And the ABB Grant Program Winners Are...

Monthly news & updates

October 2021

AmPac Awards More Than 40 ABB Grants

U.S. Bank Provides $13 Million in Funding to CDFIs to Support Women of Color-Owned Microbusinesses

Introducing AmPac's Entrepreneur Ecosystem

Success Story: Woman Owned Healthcare Business Set for Growth with Microloan

Current Interest Rates*

10 year loan.......2.67%

20 year loan.......2.85%

20 year refi.........2.89%

25 year loan.......2.97%

*As of 9/10/21

Client Testimonials

"It has been a true pleasure working with AmPac to obtain our SBA financing. Our SBA approval process was challenging and without your persistence and commitment to our project, I don’t believe it would have ever happened. Once SBA approval was obtained the remaining process through the debenture funding was smooth and efficient. We are grateful for all your assistance and very much enjoyed working with AmPac."

~ Rick Hughes, Big Easy RV & Boat Storage

AmPac Awards More Than 40 ABB Grants

We want to thank everyone who applied to the AmPac & ABB BIPOC & Women Owned Small Businesses Grant Program. The program was designed to provide immediate financial support to BIPOC and women-owned businesses in the form of grants ranging from $5,000 to $25,000 and to provide critical business acumen training, which made all applicants a winner.

Applicants were required to complete their application and participate in at least two training sessions facilitated by American Business Bank SBA Senior Banker, Omar Morel. Over the three trainings offered, more than 500 small businesses participated in the training. Participants also completed post-learning assignments from each webinar, including documenting their SMART goals (Specific, Measurable, Achievable, Realistic and Time-Bound).

One applicant wrote:

Hello AmPac,

Let me first proudly share my news.

In my post-seminar assignments I set a SMART goal of choosing and setting up an accounting software since proper and timely records do matter.

I pledged to do it by October 15th.

Accomplished!

My company is on Quickbooks now.

Moreover, I went one step further and finally established a payroll with CostalPayroll company.

Thank you once again for the education. I believe I'm on the right track.

To all that applied, we thank you again for engaging in this Grant & Business Education Program administered with American Business Bank (ABB). We thank ABB for generously giving back to the community in this way, supporting small businesses with the funds from your administration of the Payroll Protection Program.

For those who were not awarded the grant, AmPac encourages you to stay connected by downloading the AmPac Business Capital app or visiting the AmPac website to learn about programs available for small businesses and programs that target women and business owners of color.

Congratulations to all the grant award recipients and participants in the training.

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U.S. Bank Provides $13 Million in Funding to CDFIs to Support Women of Color-Owned Microbusinesses

AmPac Receives Funds to Support Loans for Women of Color

U.S. Bank announced the close of $13 million in funding to Community Development Financial Institutions (CDFIs) as part of its previously announced U.S. Bank Access Fund – a fund for women of color microbusiness owners.

The CDFIs are members of the African American Alliance of CDFI CEOs, one of three organizations U.S. Bank is partnering with to deploy the $25 million fund, which includes both capital and grants through U.S. Bancorp Community Development Corporation (USBCDC) and the U.S. Bank Foundation over three years. The U.S. Bank Access Fund will support more than 30,000 women of color-owned microbusiness owners over three years, prioritizing Black women business owners. Microbusinesses, defined as having 10 or fewer employees, led by women of color are some of the fastest growing in the country, yet face tremendous barriers.

“We’re excited to achieve this next milestone for the U.S. Bank Access Fund – deploying capital to CDFIs, which are best positioned to get it in the hands of women of color who own microbusiness in communities across the country,” said Zack Boyers, USBCDC president and chief executive officer. “These women are more likely to face barriers in accessing flexible, affordable capital and that keeps them from growing their businesses and creating jobs in their communities.”

Nine Alliance-member CDFIs received a portion of the $13 million in capital. These organizations play a critical role in bringing investment and resources to underserved communities, and to those who may not be eligible for traditional small business financing. Historically Black organizations also tend to have a deeper understanding of where and why resource gaps exist within Black communities and how to close those gaps. The CDFIs represent a broad geography and include several CDFIs that lend nationally.

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Introducing AmPac's Entrepreneur Ecosystem

AmPac’s Entrepreneur Ecosystem is like no other business growth resource. Under one roof, you have access to resource providers AND a capital partner.

The Entrepreneur Ecosystem provides year-round, state-of-the-art training for 5 to 7 entrepreneurs looking to start a business or to refresh the ones they have with an 18-month curriculum. In a nurturing and secure environment featuring the Launch Center, small businesses can access resources at all stages of their growth journey.

Entrepreneurs can also access:

Classes that are focused on a range of growth aspects of entrepreneurship such as one-on-one business coaching
A creative space for collaboration, idea sharing and mastermind activities
Resourceful space for local business-related non-profits to have board meetings with storage space for transitioning leadership if needed.

To take advantage of AmPac’s Entrepreneur Ecosystem, business owners can sign up for Entrepreneur Ecosystem memberships that include a diverse range of service levels from a 25-day Punch Card to a Virtual Level.

GET MORE INFO

Woman Owned Healthcare Business Set for Growth with Microloan

AmPac Business Capital provided a $25,000 microloan to a woman-owned wholesaler business located in West Covina, CA.

The business, formed in 2019, is an authorized wholesaler of FDA approved prescription pharmaceutical products. The funds will allow the business to purchase inventory and relocate to a new and larger facility, providing more space for inventory.

A small loan can make a big difference to a growing company looking to expand their products and market area.

AmPac Announced as a Spirit of the Entrepreneur Finalist

SAN BERNARDINO, Calif., October 1, 2021 -- The Inland Empire Center for Entrepreneurship (IECE) at Cal State San Bernardino announced the finalists for this year's Spirit of the Entrepreneur Awards program.

A total of 27 entrepreneurs were selected from a pool of over 250 nominees. The 35 semi-finalists participated in a reception on September 30 sponsored by RP&B CPAs, where they interacted with the event judges. Immediately following the reception, the judges convened to select the finalists.

The finalists for the event will compete for the Spirit of the Entrepreneur award in six (6) different categories at the 19th annual awards black-tie gala on November 10 at the Fox Performing Arts Center in Riverside. Winners will be announced at the event.

AmPac Business Capital is competing in the Service-Based Entrepreneur category.

Upcoming Event

October 29, 2021

2021 Leila Awards

6:00 pm-11:00 pm

DoubleTree By Hilton

November 2, 2021

CREW-IE Social Hour (In-Person)

5:00 pm-7:00 pm

Haven City Market