LA County Launches New COVID Small Business Loan Program

LOS ANGELES (CBSLA) — A new small business loan program was launched Thursday to help prevent business closures and job losses during the pandemic.

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. Applications will be accepted indefinitely.

"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. "I urge our small business community to take advantage of this new program."

The Los Angeles County Development Authority is calling it the Small Business Stabilization Loan Program. It is funded with $10 million from the U.S. Economic Development Administration through a federal COVID-19 relief act.

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, L.A.C.D.A. 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.

"Earlier this month, the L.A.C.D.A. 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," L.A.C.D.A. Executive Director Emilio Salas said.

Details are available here.

(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)