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The City of Riverside celebrates National Women in Small Business Month, and Kay Yang is a shining example of a local entrepreneur and engineer who rises above gender barriers. As a little girl growing up in Chino Hills, Yang remembers building a mini pulley system for her Barbie Dreamhouse. She and her dad would spend hours tinkering and problem-solving in their garage.
“I became an engineer because that’s what my dad and I did on the weekends,” said Yang, founder and CEO of Tinker the Robot. “He taught me aerodynamics by observing birds and physics by launching catapults. He made these subjects relatable and engaging.”Â
Yang went on to work in several industries, including biotechnology, defense, cleantech, and consumer products, making Disney Princess toys at Mattel. Inspired by her upbringing, Yang left Mattel seven years ago because she wanted to create a toy with more educational value. She set out to reimagine the way engineering is taught and make STEM engaging to a population that might not think these subjects are for them — especially girls. After learning what families want is an experience, Yang evolved the Tinker idea from a toy into science and engineering workshops and homeschool kits.
The California Infrastructure and Economic Development Bank (IBank) is increasing the loan guarantee limit for its Small Business Loan Guarantee program to $5 million. With $1.1 billion of recently approved federal funding, for the first time since 2010, IBank is set to guarantee even larger loans for small businesses throughout California.
IBank’s Small Business Finance Center features a loan guarantee program designed to assist small businesses that experience capital access barriers. The Small Business Loan Guarantee program encourages lenders to provide funds to small businesses to help them grow and prosper.
IBank's seven Financial Development Corporations work with a variety of different lenders who initiate loans and enroll them in loan guarantee programs. As mission-based organizations, the FDCs aim to support small businesses and stimulate economic growth especially in underserved communities.
Check to see if you qualify at ibank.ca.gov.
Seeking a low-interest business loan? The California Rebuilding Fund is a loan program designed to help California’s small businesses access the funding they need, including those located in economically distressed areas of the state. The loans are flexible, transparent, and are designed to help businesses access the financing and advisory services they need to get through these challenging times.
To date, the California Rebuilding Fund has provided over $80 million in loan assistance. The program lends qualifying parties up to $100,000 in 3 or 5-year term loans that can be used to refinance existing loans, pay off existing debt, or even finance a new start-up. Check if you are eligible at www.caloanfund.org.
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