Alhambra, CA, April 13, 2020 \u2013 In response to small businesses affected by COVID-19, the Los Angeles County Board of Supervisors has created the Small Business Recovery Loan Program, administered by the Los Angeles County Development Authority (LACDA).<\/p>\n
The Small Business Recovery Loan Program provides easy to access, timely, and sufficient financial relief to small businesses that are most impacted by an acute downturn in revenue caused by an unforeseen emergency outside their immediate control. This program will ensure businesses can keep their employees and businesses afloat during this time of economic hardship and prevent a chain reaction of reduced spending, inability to pay bills, job losses, or even closure.<\/p>\n
The loans will be made available through the County\u2019s existing Economic Development Administration (EDA) Loan fund as the primary source of funding.\u00a0 Any for-profit business with 25 or fewer employees located within the unincorporated Los Angeles County or city participating in the County\u2019s Community Development Block Grant Program is eligible.\u00a0 Loan proceeds may be used for working capital, including payroll or rent. The maximum loan amount is $20,000 with a term of five (5) years, and the minimum interest rate is authorized by the EDA (4%) or Wall Street Journal Prime (75%), whichever is lower. Principal and interest will be deferred up to 12 months. Loans may be prepaid, in part or in whole, at any time without penalty. There is no loan origination fee and no collateral is needed to secure the loan.<\/p>\n
Emilio Salas, Acting Executive Director of the LACDA, said, \u201cThe current COVID-19 pandemic is impacting small business economies. However, the County has been taking swift action to support business owners and their employees during this time \u2013 and this new loan program will be a helpful addition to the resources available.\u201d<\/p>\n
To obtain an application, visit\u00a0bizrecoveryloans.lacda.org<\/a>. Additional resources for small businesses can be found at:\u00a0https:\/\/dcba.lacounty.gov<\/a>. For more information on the Small Business Recovery Loan Program, please contact Carolina Romo, Supervisor at LACDA, at (626) 296-6298 or by email at\u00a0BizRecovery@lacda.org<\/a>.\u00a0All media may contact Elisa V\u00e1squez, LACDA Public Information Officer, at (626) 586-1762.<\/p>\n","protected":false},"excerpt":{"rendered":" Loan Program to Assist Small Businesses...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,6,16],"tags":[],"class_list":["post-23607","post","type-post","status-publish","format-standard","hentry","category-business","category-ca-local","category-health"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/23607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23607"}],"version-history":[{"count":2,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/23607\/revisions"}],"predecessor-version":[{"id":23609,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/23607\/revisions\/23609"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}