The Los Angeles County Development Authority launched a small business loan program Thursday to help prevent job losses and business closures amid the COVID-19 pandemic.
The Small Business Stabilization Loan Program is funded with $10 million from the U.S. Economic Development Administration through a federal COVID-19 relief act.
Loans ranging from $50,000 to $3 million will be given to eligible businesses that have been in operation for at least two years, are 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 harming the vitality of small businesses in the county of Los Angeles," Los Angeles County Board of Supervisors Chair Hilda L. Solis said in previewing 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 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."
Business owners who want to apply for a loan must attend a webinar to learn more about the application requirements. Once the webinar is completed, LACDA will connect the applicant with a Technical Assistance provider who will assist with the application. Technical assistance is available in various languages, including English, Spanish, Chinese (Mandarin) and Korean.
Details are available at BizStabilization.LACDA.org and applications will be accepted indefinitely.
"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 lifeline in the form of financial support -- the Small Business Stabilization Loan Program," LACDA Executive Director Emilio Salas said. "We will continue prioritizing the needs of Los Angeles County businesses and doing what we can to keep their doors open."