The Los Angeles County Development Authority (LACDA) has a Small Business Recovery Loan Program available for some businesses in the Unincorporated Area of Los Angeles County or one of their CDBG Participating Cities (target area). Manhattan Beach falls under the CDBG Participating Cities and therefore qualifies.
Eligible businesses must –
- have 25 or fewer employees as of March 19, 2020
- have been operating for a minimum of 2 years
- NOT be a non-profit organization
This loan can help with –
- Employee payroll
- Payroll for employee sick time
- Working capital to continue operations
- Payment of outstanding business expenses
- Adaptive business practices needed to remain open
The loan maximum amount is $20,000 with an interest rate of 2.44%. The loan term is 5 years, with no payments of principal or interest due for the first 12 months. No collateral is needed. This is a loan, not a grant. All loans will be underwritten.
For additional help, you can visit, https://smallbizla.org/ or send an email at BizRecovery@lacda.org