Banc of California to Relocate to LA, Mayor Highlights Efforts To Help Businesses Open in First Year
LOS ANGELES – Mayor Karen Bass announced Dec. 5 that the Banc of California will be relocating its headquarters to Los Angeles. Mayor Bass will also highlight actions taken during her first year as mayor to make it easier for Los Angeles businesses to open, thrive and expand.
Mayor Bass is also announcing the launch of a contract financing program to help small businesses pursue procurement opportunities with the city. This program fulfills a promise made during the campaign to help make sure small local businesses are competitive to win and keep city contracts.
Mayor Bass Dec. 5 also highlighted the results of her first year during a roundtable conversation with business leaders in San Fernando Valley and toured the progress of LAX’s $30 billion capital improvement program.
Watch the video release recapping the first year of progress here.
Thousands of businesses have opened in Los Angeles since December 2022. The mayor has taken action to speed up housing approvals and construction, including consistent action, inclusive of the business community, to chart a new path where businesses are supported to thrive.
Area of progress include:
Promoting Small Businesses: Mayor Bass established a small business policy team right away and issued Executive Directive 4 to support small business creation, development and growth in Los Angeles. The executive directive surfaced existing barriers within city departments and bureaus to doing business in and with the city.
Fostering Entrepreneurship and Business Support: Mayor Bass began bringing the business community together at the start of her term to hear policy requests directly from leaders. The first convening was held with Small Business Administrator Isabel Guzman where business leaders made the importance of fostering procurement opportunities with the city clear.
Responding During Emergencies: Mayor Bass’ emergency responses prioritize impacted businesses. During the I-10 freeway closure, Mayor Bass met with business owners and leaders from the downtown and Boyle Heights areas to share updates regarding recent resources and services available. The Economic Workforce and Development Department launched a micro-enterprise grant program and helped establish a resource center dedicated to supporting impacted businesses. Also, during the tropical storm, the mayor’s team held an emergency business resource webinar to discuss available resources and support available through city departments, legal aid and local business source centers.
Streamlining Commercial Development and Housing: Mayor Bass signed Executive Directive 7 to make housing more affordable and available throughout Los Angeles. The executive directive works to incentivize more housing to be built faster for people of all income levels, with an emphasis on affordable housing and mixed income housing.. Commercial, mixed-use development can also be streamlined through this package of initiatives.
Making Al Fresco Successful: During the COVID-19 pandemic, the city enacted temporary local emergency orders that allowed for the establishment of the L.A. Al Fresco program in May 2020. This program authorized restaurants to temporarily utilize sidewalks, private parking lots, street parking spaces, and lane closures for outdoor dining. It also suspended regulations and requirements that would otherwise govern outdoor dining, including zoning regulations, fees, and permitting procedures.
COVID Recovery and Commercial Rent Support: The city launched the third round of the small business rental assistance grant program to offer grants up to $15,000 to help in their recovery from the COVID-19 pandemic.