Business

Small Business Loan Program Reaches Application Limit

Over 90 applications were received requestion over $30 million. | Courtesy photo by Clay Banks on Unsplash

The Los Angeles County Development Authority’s (LACDA) Small Business Stabilization Loan Program has reached its application limit as loan funding requests have exceeded $30 million.

Launched on Jan. 28, 2021, the loan program provided eligible businesses with a competitive interest rate for loans ranging from $50,000 to $3 million. Businesses that applied must have been in operation for at least two years and seeking working capital, equipment purchases, real estate acquisition, or refinancing of existing loans at higher interest rates. When the application portal was closed Monday morning, 96 applications had been received from small businesses requesting over $30 million in assistance. The applications received will be processed and funding is expected to start being deployed later this month.

While the LACDA will continue to collaborate with agencies to provide technical assistance through complementary online webinars, the one-on-one financial consultations that were a pre-requisite for applying for the loan program will no longer be offered. To review the list of current webinars being offered, visit BizStabilization.lacda.org, or call (626) 586-1550.

April 6, 2021

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