The Los Angeles County Development Authority’s Small Business Stabilization Loan Program has reached its application limit as loan funding requests have exceeded $30 million.
When the application portal was closed Monday at 8 a.m., 96 applications had been received from small businesses requesting more than $30 million in assistance.
The applications received will be processed and funding is expected to start being deployed later this month.
Launched on January 28, 2021, the Small Business Stabilization Loan Program was designed to provide eligible businesses with a competitive interest rate for loans ranging from $50,000 to $3 million.
Businesses that applied for the program must have been in operation for at least two years and seeking working capital, equipment purchases, real estate acquisition, or refinancing of existing loans at higher interest rates.
While the LACDA will continue to collaborate with agencies to provide technical assistance through complimentary online webinars, the one-on-one financial consultations that were a pre-requisite for applying for the loan program will no longer be offered.
To review the list of current webinars being offered, visit BizStabilization.lacda.org, or call 626-586-1550.