Business Resources

Loans

Small business loan

  • Important: The Paycheck Protection Program Loan Funds have been replenished and will resume on Mon. April 27, 2020. 

  • The new legislation, which was passed Thursday 4/23, will allocate $310 billion to replenish the SBA’s Paycheck Protection Program (PPP), $75 billion for hospitals and $25 billion for COVID-19 testing. The bill also includes additional funds for the Economic Injury Disaster Loan (EIDL) program.

  • The U.S. Small Business Administration offers up to $2 Million in Disaster Assistance Loans for Small Businesses Impacted by COVID-19

  • Contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or disastercustomerservice@sba.gov

  • More info: Los Angeles County Economic Development Corporation (LAEDC) COVID19 Response

Small business loan

Small business loan

  • Jewish Free Loan 

    • No-fee and interest-free loan to cover small business losses. Additionally, the loans cover: lost wages because you can’t go into work, child care costs when schools are closed and funds lost due to cancelled travel plans and more.

    • For more info:  COVID19 Loan

How to get access to lending partners?  SBA has developed Lender Match, a free online referral tool that connects small businesses with participating SBA-approved lenders within 48 hours.

  • 7(a) program offers loan amounts up to $5,000,000 and is an all-inclusive loan program deployed by lending partners for eligible small businesses within the U.S. States and its territories. The uses of proceeds include: working capital; expansion/renovation; new construction; purchase of land or buildings; purchase of equipment, fixtures; lease-hold improvements; refinancing debt for compelling reasons; seasonal line of credit; inventory; or starting a business.

  • Express loan program provides loans up to $350,000 for no more than 7 years with an option to revolve. There is a turnaround time of 36 hours for approval or denial of a completed application. The uses of proceeds are the same as the standard 7(a) loan.

  • Community Advantage loan pilot program allows mission-based lenders to assist small businesses in under-served markets with a maximum loan size of $250,000. The uses of proceeds are the same as the standard 7(a) loan.

  • 504 loan program is designed to foster economic development and job creation and/or retention. The eligible use of proceeds is limited to the acquisition or eligible refinance of fixed assets.

  • Microloan program involves making loans through nonprofit lending organizations to under-served markets. Authorized use of loan proceeds includes working capital, supplies, machinery & equipment, and fixtures (does not include real estate). The maximum loan amount is $50,000 with the average loan size of $14,000.

  • Exporting Assistance: SBA provides export loans to help small businesses achieve sales through exports and can help these businesses respond to opportunities and challenges associated with trade, such as COVID-19. The loans are available to U.S. small businesses that export directly overseas, or those that export indirectly by selling to a customer that then exports their products.

  • Export Express loan program allows access to capital quickly for businesses that need financing up to $500,000. Businesses can apply for a line of credit or term note prior to finalizing an export sale or while pursuing opportunities overseas, such as identifying a new overseas customer should an export sale be lost due to COVID-19.

  • Export Working Capital program enables small businesses to fulfill export orders and finance international sales by providing revolving lines of credit or transaction-based financing of up to $5 million. Businesses could use a loan to obtain or retain overseas customers by offering attractive payment terms.

  • International Trade loan program helps small businesses engaged in international trade to retool or expand to better compete and react to changing business conditions. It can also help exporting firms to expand their sales to new markets or to re-shore operations back to the U.S.

Insurance

Many businesses have business interruption insurance; now is the time to contact your insurance agent to review your policy to understand precisely what you are and are not covered for in the event of an extended incident.

Government Contracting

SBA is focused on assisting with the continuity of operations for small business contracting programs and small businesses with federal contracts. For more information on federal contracting, visit https://www.sba.gov/federal-contracting/contracting-guide

 

More specifically:

  • 8(a) Business Development program serves to help provide a level playing field for small businesses owned by socially and economically disadvantaged people or entities, and the government limits competition for certain contracts to businesses that participate. The 8(a) program offer and acceptance process is available nationwide, and the SBA continues to work with federal agencies to ensure maximum practicable opportunity to small businesses. 8(a) program participants should stay in touch with their Business Opportunity Specialist (BOS).

  • HUBZone program offers eligibility assistance every Thursday from 2:00-3:00 p.m. ET at 1-202-765-1264; access code 63068189#.  Members of the HUBZone team answer questions to help firms navigate the certification process. For specific questions regarding an application, please contact the HUBZone Help Desk at hubzone@sba.gov.

  • Women-owned Small Business firms who have questions, please visit www.sba.gov/wosbready or write to wosb@sba.gov.

Layoff Aversion

Rapid Response/Lay-off Aversion- Is your business facing the possibility of laying off employees or even closing? The Los Angeles County America’s Jobs Centers of California (AJCCs) can help you get your business back on track.  Specialized Business Service Representatives can work with you and your employees to minimize losses and improve morale.

 

We can also assist your business with strategic planning to ensure that your business does not face a similar situation in the future. Contact your local Business Service Representative at an America’s Job Center of California (AJCC) for more information by emailing bizdev@wdacs.lacounty.gov or calling (213) 810-1641.

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