SANTA ROSA, Calif. Redwood CU and Community Action Partnership Sonoma rolled out a collaborative lending program that aims to provide up to $1 million in loans to microbusinesses and start-ups for graduates of CAP Sonoma’s microbusiness development program.
The program has graduated 30 people since its inception, helping to launch ventures including a landscape company, a pallet recycling firm, bakeries and a wholesale clothing outlet. CAP Sonoma provides financial education specifically designed for small business owners and individuals who are seeking to start or currently own microbusinesses.
“RCU recognizes small and microbusinesses often have difficulty in obtaining the financing needed to initiate a business or expand. RCU is committed to our community, and we believe funding the growth of microbusinesses is a positive way to impact these businesses as well as the economic growth and vitality of our county,” said Anne Benjamin, RCU’s EVP and chief operating officer.
