L.A. Controller Ron Galperin, in cooperation with the City’s Economic and Workforce Development Department (EWDD), released an interactive map and tracker displaying the microloans funded by the City of Los Angeles to help small businesses get the assistance they need during the COVID-19 pandemic. The tracker includes a map with the name, location and how much money each microloan recipient received, and also groups recipients by industry.
Since April, EWDD has distributed more than $3.4 million through 227 loans in amounts between $5,000 and $20,000. The interest rate is either zero percent for a term of six months to one year, or three percent to five percent for a term of up to five years.
Explore the Small Business Microloan Program tracker at lacontroller.org/microloans. The data on it will be updated as the program continues. To find out more and apply for the Small Business Emergency Microloan Program, visit EWDD’s website: https://ewddlacity.com/index.php/microloan-program.