Los Angeles County has received a $10.9 million federal grant to extend credit to struggling small businesses.
The money comes from the U.S. Economic Development Administration as part of the coronavirus relief bill signed in March. The Los Angeles County Development Authority received the lion’s share of the $38 million in revolving loan grants distributed to 14 agencies nationwide.
The LACDA will offer loans for working capital, equipment and inventory.
“We understand that keeping businesses in service means preserving a business owners’ dream, securing employment, and maintaining access to resources in a community,” LACDA Acting Executive Director Emilio Salas said. “The monetary support from EDA will reassure businesses, and residents alike that we are undergoing this crisis together.”
The LACDA was invited to apply for the grant based on the agency’s expedited business loan process and success in administering revolving loans.
More information on small business relief available through various county agencies is available at lacountyhelpcenter.org/for-business-owners.
The $2 trillion CARES Act signed into law in late March provides a reported $1.5 billion to support recovery efforts for communities impacted by the COVID-19 pandemic.