Oakland Businesses Grow with OneCalifornia Bank
The mainstream media might be reporting about how banks are no longer lending to small businesses the way they used to, but clearly they haven’t stopped by OneCalifornia Bank. Linda Russell, owner of Mugshots School Photography, just received a $300,00 small business loan from OneCalifornia Bank. You can read her story about the loan process on her blog. And see the news release posted below from the U.S. Small Business Administration, reporting on a recent client of OneCalifornia Bank and her success story:
Once A Homeless Mom, This Entrepreneur is Highlighting Recovery Act Successes
Oakland, CA - San Francisco SBA District Director Mark Quinn and Linda Russell, owner of Mugshots School Photography, hosted a press conference June 3 at One California Bank in Oakland to highlight how small businesses are taking advantage of the changes SBA made to its loan programs as a result of the American Recovery and Reinvestment Act. The SBA provisions in the Recovery Act were designed not only to help small businesses keep the doors open, but also to help them grow and create jobs. The Recovery Act programs are now reaching the small businesses and beginning to have an impact, helping them retain and create tens of thousands of jobs nationwide.
Average weekly SBA loan volume is increasing and more lenders are responding by making SBA-backed loans to small businesses.
Russell received a $300,000 loan from Oakland’s One California Bank to market her company, expand its online presence, and potentially franchise it in other parts of the country. Russell, who was homeless with two young children 20 years ago and living in a women’s shelter, started Mugshots Photography in 1993. Her first job involved photographing 200 students for one school in Marin County. Today, she contracts with several photographers and shoots over 17,000 students a year in public and private schools throughout the Bay Area. The Recovery Act saved Russell about $8,100 in fees to reinvest in her company.