SBA disaster loans are NOW BEING PROCESSED!
The application link is now open for any California business wishing to apply for a disaster loan related to economic damage from the COVID-19 health crisis. LINK: https://disasterloan.sba.gov/ela
FOR COUNCIL DISTRICT 15 Small Businesses: "World-Bridge Consultants services are FREE for small businesses during these challenging times. We can help you apply, time is of the essence! Visit their website to complete the contact submission to schedule an appointment. You are not alone, we are here to HELP. Visit our Coronavirus Loan page to view or print an SBA flyer. Visit: https://www.worldbridgela.com/"
LA City Small Business Microloan Program: In light of the sweeping impact the COVID-19 pandemic is having on our small business community, the City of Los Angeles has responded swiftly and decisively to support our local, community businesses. The newly established Small Business Emergency Microloan Program now provides financing needed to strengthen small business enterprises in this time of acute need that have been affected by the COVID-19 outbreak. Click here to visit the program's website.
- Business Source Centers: The LA BusinessSource Centers provide technical services to for-profit, existing micro-enterprises (five or fewer employees including the owner), small businesses (six to 500 employees), and residents of the City who aspire to be a small business owner.
- Economic and Workforce Development Department’s (EWDD) nine BusinessSource Centers cover the following areas: Hollywood, The Harbor, South LA, East LA, Mid-City, Central/West, South Valley, North Valley, and West Valley.
The centers are staffed with experts to help business owners with the following:
- Develop strategic plans
- Navigate the bureaucracy of permits and regulations needed to open a business in Los Angeles
- Assess their business needs and help serve their customers
- Business owners will find resources to make their business grow at the City’s BusinessSource Centers.
- Small Business Loan Program: The City’s Economic & Workforce Development Department grant loans from $50K to $500K to small businesses for which bank financing is not available. The processing takes around 2 months
- Microloan Program: The City’s Economic & Workforce Development Department grant loans from $5K to $50K to businesses that fit the description of a “micro business”.
- Section 108 Major Projects Program: The program is designed to provide gap-financing to major commercial and industrial real estate projects. The major goal of this program is to expand economic opportunities by providing jobs and maintaining or increasing the availability of goods and services for low- and moderate-income residents in the City of Los Angeles.
- Los Angeles Development Fund (LADF): LADF creates jobs and boosts the economy of low-income communities using the New Markets Tax Credit (NMTC) program by investing in businesses and real estate projects in low-income communities. The LADF reviews projects for possible investment on a rolling basis in accordance with underwriting and project selection criteria approved by the LADF Governing Board.
- The Contractor Development and Bonding Program (CDABP) removes the barriers of surety bonding by providing technical and administrative assistance to local, small and minority businesses who are not able to provide the necessary bid, payment, and performance bonds to successfully bid and compete for City business opportunities.
- Register Your Business with BAVN: To increase minority and small business certifications, needed for city contracts, these businesses can become certified vendors. LA BAVN is an assistance virtual network where you can register your company in order to view and download information about all contractual opportunities offered by the City.
- LA Business Portal: Provides you with all the information needed to plan, start, manage and grow your business. It is also updated regularly and includes announcements such as workshops, or initiatives.
- Business Response Unit: The EWDD’s Business Response Unit is available to provide aid to entrepreneurs navigating through the bureaucracy of the City of Los Angeles' departments. This will help people needing assistance to become legally compliant or requiring City resources to conduct business. The Business Response Unit can supply specific contacts throughout various City departments as well as guide individuals and businesses to appropriate outside/referral agencies. The Business Response Unit can coordinate across multiple departments to resolve delays or other difficulties with City permits, licensing, inspections, and other matters.
- Los Angeles Small Business Commission: Established in 2019, the Los Angeles Small Business Commission (LASBC) is an advisory group that will serve as a liaison between the City and the small business community,\ and as a public forum dedicated to issues affecting entrepreneurs and small business owners. The LASBC also advises the Mayor, City Council and the EWDD on policies promoting small business growth, and evaluates proposed City, State and Federal legislation that may impact small businesses in the City.
LA Mayor, Office of Economic Development
- Sonya Blake, Director of Community Business ([email protected]; 213-978-0781)
- Economic and Workforce Development Department
Bureau of Contract Administration
- Kimberly Fitzpatrick, Office of Wage Standards ([email protected]; 844-924-3752)
LA BAVN Virtual Assistance.