LOS ANGELES (CNS) - Los Angeles Controller Ron Galperin updated his interactive map and microloan tracker today, which displays the roughly $10 million in microloans distributed to help small businesses make it through the COVID-19 pandemic.
As of the end of October, the Economic and Workforce Development Department has distributed more than $9.9 million to 733 Los Angeles businesses, up from $7.6 million to 555 businesses in September, according to Galperin.
“Almost nine months into the pandemic, nearly all the money allocated to the city's microloan program has been distributed to local small businesses in need,'' Galperin said. “Because it involves millions in public funds, Angelenos deserve to know exactly which businesses are benefiting, the amount they've received and where they are located.''
The microloan tracker is available at lacontroller.org/microloans and includes a map with the name, location and loan amount for each recipient. A heat table has been added that shows which industries benefited from the program most month over month.
The Small Business Emergency Microloan Program was created in March with a dedication of $11 million to be distributed in the form of $5,000 to $20,000 loans to local businesses that were ineligible for federal CARES Act dollars.
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