The money will help the organization more easily lend to small businesses in San Diego’s urban communities, Accion said in a prepared statement.
Civic San Diego’s aim is to increase economic development in San Diego neighborhoods.
“Small businesses are the bedrock of the local economy and as these businesses grow and create new jobs, our neighborhoods thrive,” Civic San Diego President Reese A. Jarrett said.
Accion’s capacity to lend to small businesses in areas with a median household income of $60,000 or below, such as Barrio Logan, City Heights and San Ysidro, will be bolstered by the contribution, the organization said.
The organization will focus on lending to businesses that are women-, minority- or veteran-owned or have been certified as Disadvantaged Business Enterprises by the state.
“This fund will allow us to provide more businesses in San Diego with the support they need to be successful,” Accion CEO Elizabeth Schott said.