LACDA Small Business Loan Program Application Period Ends
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The Los Angeles County Development Authority announced Monday that its Small Business Stabilization Loan Program was no longer accepting applications after receiving nearly 100 loan applications.
Funding requests from the 96 applicants exceeded $ 30 million when the portal closed at 8 a.m. Monday morning, officials said. The program, which was launched on January 28, was put in place to help prevent job losses and business closings amid the COVID-19 pandemic.
Eligible businesses – which must have been in business for at least two years – will receive loans ranging from $ 50,000 to $ 3 million. Businesses can use the financing for working capital, equipment purchases, the acquisition of real estate, or the refinancing of existing loans at higher interest rates.
The funding is expected to be distributed later this month, officials said.
“The recent surge in COVID-19 cases is once again harming the vitality of small businesses in Los Angeles County,” Los Angeles County Supervisory Board Chairman Hilda L. Solis said ahead of the launch of the program in January. “The launch of LACDA’s Small Business Stabilization Loan Program will help guide our local small businesses to recovery and put them on a path to long-term prosperity.
Business owners who wished to apply for a loan were required to attend a webinar to learn more about the application requirements. LACDA then put the applicant in contact with a technical assistance provider to help them with their application.
LACDA Small Business Loan Program Application Period Ends was last modified: April 5, 2021 through
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