HOLLYWOOD HILLS—Los Angeles’ Small Business Emergency Microloan Program has benefited over 500 small businesses with $7.6 million, Los Angeles City Controller Ron Galperin announced on Thursday, September 24.
The program began distributing $5,000 to $20,000 loans more than five months ago in early April to local businesses that were not eligible for federal CARES Act dollars.
The Economic and Workforce Development Department, which administers the program, has distributed more than $7.6 million to 555 Los Angeles businesses as of September 8 — up from $5.9 million to 419 businesses reported in August, according to the city controller.
“With hundreds of private businesses receiving public assistance right now, it is critical for Angelenos to be able to track what type of businesses they are and where they are located,” said Galperin in a statement. “We need to ensure that businesses in every area of the City are benefiting and that our local economy is receiving a boost in neighborhoods that need it most.”
Among city council districts with the most microloan recipients to date are Council Districts 4 and 5. District 4 includes the Hollywood Hills area and has 58 microloan recipients with $738,100 of assistance. District 5, which includes Bel-Air and Westwood, has 65 microloan recipients with $872,000 of assistance received.
The hospitality industry has the highest number of businesses assisted in the city, with just over $2 million provided to 123 businesses. Retail has been helped with just over $1 million and other uncategorized industries have received more than $1.5 million, according to Galperin.
The Economic and Workforce Development Department had previously announced that funding for the program has been “exhausted,” and businesses could no longer apply since September 16.
There are other programs that small businesses in the city can benefit from, according to the department — those are the L.A. Regional COVID Fund and the Small Business Loan Program.
Canyon News reached out to the Economic and Workforce Development Department for an estimate on how many more businesses will be benefited by the end of the month, but did not hear back before print.
Los Angeles Mayor Eric Garcetti created the program back in March committing $11 million to help small businesses suffering from the economic impacts of the coronavirus health crisis.
