The Board of Supervisors recently voted to use CARES Act Funding to create the Small Business Revitalization Grant Program and provide eligible businesses with up to $30,000 to pay for working capital expenses necessary for small business to remain open. The Los Angeles County Development Authority opened an application process last Friday for small businesses to receive COVID-19 financial assistance through the Small Business Revitalization Fund.
The County is also supporting businesses through the Los Angeles Regional COVID-19 Recovery Fund, which we created in partnership with the City of LA. While there are a variety of federal programs designed to address the crisis, they have limitations.
Financial, technical, and cultural barriers have kept some of our neighborhood partners from accessing federal programs like the Paycheck Protection Program and Economic Injury Disaster Loan. The LA Regional COVID-19 Recovery Fund seeks to address these issues by providing additional support to underserved communities throughout the county. This Fund offers loan and grant resources to micro-entrepreneurs, small businesses, and non-profits.
For more information on this program and to learn how you can apply, please visit LACovidFund.org.
For additional small business resources, click here.