Small businesses in Santee and across East County could gain access to a new revolving loan fund under a county proposal scheduled for consideration Tuesday, Sept. 1, according to East County Magazine.

The proposal from San Diego County Supervisors Joel Anderson and Monica Montgomery Steppe would provide a $300,000 grant to the East County Economic Development Council for the Empower East County Business Fund Revolving Loan Fund. East County Magazine reported that the county money would help leverage an initial $400,000 in federal funding from the U.S. Economic Development Administration.

The fund would serve businesses in El Cajon, Santee, La Mesa, Lemon Grove and unincorporated East County. According to the source report, loans could be used for working capital, equipment, inventory, facility improvements, expansion and job creation, with technical assistance through the Small Business Development Center.

For Santee business owners, the proposal matters because it is aimed at companies that may be viable but have trouble qualifying for conventional financing because of collateral, credit or operating-history limits. The county agenda item says repaid loans could be reinvested into additional East County businesses, making the fund an ongoing capital source rather than a one-time grant.

Anderson and Montgomery Steppe are scheduled to announce the proposal Monday, Aug. 31, at the San Diego Regional East County Chamber of Commerce in El Cajon. East County Magazine reported that Karl Burris, owner of Santee-based Wise Owl Fit, is among those scheduled to appear.