LA County Launches Small Business Loan Program – NBC Los Angeles
The Los Angeles County Development Authority on Thursday launched a small business loan program to help prevent job losses and business closings amid the COVID-19 pandemic.
The Small Business Stabilization Loan Program is funded by $ 10 million from the U.S. Economic Development Administration through federal COVID-19 relief legislation.
Loans ranging from $ 50,000 to $ 3 million will be made to eligible businesses that have been in business for at least two years, seeking working capital, equipment purchases, real estate acquisition or refinancing. of existing loans at higher interest rates.
“The recent surge in COVID-19 cases is once again damaging the vitality of small businesses in Los Angeles County,” Los Angeles County Supervisory Board Chairman Hilda L. Solis said at the meeting. presentation of the program last week.
“The launch of LACDA’s Small Business Stabilization Loan Program will help guide our local small businesses to recovery and set them on a path to long-term prosperity. Our economic recovery depends on the well-being of this sector and its employees. I urge our small business community to take advantage of this new program. “
Business owners who wish to apply for a loan should attend a webinar to learn more about the application requirements. Once the webinar is complete, LACDA will connect the applicant with a technical support provider who will assist them with the application. Technical support is available in several languages, including English, Spanish, Chinese (Mandarin), and Korean.
Details are available at BizStabilization.LACDA.org and nominations will be accepted indefinitely.
Earlier this month, LACDA launched the BizHelp webinar series to help business owners navigate these tough economic times, and today we’re offering another lifeline in the form of support. financial – the small business stabilization loan program, “Emilio Salas, executive director of LACDA mentioned. “We will continue to put the needs of Los Angeles County businesses first and do what we can to keep their doors open.