Santee small businesses are among the East County companies that may benefit from a newly approved revolving loan fund intended to expand access to capital, according to the San Diego County News Center.

The San Diego County Board of Supervisors approved a one-time $300,000 county grant for the East County Economic Development Council's Empower East County Business Fund Revolving Loan Fund. The county said the fund is designed for small businesses that may not yet qualify for traditional lending but can show business viability, repayment potential and a commitment to their communities.

The East County Economic Development Council is also eligible for an additional $400,000 in matching funds from the U.S. Economic Development Administration, with possible additional federal funding later. Loans through the revolving fund are expected to range from $1,000 to $50,000 and may be used for equipment, inventory, capital and business expansion needs.

For Santee business owners, the approval signals another potential financing option within East County. The county said the investment is intended to expand access to capital, strengthen local job creation and support long-term economic growth throughout East County.

The county said repaid loans will return to the fund for future borrowers. Source: San Diego County News Center.