LOS ANGELES – The Los Angeles County Development Authority or LACDA will launch the Small Business Stabilization Loan Program Jan. 28. The loan program is made possible through a $10 million business recovery assistance fund issued by the U.S. Economic Development Administration. The funds were made available through the Coronavirus Aid, Relief, and Economic Security Act Recovery Assistance, and are intended to prevent job loss and business closure. The Program will provide flexible and affordable capital to small businesses Countywide.
The program will provide eligible businesses with a competitive interest rate for loans ranging from $50,000 to $3 million. Businesses interested in applying for the program must have been in operation for at least two years and are seeking working capital, equipment purchases, real estate acquisition, or refinancing of existing loans at higher interest rates.
The Small Business Stabilization Loan Program will start accepting applications on Jan. 28, and will remain open indefinitely. To apply, applicants are required to attend an online “Applying for An Affordable & Flexible LACDA Loan” webinar. Webinars are available for registration. Upon completion of the webinar, the LACDA will then connect interested applicants with a Technical Assistance provider to assist with the business loan application.
Further details are available at BizStabilization.LACDA.org.
Technical assistance is available in various languages, including English, Spanish, Chinese (Mandarin), and Korean
For more details contact Edgar Mejia at 626-586-1550.
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