CALIFORNIA—On January 21, the Los Angeles County Development Authority (LACDA) announced that they will launch a Small Business Stabilization Loan Program, starting January 28.
A $10 million business recovery assistance fund is making the loan program possible provided by the U.S. Economic Development Administration. The fund were made accessible through the Corona Virus Aid, Relief, Economic Security Act Recovery Assistance, and are intended to prevent more job loss and business closures. The program is designed to assist small businesses with flexible and affordable capital.
“The recent surge in COVID-19 cases is once again harming the vitality of small businesses in the County of Los Angeles,” said Los Angeles County Board of Supervisors Chair Hilda L. Solis, Supervisor to the First District. “The launch of LACDA’s Small Business Stabilization Loan Program will help guide our local small businesses to recovery and set them on the path to long term prosperity. Our economic healing depends on the wellbeing of this sector and their employees. I urge our small business community to take advantage of this new program.”
The Small Business Stabilization Loan Program is a resource that will provide eligible businesses a competitive interest rate for loans between the amount of $50,000 to $3 million.
Eligible businesses must meet the following criteria…
- Must have been in operation for two years and seeking working capital
- equipment purchases
- real estate acquisition
- refinancing of existing loans at higher interest rates
- attend the “Applying for An Affordable & Flexible LACDA Loan” webinar
The stabilizing loan program will begin accepting applications on January 28 and will remain open indefinitely. The webinar will discuss the process and all documentation needed throughout process. Registration for the online webinars are available now.
Once webinar is completed the LACDA will connect interested applicants with a Technical Assistance provider to further assist in the loan stabilization program application. For those seeking more information can be found at BizStabilization.LACDA.org.
“Earlier this month, the LACDA launched the BizHelp webinar series to help business owners navigate these difficult economic times, and today we offer yet another life-line in the form of financial support – the Small Business Stabilization Loan Program,” said Emilio Salas, LACDA Executive Director. “We will continue prioritizing the needs of Los Angeles County businesses and doing what we can to keep their doors open.”
The programs unique resources offer one-on-one financial consultations with technical assistance partners, application assistance, and evaluating how ready a business is to commit to a loan with the LACDA. Technical assistance is available in English, Spanish, Chinese (Mandarin), and Korean.