The Los Angeles County Development Authority on Thursday launched the Small Business Stabilization Loan Program.
The loan program is made possible by a $ 10 million business recovery fund issued by the US Economic Development Administration. The funds have been made available through Coronavirus Aid, Relief and Economic Security Act Recovery Assistance, and are intended to prevent job loss and business closures. The program will provide flexible and affordable capital to small businesses in the county.
The Small Business Stabilization Loan Program will provide eligible businesses with a competitive interest rate on loans ranging from $ 50,000 to $ 3 million. Companies interested in applying for the program should be in business for at least two years and seek working capital, equipment purchases, real estate acquisition, or refinancing of existing loans at higher interest rates.
The program began accepting applications on Thursday and will remain open indefinitely. To apply for the Small Business Stabilization Loan, applicants should attend an online “Apply for an Affordable and Flexible LACDA Loan” webinar to learn more about the application process requirements and the necessary documentation. Webinars are available for registration. At the end of the webinar, LACDA will then connect interested applicants with a technical assistance provider to assist them with the business loan application.
“The recent surge in COVID-19 cases is once again hurting the vitality of small businesses in Los Angeles County,” said Los Angeles County Board of Supervisors chairperson Hilda L. Solis, first district supervisor. “The launch of the LACDA Small Business Stabilization Loan Program will help guide our local small businesses towards recovery and put them on a path to long-term prosperity,” she said. “Our economic recovery depends on the well-being of this industry and its employees. I urge our small business community to take advantage of this new program.
“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 stabilization loan program for small businesses, ”said Emilio Salas, Executive Director of LACDA. “We will continue to put the needs of Los Angeles County businesses first and do what we can to keep their doors open.”
The program has been complemented by technical assistance partners who offer additional one-on-one financial consultations, application assistance, and assessment of a company’s readiness to engage in a loan with LACDA. Technical support is available in several languages, including English, Spanish, Chinese (Mandarin), and Korean.
For more details on the Small Business Stabilization Loan Program, contact Edgar Mejia at 626-586-1550.