In Los Angeles, small businesses have been hit hard by the coronavirus pandemic. Many owners are struggling to keep their doors open and may need funding to help them survive. Fortunately, there are numerous grants available to help Los Angeles small businesses stay afloat during these difficult times. Here are the top LA small business grants you should apply for in 2021.
1. City of Los Angeles Small Business Emergency Microloan Program
The City of Los Angeles has created a Small Business Emergency Microloan Program to provide financial assistance to small businesses impacted by the COVID-19 pandemic. The program offers loans up to $20,000 with 0% interest and no payments due for the first six months. The loan term is 5 years and can be used for employee payroll, rent, utilities, inventory, and other essential business expenses.
2. CA Small Business COVID-19 Relief Grant Program
The state of California has launched a Small Business COVID-19 Relief Grant Program to provide grants of up to $25,000 to eligible small businesses. The grant money can be used to cover a variety of expenses, such as employee payroll, rent, and utilities. The grant program is open to small businesses and non-profits that have been impacted by COVID-19 and can demonstrate financial need.
3. California Community Development Financial Institution (CDFI) Initiative
The California Community Development Financial Institution (CDFI) Initiative is a program that provides funding to CDFIs that serve underserved and low-income communities. CDFIs are financial institutions that offer loans and other financial services to small businesses that typically can’t access traditional banking services. The program can provide small business loans up to $5 million.
4. SBA Economic Injury Disaster Loan (EIDL) Program
The Small Business Administration’s Economic Injury Disaster Loan (EIDL) Program provides low-interest loans of up to $2 million to small businesses impacted by the COVID-19 pandemic. The loans can be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the disaster’s impact. The interest rate for small businesses is 3.75%, and repayment terms can be up to 30 years.
5. Los Angeles County Business Stabilization Fund
Los Angeles County has established a Business Stabilization Fund to assist small businesses impacted by the COVID-19 pandemic. The fund provides grants of $15,000 to eligible small businesses with 50 or fewer full-time employees. The money can be used for working capital to pay for rent, payroll, and other fixed costs.
In conclusion, there are several grant programs available to Los Angeles small businesses that have been impacted by the COVID-19 pandemic. It’s important to research each program’s requirements carefully and submit a thorough application to increase your chances of receiving funding. These grants can provide much-needed financial assistance to help small business owners survive and thrive in these challenging times.
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