Date:
September 1, 2026
17
To:
Board of Supervisors
Title
Promoting Economic Development by Authorizing a $300,000 Grant to the East County Economic Development Council for the Empower East County Business Fund Revolving Loan Fund (Districts: All)
Title
Overview
Small businesses are a critical driver of economic growth and job creation throughout East County and the greater San Diego region. However, many entrepreneurs, microbusinesses, and expanding companies face significant barriers in accessing the capital necessary to grow, stabilize operations, and invest in their future. Traditional lenders often require substantial collateral, strong credit histories, and established cash flow, leaving many otherwise viable businesses unable to secure the financing they need.
The Empower East County Business Fund Revolving Loan Fund was established to address the financing gap faced by small businesses that may not yet qualify for conventional lending but demonstrate business viability, repayment potential, and a commitment to strengthening their local communities. This alternative to traditional financing sources will support businesses that require smaller loan amounts or operate in sectors and communities with limited access to capital.
The program has made significant progress in transitioning from the planning phase to implementation. Federal funding has been awarded and accepted through the United States Economic Development Administration, establishing the foundation for the program's launch. In addition, the Revolving Loan Fund strategy has been completed, and a comprehensive framework has been developed outlining eligibility criteria, approved uses of funds, loan amounts, underwriting standards, and portfolio requirements, positioning the program to expand economic opportunities throughout East County.
The recommended $300,000 grant is necessary to ensure the continued operation and effectiveness of the Empower East County Business Fund Revolving...
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