We’re excited to share that Rise Up Industries and MindSet Charter Schools have received funding from the San Diego County COVID-19 Small Business & Nonprofit Loan Program (SBNLP) to continue serving their communities.
Rise Up Industries (2nd loan)
With the first SBNLP loan, Rise Up Industries purchased a CNC lathe for its machine shop social enterprise, which allowed them to fulfill additional contracts and grow revenue. In April 2021, Rise Up Industries, which offers job training to formerly gang-involved individuals, was approved for a second loan through the SBNLP. The organization now seeks to scale its machine shop work so that it can expand wrap-around services and employment development opportunities for more participants. This second loan will enable the organization to employ a machine shop foreman and a development manager, and purchase a laser etching machine.
MindSet Charter Schools
Mindset Charter Schools, which prepares students to thrive in a global, tech-driven society through the School for Entrepreneurship & Technology (SET), sought funding to cover a delay in state reimbursements. As a result of state budget cuts related to COVID-19, the projected amount of funding dropped substantially for the 2020–2021 fiscal year (FY). Even though SET has seen an increase in enrollment during the pandemic, and is subject to all expenses related to new students, their current funding is based on 2019–2020 enrollment numbers, which do not reflect the recent increase in enrollment. Part of the SBNLP loan will be used to refinance a current loan and the rest of the capital will be used to cover major monthly expenses such as payroll, rent, and utility bills. SET anticipates that deferred payments from the state along with their increase in enrollment will result in a higher amount of funding in FY 2021–2022, allowing them to comfortably repay this loan.