• NEW GRANT AND LOAN SOURCES

  • Second round of applications is open between July 20th and July 24th. 

    The $3 million Recovery Fund, established as a joint effort by the County of Los Angeles, who have contributed $2 million, and the City of Los Angeles, who have contributed $1 million, as well as additional support from philanthropic partners, aims to assist small businesses, nonprofits, and micro-entrepreneurs that have been adversely impacted by the COVID-19 pandemic, providing $5,000 grants to micro-entrepreneurs, and $15,000 grants to non-profits and small businesses. To ensure equitable access to capital across various demographics throughout the region, grants will be distributed through an equitable lottery system.

    Learn More and Apply

  • ALL TYPES OF LOANS

  • U.S. TREASURY CARES ACT U.S. TREASURY CARES ACT

    ASSISTANCE FOR AMERICAN WORKERS AND FAMILIES

    In the weeks immediately after the passage of the CARES Act, Americans will see fast and direct relief in the form of Economic Impact Payments. For more information, CLICK HERE.

     

    ASSISTANCE FOR SMALL BUSINESSES

    The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

    Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

     

    PRESERVING JOBS FOR AMERICAN INDUSTRY

    The CARES Act assists eligible businesses looking for payroll support to keep Americans working. For more information, CLICK HERE.

    The IRS rolled out a refundable tax credit that is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. For answers to frequently asked questions, CLICK HERE.

  • SBA CARE EMERGENCY DISASTER PROGRAM SBA CARE EMERGENCY DISASTER PROGRAM

    Process for Accessing SBA’s Coronavirus (COVID-19) Disaster Relief Lending

    • The S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
    • Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).
    • SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
    • Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities.
    • SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
    • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
    • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
    • SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

    For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

  • SBA LOW INTEREST LOANS

    The SBA is experiencing high volumes of traffic and the site might be slow. Non-peak hours are 7:00PM-7:00AM EDT.
    Some users are experiencing issues using Chrome. Please use an alternate browser - like Edge or Internet Explorer.
    ============================

    When you first apply, include ALL the required documentation listed on the form in order to speed up the process!

     
    • SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
    • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
    • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
     
    ONLINE
    Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela.
    Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
     
    PAPER MAIL-IN FORM
    If you don't want to apply online, here is a link to download the paper form for mailing: https://disasterloan.sba.gov/ela/Information/PaperForms
    Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. The deadline to apply for an Economic Injury Disaster Loan is December 16, 2020.
  • ECONOMIC INJURY DISASTER LOANS AND LOAN ADVANCE ECONOMIC INJURY DISASTER LOANS AND LOAN ADVANCE

    Economic Injury Disaster Loans and Loan Advance

    To apply for a COVID-19 Economic Injury Disaster Loan, click here.

    In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

    The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

  • EXPRESS BRIDGE LOAN PILOT PROGRAM EXPRESS BRIDGE LOAN PILOT PROGRAM

    Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

    Terms

    • Up to $25,000
    • Fast turnaround
    • Will be repaid in full or in part by proceeds from the EIDL loan


    Find an Express Bridge Loan Lender by connecting with your local SBA District Office.

  • PCR Pacific Coast Regional Small Business Development Corporation PCR Pacific Coast Regional Small Business Development Corporation

    PCR works with 35 banks to assist you!

     - Business Interruption Funds

     - Loans

  • IBank of California - and their Partners IBank of California - and their Partners

    California IBank has a Small BUsiness Loan Guarantee Program for guarntees currently up to $1 million and a micro lending program for loans up to $10,000 with accomodations for disasters. 

    IBANK PARTNER FDC’s — Please contact the FDC nearest your business location (they are located on Wilshire in LA, in Santa Barbara, Santa Ana, San Diego, Fresno, Salinas, Oakland and Saramento)

    One of the IBank Small Business Finance Center’s loan guarantee programs is designed for Disaster Relief specifically and is currently available to small businesses needing assistance to overcome economic injury caused by COVID-19. We have Financial Development Corporation (FDC) partners throughout the state that assists businesses in securing a 95% guarantee on a bank loan. The FDCs are listed below and they work directly with lenders to underwrite the loan, which the SBFC guarantees (upon approval), please reach out to them directly for assistance.

