On July 8, Inland Empire based U.S. Small Business Administration (SBA) lender AmPac Business Capital announced their impending merger with Enterprise Funding Corporation.
The merger will combine AmPac’s 18 years of service in the Inland Empire with Enterprise Funding’s 40 years of experience as a SBA 504 lender in the Inland Empire.
Although the SBA has provided conditional approval for the merger, the final approval is dependent on the Secretary of State.
According to a press release, this request is currently backlogged.
During a press conference held on Thursday July 11, Hilda Kennedy, Founder and President of AmPac, provided more details for the future of the two combining entities.
Kennedy reassured the attendees that there would be no layoffs as a result of this merger.
She said that instead, AmPac will be integrating Enterprise Funding’s existing staff with the current AmPac team.
Kennedy discussed the process of integrating the work cultures of the two entities, claiming that it has been a seamless transition.
“We get each other, we kind of gelled together, and it’s pretty sweet. And so we will be continuing that integration,” she said.
Jeff Sceranka, the former President of Enterprise Funding, will act as AmPac’s Executive VP of New Markets and Business Development.
During the press conference, Sceranka outlined what he believes is the economic state of the Inland Empire.
“If you look at every single community in the Inland Empire, there was an economic development story behind it,” he said. “Whether it’s Colton, Barstow, or Temecula Valley, all of these cities, all of these regions, are fighting for survival and growth and economic development.”
Sceranka expressed confidence in the positive role AmPac has in the community, saying that AmPac is a “catalyst that can take a business from an idea to that first location.”
Kennedy echoed this sentiment in a press release.
“By joining forces with Enterprise Funding, we are poised to become the premier SBA 504 lender serving the Inland Empire, add new small businesses to the AmPac loan servicing portfolio and expand our programs to support businesses from their inception to their legacy,” Kennedy stated.
While the expanded AmPac will still operate from their Ontario headquarters, this merger will introduce new AmPac satellite offices in San Bernardino and Palm Springs.
Representatives for U.S. Congresswoman Norma Torres and Assemblymember Eloise Reyes were present at the press conference and expressed their support for this pending consolidated entity.
After the press conference, Kennedy told Inland Valley News that AmPac will remain committed to reaching out to Black-owned small businesses.
“We’ve done several programs for the Black Chamber of Commerce right here in this building,” Kennedy said.
She said that AmPac is dedicated to leveling the playing field for small business owners from communities of color.
“We’re really committed to working with black and brown businesses to try and get them economic parity capital,” Kennedy said. “We want to make sure that they have access to capital at the same levels that other people do and we’ve curated other alternative lending programs to make sure that those businesses that may not have credit history, that may not have the same standard can access those funds.”
She wanted to reassure those who want to work with AmPac that they will have the assistance they need.
“We walk with them hand in hand throughout the process to do that,” Kennedy said.
