Application Period Closes For LACDA Small Business Loan Program iheart.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iheart.com Daily Mail and Mail on Sunday newspapers.
By City News Service
Jan 28, 2021
LOS ANGELES (CNS) - The Los Angeles County Development Authority launched a small business loan program today to help prevent job losses and business closures amid the COVID-19 pandemic.
The Small Business Stabilization Loan Program is funded with $10 million from the U.S. Economic Development Administration through a federal COVID-19 relief act.
Loans ranging from $50,000 to $3 million will be given to eligible businesses that have been in operation for at least two years, are seeking working capital, equipment purchases, real estate acquisition or refinancing of existing loans at higher interest rates.
“The recent surge in COVID-19 cases is once again harming the vitality of small businesses in the county of Los Angeles, Los Angeles County Board of Supervisors Chair Hilda L. Solis said in previewing the program last week.
The Los Angeles County Development Authority will launch the Small Business Stabilization Loan Program on Jan. 28 and will begin accepting applications to help small businesses prevent further job loss and business closures.
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.
The Program will provide flexible and affordable capital to small businesses Countywide.
The Small Business Stabilization Loan Program will provide eligible businesses with a competitive interest rate for loans ranging from $50,000 to $3 million.
By City News Service
Jan 22, 2021
LOS ANGELES (CNS) - The Los Angeles County Development Authority announced today it will launch a small business loan program on Jan. 28 to help prevent job losses and business closures amid the COVID-19 pandemic.
The Small Business Stabilization Loan Program is funded with $10 million from the U.S. Economic Development Administration through a federal COVID-19 relief act, according to the authority.
Loans ranging from $50,000 to $3 million will be given to eligible businesses that have been in operation for at least two years, are seeking working capital, equipment purchases, real estate acquisition or refinancing of existing loans at higher interest rates, the authority said.