New County Loan Program to Attract Business Investment

News Release

2010


Aug 13

New County Loan Program to Attract Business Investment

PALM DESERT – The Riverside County Board of Supervisors has approved a program to provide up to $2 million in loans to businesses who develop or rehabilitate property or capital equipment used for commercial, industrial, or manufacturing purposes within a redevelopment project area.

The Redevelopment Commercial, Industrial, and Manufacturing Assistance Program is available to qualified businesses in manufacturing, innovation/technology, and renewable energy sectors.

“Lack of access to capital has been a critical obstacle preventing many business projects from taking shape,” said Supervisor John J. Benoit.  “This program is an innovative economic stimulus effort, providing much-needed financing to keep businesses in Riverside County and spur job creation.”

The Board approved the program Tuesday.  The Economic Development Agency will provide quarterly reports to the Board on job creation and retention activity to monitor the economic impact of the program.  Program guidelines can be found here: http://riversidecountyca.iqm2.com/Citizens/Detail_Meeting.aspx?ID=1083.

To apply, please contact program director Rob Moran at (951) 955-6673 or by email, rmoran@rivcoeda.org







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