Mid Cities Credit Union recently helped walk a small businessowner through the steps to get financing for a new truck and becomecompliant with a California greenhouse gas emission measure.
|Julio Contreras, a member of the $24 million credit union inCompton, Calif., was able to obtain a State Treasury CaliforniaCapital Access Program, or CalCAP, Air Resources Board loan.
|The ARB's Heavy-Duty Vehicle Air Quality Loan Program providesfinancial assistance to truckers affected by the Statewide In-UseBus and Truck Rule and the Heavy-Duty Vehicle Greenhouse GasEmission Reduction Measure, according to Mid Cities CU.
|The loan helped Contreras purchase a new truck and meet statecompliance rules, the credit union said.
|“I would have lost a lot of business, not being able totransport in and out of the Port of Los Angeles, without theassistance from Mid Cities Credit Union and the ARB,” Contrerassaid.
|In addition to making the application process easier, Contrerassaid the credit union acted as a liaison with the ARB to make surehis documents were in order.
|The CalCAP programis a loan guarantee program that ensures loans are made to smallbusinesses to help them grow, according to Mid Cities CU.
|Loans can be used to finance the acquisition of land,construction or renovation of buildings, the purchase of equipment,other capital projects and working capital.
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