The Downtown Long Beach Business Association last week announced the launch of the pilot Capital Connections program, a statewide collaboration designed to provide funding assistance to local small businesses.
Focusing on business that have gross revenues of $1 million or less, the program is a partnership between the California Downtown Association and Citi Community Development in association with local Business Improvement Districts. It will increase access to capital funding by providing new avenues to critical financial opportunities traditionally unavailable for small businesses
Downtown Long Beach was chosen as one of five BIDs in California to take part in the initiative, which aims to create and retain jobs, which will hopefully, in turn, assist in civic progress. The other four areas chosen were Downtown Fresno, Downtown Sacramento, Napa and the Fashion District in Downtown Los Angeles.
“At Citi, we share Capital Connections’ commitment to supporting small businesses and providing them with the resources they need to grow and succeed,” said Rebecca Macieira-Kaufmann, President of Citibank California in a statement. “By working with Business Development Districts, this innovative program will help drive permanent job creation and retention in low-and moderate-income areas.”
Though assistance is implemented though each of the local partners, the impact of the program will be measured based on the success of all five participating BIDs and best-practices will be assessed so that the model can eventually be replicated in other California locations.
The DLBA began encourages those seeking additional information to contact Raquel Beard at the DLBA at (562) 436-4259 or visit www.ca-connect.com.