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State Supports Small Business Development Network at Cal State Fullerton

Oct. 8, 2014

The Governor's Office of Business and Economic Development has awarded $320,000 to the Orange County and Inland Empire Small Business Development Center Network at Cal State Fullerton.

The funding will be used to bolster local opportunities for small business growth in Orange County and the Inland Empire by improving access to loans and equity investments.

Specifically, the funds will provide one-on-one business consulting services to assist small businesses with capital infusion, including Small Business Administration and non-SBA loans, nontraditional lending and nonowner equity investment, said Katrina Payne-Smith, associate director of the Orange County and Inland Empire SBDC Network, which oversees the Coachella Valley, Inland Empire, TriTech and Launch Pad SBDCs. The Mihaylo College of Business and Economics has been responsible for the administration of the centers since 2003.

"The influx of these grant dollars were very much needed in order for the network to continually provide exceptional service for the small business community in free one-on-one counseling," Payne-Smith said. "The funding is designated to enhance capital infusion, and this network has led the state in capital infusion for the last two years."

The grant is part of a $2 million, one-year allocation to benefit 34 small business development centers in California, by providing funding to match federal funds from the U.S. Small Business Administration.

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