Small Business Loans Los Angeles – Getting a business loan can be complex because the loan process and rules require time and attention. Breaking it down into manageable steps—from understanding the requirements to finding lenders to knowing how to apply for a small business loan—can help you get the financing you need.
7(a) loans are the most basic and widely used loan type in the Small Business Administration (SBA) loan programs. Its name comes from Section 7(a) of the Small Business Act, which authorizes the agency to make commercial loans to America’s small businesses.
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Eligibility criteria are based on aspects of the business, not the owners. So the SBA makes loans to businesses, not individuals. All businesses considered for financing under the SBA 7(a) loan program must:
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You can get your credit report for free from each of the three major credit bureaus – Equifax, Experian and TransUnion. You can also get your credit score for free from several credit card issuers and personal finance websites, such as NerdWallet.
The maximum duration of the loan is 25 years for real estate and seven years for working capital. The maximum loan amount is 2 million dollars.
US NewsIRS tax refund: Here’s what you need to know if you use a payment app for refunds The coronavirus is affecting businesses across L.A. County. Find out how your business can get help during this health crisis.
Businesses across Los Angeles County have experienced impacts related to the coronavirus since it emerged and are suddenly faced with declining sales, operational challenges or financial uncertainty. The County Department of Consumer and Business Affairs’ Small Business Office can help connect you with local, state and federal resources, including foreclosures and emergency loans.
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Are you a small business or non-profit organization owner? Sign up for a free 30-day supply of PPE to keep your business compliant and your employees safe. Visit ppeunite.org to register while supplies last.
Safer at Work in Los Angeles is a collaborative, nationwide campaign to remind us that together we will rebuild our local, thriving economy. This website serves as a resource center for businesses, employees and any angels who would like to use our campaign to promote a safe reopening.
The County has developed a COVID-19 Temporary Outdoor Permit Program for select business sectors in unincorporated Los Angeles County. Temporary permits are available for companies interested in expanding services to private parking lots and walkways and county road rights-of-way, including sidewalks and alleys.
The application link is now open for all California businesses that wish to apply for a disaster loan related to the economic damage caused by the health crisis caused by the COVID-19.
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Businesses across Los Angeles County have experienced impacts related to the coronavirus since it emerged. Companies and their employees are suddenly faced with declining sales, operational challenges or financial uncertainty. The county, as well as the state, provided funds for entrepreneurs in that period. The County Department of Consumer and Business Affairs’ Small Business Office can help connect you with local, state and federal resources, including foreclosures and emergency loans.
Is your company facing the possibility of layoffs or even closure? Los Angeles California Career Centers (AJCC) can help you revitalize your business. Specialized business services representatives can work with you and your employees to reduce 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 AJCC Business Services representative for more information by email at [email protected] or by calling (213) 810-1641.
Are you threatened with the possibility of firing workers? Employers can apply for the Unemployment Insurance (UI) job sharing program if reduced production, services or other conditions force them to seek an alternative to layoffs.
A job sharing program can help reduce the need for layoffs, retain trained employees and quickly prepare for improved business conditions, and avoid the costs of hiring, training, and hiring new staff. It also helps employees whose hours and wages have been reduced to keep their current jobs, receive UI benefits and avoid financial hardship. For more information or to apply, click here.
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Employers experiencing hardship due to COVID-19 may request an extension of up to 60 days from the EDD to file state payroll reports and/or remit state payroll taxes without penalty or interest. A written request for an extension must be received within 60 days of the original late payment or refund date.
American California Career Centers of Los Angeles County (AJCC) can help you get your business back on track. Specialized business services representatives can work with you and your employees to minimize losses, and can also assist your business in strategic planning to ensure that your business does not face a similar situation in the future. Contact your local American Job Center California (AJCC) Business Services Representative by calling (213) 810-1641 or by email.
The California Governor’s Office of Business and Economic Development (GO-Biz) provides IBank loans for businesses with one to 750 employees (small businesses).
LA Small Business Development’s COVID-19 Response Guide is designed to be a practical and effective resource for small business owners to stay informed, plan for, and respond to the impact of COVID-19.
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Cal/OSHA has released guidelines to help employers comply with California workplace safety regulations that require them to protect workers who are exposed to airborne diseases such as the coronavirus. Protection is needed for employees who work in healthcare facilities and other services including hospitals, medical facilities, laboratories, correctional facilities, homeless shelters and more.
The Centers for Disease Control has provided interim guidance that can help prevent workplace exposures to acute respiratory illnesses, including COVID-19, in non-healthcare settings. The guidance also provides planning considerations if more widespread outbreaks of COVID-19 occur in the community. Updates will be made as they become available and can be found on the CDC’s COVID-19 website. Certified LSBEs receive preferential pricing when bidding on applications in Los Angeles to help level the playing field for certified small businesses.
LSBEs are eligible to receive a 15% bid price reduction or “perk”* when bidding on certain Los Angeles products and services.
LSBEs will be placed in the vendor database of certified LSBE vendors and may be featured on social media accounts.
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Attend online events with county buyers and procurement staff, receive personalized guidance on how to find contracting opportunities and more.
*Actual preference is calculated based on the cost or cost component of the lowest most responsible and most appropriate bid amount. Bid price reductions cannot exceed $150,000. The 15% preference is used only to determine the lowest bidder or offer and does not change the amount of the contract awarded.
The Local Small Business Preference (LSBE) program accelerates contracting opportunities for L.A.’s small businesses. County. Certified LSBEs receive preferential pricing that helps level the playing field for certified small businesses bidding on L.A. tenders. County.
Los Angeles County uses the same criteria for defining local small businesses as the State of California’s Department of General Services (DGS). Your company must:
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Register as a bidder and be certified as a small business by the State of California Department of General Services (DGS) or certified as a small business by the Los Angeles Metropolitan Transportation Authority (Metro).
The US Small Business Administration said it has stopped accepting applications for a $349 billion federal aid program aimed at helping small businesses survive the coronavirus outbreak after funding ran out and many are still waiting for a lifeline.
State-backed loans are available on a first-come, first-served basis and there are no remaining SBA funds to guarantee additional loans, officials said. Without more money for the program, many of the small businesses flooded with applications by banks won’t get help.
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“SBA is currently unable to accept new applications for the Wage Protection Program based on available funds,” the agency said in a statement on its website. “Similarly, we are currently unable to register new PPP lenders.”
Early Thursday morning, the SBA reported that more than 1.6 million applications for approximately $338 billion had been approved. Loan approvals must stop when the total reaches about $339 billion because about $10 billion is needed to cover fees and processing, Republican Sen. Marco Rubio of Florida said in a tweet.
The $339 billion is the value of loans the agency approved for payday lenders, not money that went to borrowers. The program, which was launched on April 3, ran out of funding after just two weeks.
A $349 billion federal small business aid program is expected to run out of money Wednesday afternoon, with many still waiting for a lifeline.
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There is no comprehensive data on how much money is actually distributed to borrowers
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