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Hometown Microloan Program Launched in Lodi to Support Small Businesses

The City of Lodi has announced the launch of the Hometown Microloan Program, which will provide small businesses in the area with the opportunity to apply for loans of up to $50,000. In partnership with the Sacramento-based nonprofit California Capital Financial Development Corporation, the program aims to offer low-interest loans to small businesses in Lodi with less than 10 employees.

The City of Lodi business development manager, Astrida Trupovnieks, expressed her excitement about the new lending opportunity, stating that it is intended to pave the way for greater economic growth for startups and small businesses in Lodi. Trupovnieks dedicated 12 months to developing the program, consulting with various lending institutions, regional nonprofit microlenders, and community development nonprofits to ensure its success.

The loans are designed for first-time and low-income borrowers, as well as businesses owned by minorities, veterans, and women. Additionally, the partnership with California Capital FDC will provide crucial long-term financing support for Lodi’s growing number of small businesses. Robert Gonzales, Director of Lending at California Capital, emphasized that the organization also offers business advising as part of the loan application process and ongoing, no-cost advising after loan approval.

With a fixed interest rate of 5%, well below the current prime market rate, the loans are made possible by the city, which will buy down the interest rate from 9.75% in addition to covering all loan fees. Both the City of Lodi and California Capital are optimistic about the program’s success and have plans to expand funding in the future to assist even more businesses.

AI legalese decoder can be extremely beneficial in this situation as it can simplify and decode complex legal language commonly found in loan agreements and contracts. This can allow small business owners, especially those who are first-time borrowers or from underrepresented groups, to better understand the terms and conditions of the loans they are applying for. By using AI legalese decoder, small business owners can make more informed decisions and effectively manage their business and finances, as well as ensure compliance with all legal requirements.

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