This week, the office of Rep. Pete Aguilar (D-San Bernardino) hosted a panel discussion for Inland Empire small businesses to learn more about microloans available through the U.S. Small Business Administration (SBA). The panel featured representatives from AmPac Tri-state CDC, Accion, the Inland Empire Small Business Development Center, the Inland Empire Women’s Business Center and the U.S. Small Business Administration, and provided insights into how local business owners can obtain and utilize microloans to help grow their businesses.

“Small businesses are the foundation of our region’s economy, and we need to make sure they have every resource they need to grow and succeed,” said Rep. Aguilar. He continued, “Tools like microloans are often under-utilized, but can make the difference in helping get a business off the ground. I’m happy that my office was able to connect members of our community with the information they need to navigate the microloan process and grow their businesses right here in the Inland Empire.”

“Micro-loans, no matter the size of the business recipient, often represent getting the right amount of money at the right time to help a business meet the challenges of growing. This type of capital also helps them find the path forward to being bankable,” noted Vincent McCoy, who represented the Inland Empire Small Business Development Center on the panel.

“I’ve been to many of these seminars over the years, but over the past 20 years they’ve really tapered down. I’m glad that Congressman Aguilar is promoting small businesses in the local community, because a lot of people need these microloans,” said Richard Hernandez, a business owner in San Bernardino.

“There is so much opportunity for small business growth in the Inland Empire and Congressman Aguilar’s belief in and support of the small business community is greatly appreciated. So many small business owners do not know about resources available to help them, and continued sharing of information is how we will better spread the word about these programs,” said Michelle Skiljan, Executive Director of the Inland Empire Women’s Business Center.

Microloans are provided by certain intermediary lenders with funding from the SBA. Smaller than standard business loans, microloans provide business owners with capital to help grow their businesses without incurring a high rate of debt.