Small Business Resources

EMERGENCY ECONOMIC INJURY DISASTER LOAN (EIDL)

How to apply: sba.gov
Status: Open Deadline: None
Administered by: Small Business Administration
About the program: For this loan program, businesses apply directly through the SBA website. EIDL proceeds may be used on a range of expenses, from health care benefits and rent payments to debts and increased pro­ duction costs. Businesses are not allowed to use PPP loan proceeds and an EIDL for the same purposes. Loans carry a fixed interest rate of 3.75% and a term of 30 years. Collateral is required for loans above $25,000. Unlike PPP, these loans are not forgivable. To qualify, businesses must have 500 or fewer employees. Sole proprietorships, independent contractors and many self-employed individuals are generally eligible.

CALIFORNIA SMALL BUSINESS COVID-19 RELIEF GRANT PROGRAM

Round 6: Date to be announced soon
How to apply: CAReliefGrant.com
Eligible applicants:  current waitlisted small businesses and/or non-profits not selected in Rounds 1, 2, 3, 4 or 5 and new applicants that meet eligibility criteria found at CAReliefGrant.com
Eligible grant award: $5,000 – $25,000
Details: Applicants not selected to receive a grant in Rounds 1, 2, 3 & 5 do not need to re-apply and will be automatically moved into Round 6. The California Small Business COVID-19 Relief Grant Program is administered by CalOSBA through a competitive bid award to its intermediary, Lendistry, and its statewide network of community-based lenders and partners. Many of the state-supported small business centers, which prioritize the expansion of technical assistance to underserved business groups, are also available to help small businesses with the application process in multiple languages and formats. 

Additionally, under the California Jobs Initiative the budget was extended for the Main Street Small Business Tax Credit to encourage hiring new employees and rehiring former employees ($100 million).

SMALL BUSINESS STABILIZATION LOAN PROGRAM

How to apply: bizstabilization.lacda.org 
Status: Open
Deadline: None
Administered by: Los Angeles County Development Authority
About the program:  These loans range from $50,000 to $3 million and have a fixed Wall Street Journal prime rate of 3.25%. Most businesses are eligible if they have a physical location in L.A. County and have been in operation for at least two years at the time of application.

Funds may be used on working capital, equipment, inventory, real estate acquisition and refinancing of existing loans. The program is funded with $10 million from the U.S. Economic Development Administration. 

CALIFORNIA REBUILDING FUND

How to apply: ca loanfund.org
Status: Open
Deadline: None
Administered by: Approved lenders
About the program: This program was established by the state in late 2020 in partnership with private lenders, including Bank, which made a $25 million anchor commitment. Through the program, two types of standardized loans of up to $100,000 are available through multiple lenders. Terms include a fixed annual interest rate of 4.25% and a repayment schedule of either 3 years or 5 years.
To qualify, businesses must have employed 50 or fewer fulltime equivalent employees prior to March 2020 and must have had gross revenue of less than $2.5 million in 2019. After completing a preapplication online, businesses are matched with a participating community lender.

LA REGIONAL COVID-19 RECOVERY FUND

How to apply: lacovidfund.org 
Status: Reopening soon
Deadline: NA
Administered by: Los Angeles Local Initiatives Support Corp.
About the program: The LA Regional Covid- 19 Recovery Fund is a partnership between the city and county of Los Angeles to aid small businesses, nonprofits, and gig economy workers with annual revenue of less than $100,000. Last year, in multiple funding rounds, a total of $99.6 million was distributed to 7,322 organizations with 80% of recipients identifying as minority-owned or minority-led. A new round of grants is expected later this month. Sign up to be notified on the program 's website.

SHUTTERED VENUE OPERATORS GRANT

How to apply: sba.gov
Status: Opening soon
Deadline: NA
Administered by: Small Business Administration
About the program: This targeted grant program is tailored to live venue operators or promoters, movie theaters, talent representatives and certain museums. To qualify, businesses must have been in operation as of Feb. 29, 2020, and will be excluded if they received a PPP loan on or after Dec. 27, 2020. The funding amount will vary, but for those in business prior to Jan. 1, 2019, grants will be equal to 45% of 2019 gross revenue or $10 mil­ lion, whichever is less.

RESTAURANT REVITALIZATION FUND 

How to apply: sba.gov
Status:Open
Deadline: NA
Administered by: Small Business Administration
About the program: The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.