December 17, 2012
The Grow Vallejo Fund, an innovative economic development finance program created by the City of Vallejo, in partnership with the National Development Council (NDC), is assisting a local manufacturer in strengthening its foundation for future growth. Alamillo Rebar, a family-owned company in Vallejo that manufactures and installs reinforcing steel bars, has received $740,000 in financing from the Grow Vallejo Fund to redesign its capital structure and improve its cash flow, giving it flexibility to meet future growth opportunities. The program was created to stimulate the local economy and create jobs, making loans to eligible small businesses with capital from both the City of Vallejo and NDC, as part of NDC’s Grow America Fund (GAF). The Grow Vallejo Fund is capitalized, in part, by $200,000 from the City’s federal Community Development Block Grant program allocation.