Community Veteran Justice Project

Small business loan

• TOC Loan Program

  • The Los Angeles County Development Authority, with funding from LA Metro, has a program to provide emergency relief of up to $20k to help small businesses during this crisis.

  • Only businesses located within a quarter-mile of a major transit stop are eligible for this TOC Loan Program.  The following are major transit spots:

    • An existing rail or bus rapid transit station.

    • A ferry terminal served by either a bus or rail transit service.

    • The intersection of two (2) or more major bus routes with a frequency of service interval of 15 minutes or less during the morning and afternoon peak commute periods.

  • Visit: https://wwwa.lacda.org/economicdevelopment/toc-loans to learn more.

• Paycheck Protection Program

  •   https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

  • The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

  • SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

  • You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the 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

• Los Angeles City Small Business Emergency Microloan Program

  • For general eligibility, important documentation, and microloan terms, please visit: http://ewddlacity.com/index.php/microloan-program

    • To apply, please visit: Microloan Program Application

    • To check if your business falls within LA City limits, visit: LA City Limits  

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

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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.