The Los Angeles County Development Authority on Thursday launched a small business loan program to help prevent job losses and business closures amid the COVID-19 pandemic.
The Small Business Stabilization Loan Program is funded by $ 10 million from the US Economic Development Administration through a federal COVID-19 relief act.
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, purchasing equipment, acquiring real estate, or refinancing existing loans at higher interest rates.
“The recent spike in COVID-19 cases is once again damaging the vitality of small businesses in Los Angeles County,” Los Angeles County Board of Supervisors Chair Hilda L. Solís said in a preview of the show last week.
Hair salons and nail salons in Los Angeles County reopened Tuesday thanks to the lifting of a regional stay-at-home order, but officials emphasized that COVID-19 remains out of control.
“The launch of the LACDA Small Business Stabilization Loan Program will help guide our local small businesses toward recovery and lead them to long-term prosperity. Our economic healing depends on the well-being of this industry and its employees. I urge our small business community to take advantage of this new program. ”
Business owners wishing 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 assistance provider who will assist with the application.
Technical support is available in multiple languages, including English, Spanish, Chinese (Mandarin), and Korean. Details are available at BizStabilization.LACDA.org and applications 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 offer another lifeline in the form of financial support: the Small Business Stabilization Loan Program. ”, Executive Director of LACDA, said Emilio Salas. “We will continue to prioritize the needs of Los Angeles County businesses and do our best to keep their doors open.”
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