The Los Angeles County Development Authority (LACDA) will launch the Small Business Stabilization Loan Program on January 28, 2021. 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 (CARES) Act Recovery Assistance, and are intended to prevent job loss and business closure. 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. Businesses interested in applying for the program must have been in operation for at least two years and are seeking working capital, equipment purchases, real estate acquisition or refinancing of existing loans at higher interest rates.
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