LOS ANGELES (CNS) - Another $1.5 million in microloans was distributed by Los Angeles to small businesses from August to September to help them recover from the COVID-19 pandemic, Controller Ron Galperin announced today.
Since the beginning of the microloan program in April, the Economic and Workforce Development Department has distributed more than $7.6 million to 555 Los Angeles businesses -- up from $5.9 million to 419 businesses as of early August, Galperin said.
Galperin said the interactive map and microloan tracker from his office have been updated, showing where microloans have been given small businesses.
“With hundreds of private businesses receiving public assistance right now, it is critical for Angelenos to be able to track what type of businesses they are and where they are located,'' Galperin said. “We need to ensure that businesses in every area of the city are benefiting and that our local economy is receiving a boost in neighborhoods that need it most.''
The microloan tracker, available at lacontroller.org/microloans, includes a map with the name, location and loan amount for each recipient. A graph has been added to show the program's performance month over month.
The microloan program was created by the Office of Mayor Eric Garcetti in March with an $11 million investment that is administered by the EWDD.
The Small Business Emergency Microloan Program has distributed $5,000 to $20,000 loans to local businesses that are not eligible for federal CARES Act dollars.
The hospitality industry has been the largest recipient of the microloans, Galperin said, with 123 businesses receiving assistance.
According to Galperin's tracker, Council District 14 -- which includes downtown and parts of southeastern Los Angeles -- has the most microloan recipients, a total of 69 businesses that have received a little more than $1 million. Council District 5 -- which includes some communities on the Westside, Santa Monica Mountains and southern San Fernando Valley -- has 65 businesses that have received a total of $872,000 in microloans, and Council District 4 -- which includes a swathe of the southern San Fernando Valley and Hollywood Hills -- has 58 microloan recipients that have received a total of $738,100 in microloans.