LOS ANGELES (CNS) - The Los Angeles County Development Authority announced today its Small Business Stabilization Loan Program is no longer accepting applications after receiving nearly 100 requests for loans.
Funding requests from the 96 applicants exceeded $30 million when the portal closed at 8 this morning, officials said. The program, which was launched on Jan. 28, was established to help prevent job losses and business closures amid the COVID-19 pandemic.
Eligible businesses -- which must have been in operation for at least two years -- will receive loans ranging from $50,000 to $3 million. The businesses can use the funding for working capital, equipment purchases, real estate acquisition or refinancing of existing loans at higher interest rates.
The funding is expected to be distributed later this month, officials said.
“The recent surge in COVID-19 cases is once again harming the vitality of small businesses in the county of Los Angeles,'' Los Angeles County Board of Supervisors Chair Hilda L. Solis said before the program's launch in January. “The launch of LACDA's Small Business Stabilization Loan Program will help guide our local small businesses to recovery and set them on the path to long-term prosperity.''
Business owners who wanted to apply for a loan were required to attend a webinar to learn more about the application requirements. LACDA then connected the applicant with a technical assistance provider to assist with the application.
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