Banking & Finance LA County has launched a new small business loan...

LA County has launched a new small business loan scheme


Another small business loan program was dispatched Thursday to help forestall business terminations and occupation misfortunes during the pandemic.

Loans going from $50,000 to $3 million will be given to qualified organizations that have been in activity for at any rate two years, are looking for working capital, equipment buys, land procurement, or renegotiating of existing loans. Applications will be acknowledged uncertainly.

“The new flood in COVID-19 cases is indeed hurting the imperativeness of private ventures in the region of Los Angeles,” Los Angeles County Board of Supervisors Chair Hilda L. Solis said in reviewing the program a week ago. “I ask our private venture local area to exploit this new program.”

The Los Angeles County Development Authority is considering it the Small Business Stabilization Loan Program. It is supported with $10 million from the U.S. Monetary Development Administration through a government COVID-19 help act.

Entrepreneurs who need to apply for a loan should go to an online course to become familiar with the application necessities.

When the webinar is finished, L.A.C.D.A. will associate the candidate with a Technical Assistance supplier who will help with the application. Specialized help is accessible in different dialects, including English, Spanish, Chinese (Mandarin), and Korean.

“Recently, the L.A.C.D.A. dispatched the BizHelp online class arrangement to help entrepreneurs explore these troublesome monetary occasions, and today we offer one more life saver as monetary help — the Small Business Stabilization Loan Program,” L.A.C.D.A. Executive Director Emilio Salas said.


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