness around the city, so please contact us when needed.”
▶Inquiry: [phone] City of Garden Grove, [phone] OCSBDC


By Sanghwan Lim