SAN DIEGO (CNS) — The California Southern Small Business Development Corporation and the San Diego Foundation on Wednesday launched a $500,000 fund to give small businesses money for programs, such as internships and workshops.
“We’ve been fortunate to be financially stable, so we need to give back to the local small business community,” said Juan Carlos Hernandez, president and CEO of California Southern Small Business Development Corporation, a public interest 501(c) 3. society. “The best way for us to do that is to have someone who has been doing it historically, successfully for decades, like the San Diego Foundation.”
Also known as California Southern, the organization provides “access to capital, such as start-up or growth loans, to small businesses, especially those owned by minorities and women who cannot not qualify for an unsecured bank loan,” a statement said. of society reads.
“California Southern has made a huge difference to local women and minority-owned small business owners and their access to capital to build and grow their economic livelihoods,” said Mark Stuart, president and CEO of the San Diego Foundation. “Our professional San Diego Foundation staff look forward to helping them identify opportunities to contribute to equity of opportunity for entrepreneurs in our area.”
California Southern is the first of seven development trust companies in California to launch this type of grantmaking fund and plans to begin grantmaking activity later this year.
The San Diego Foundation works with local nonprofits to create agency funds that provide long-lasting assets and maintain stable income streams that ensure long-term sustainability and support.