CA small businesses find creative sources of funding

Small businesses have been hard hit during the recession - many have had to scale back their workforces and others have been battling to get business loans in a tight credit market.

Women-owned businesses and minority-owned businesses have also faced challenges as the recession lingers on.

Many banks have increased their lending standards meaning that some small businesses no longer have the credit worthiness needed to obtain a new business loan. In addition to turning to nontraditional lenders for business financing, some owners have been applying for corporate-sponsored grants.

A number of Latino small business owners in California that applied for grants from Verizon Wireless have been awarded valuable cash prizes along with phones and other technology resources to help them grow the business and modernize operations.

"Latino businesses are growing at a rapid pace, which increases their owners' need to learn about and invest in technological solutions that can help their organizations thrive," said Oscar Madrid, director of multicultural marketing for Verizon Wireless' West area.