County Launches Small Business Loan Program Starting Jan. 28

LOS ANGELES (CNS) – The Los Angeles County Improvement Authority introduced in the present day it should launch a small enterprise mortgage program on Jan. 28 to assist forestall job losses and enterprise closures amid the COVID-19 pandemic.

The Small Enterprise Stabilization Mortgage Program is funded with $10 million from the U.S. Financial Improvement Administration by way of a federal COVID-19 aid act, in line with the authority.

Loans starting from $50,000 to $three million might be given to eligible companies which have been in operation for at the least two years, are in search of working capital, tools purchases, actual property acquisition or refinancing of present loans at larger rates of interest, the authority stated.

“The current surge in COVID-19 circumstances is as soon as once more harming the vitality of small companies within the county of Los Angeles,” stated Los Angeles County Board of Supervisors Chair Hilda L. Solis. “The launch of LACDA’s Small Enterprise Stabilization Mortgage Program will assist information our native small companies to restoration and set them on the trail to long-term prosperity. Our financial therapeutic depends upon the wellbeing of this sector and their workers. I urge our small enterprise group to benefit from this new program.”

Enterprise house owners who need to apply for a mortgage should attend a webinar to be taught extra in regards to the software necessities. As soon as the webinar is accomplished, LACDA will join the applicant with a Technical Assitance supplier who will help with the appliance. Particulars can be found at www.BizStabilization.LACDA.organd functions might be accepted indefinitely.

“Earlier this month, the LACDA launched the BizHelp webinar sequence to assist enterprise house owners navigate these tough financial occasions, and in the present day we provide yet one more lifeline within the type of monetary help — the Small Enterprise Stabilization Mortgage Program,” stated Emilio Salas, LACDA Government Director. “We’ll proceed prioritizing the wants of Los Angeles County companies and doing what we are able to to maintain their doorways open.”

Extra data on this system is offered from Edgar Mejia at 626-586-1550.

Photograph: Getty Photos

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