    IBANK PARTNER FDC’s
    Disaster Relief Financing
     
    1792 Tribute Road, Suite 270
    Sacramento, CA 95815
    Voice: 916-442-1729
     
    221 Main Street, Suite 301
    Salinas, CA 93901
    Voice:831-424-1099
     
    2825 Dewey Road
    Building 202, Suite 205
    San Diego, CA 92106
    Voice: 619-232-7771
     
    300 Frank H. Ogawa Plaza, Suite 175
    Oakland, CA 94612
    Voice: 510-698-2080
     
    271 N. Sycamore Street
    Santa Ana, CA 92701
    Voice: 714-571-1900
     
    3255 Wilshire Boulevard, Suite 1501
    Los Angeles, CA 90010
    Voice: 213-739-2999, Ext. 222
     
    7035 North Fruit Avenue
    Fresno, CA 93711
    Voice: 559-438-9680
     
  • California Capital Access Program for Small Businesses California Capital Access Program for Small Businesses

    (CalCAP SB or Program) encourages banks and other financial institutions to make loans to small businesses that have difficulty obtaining financing. Click here for a list of participating organizations.

  • JFLA JFLA

    You must be a resident of LA or Ventura Counties & a US citizen and have 1-2 people who can sign on the loan and guarantee repayment. 

    Emergency requests for rent are not being considered due to the temporary moratorium on evictions.

  • WEN Women's Economic Ventures Quick Response Loans for men and women WEN Women's Economic Ventures Quick Response Loans for men and women

    QUICK RESPONSE LOANS

    In addition to existing Small Business Loan Program, WEV wishes to provide finanial support and assistant to businesses experiencing economic hardship as a result of the Coronavirus/COVID-19 pandemic of 2020.

    Terms: Up to $10,000 at a 4.5% fixed interest rate.  Click here for more information.

  • PACE Mini Microloan PACE Mini Microloan

    The first step is always the hardest for a business owner. To build up your business, you may need a small loan. For those who haven’t built up enough credit history and are unable to get a loan from banks, the Mini-Microloan is designed for them to make the first step towards success. This loan program is sponsored by a local bank partner. The requirements are attainable: clean car title, low documents, and good credit score. This program is also available to small business owners who want to obtain a loan for small working capital or purchasing small equipment.

    With simple and fast application process and low documentation requirements, you could get a loan:

    • Up to $2,000
    • Terms:18 months
    • Interest Rate: 8.5% (6.5% for Green Business)
    • Fee: 5% or $100 max

    The required documents for registration are:

    • Driver license
    • Social Security Card or ITIN
    • Bank Statements (3 Months)
    • Credit report
    • Clean car title

    For more information, please call us at (213) 353-9400 for registration. Spaces are limited, we recommend you apply early.

    http://pacelabdc.org/lend/loan-types/programs-mini-microloan/

  • PACE Quick Processing Loan PACE Quick Processing Loan

    Loan processing could be time spending. Usually, it takes about 4 weeks to get your loan approved. This loan program aims to serve business owners with less than $1 million dollars revenue with quick loan processing. To get a loan from $5,000 up to $75,000, you need:

    • Credit score above 650.
    • Positive tax return (Last Year).
    • Annual business revenue is less than $1 million dollars.
    • At least 3 years in business.

    Call us at (213) 353-9400 for more information.

    http://pacelabdc.org/lend/loan-types/quick-processing-loan/

  • CALIFORNIA TREASURER'S OFFICE - "CalCAP" Loan CALIFORNIA TREASURER'S OFFICE - "CalCAP" Loan

    California Treasurers Office has a small business loan program with special disaster assistance that is used extensively by the CDFI community:

    CalCAP network can be found here:  https://www.treasurer.ca.gov/cpcfa/calcap/sb/institutions.pdf

  • BUSINESS MANAGEMENT TIPS

    If you have an existing loan with a bank or CDFI (Certified Community Development Financial Institution), you should contact that provider to discuss repayment deferment options that may be available, and/or increasing the credit available, should that be necessary for working capital. We will learn about more rapid response/emergency loans as they become available – keep your eyes and ears open. Many lenders will likely to introduce some sort of emergency loan products in the coming days. We will keep you updated as much as possible.

    Cash-flow Management

    Here are some tips to better manage cash-flow in the coming weeks.
    • Streamline your operations. Reduce, cut, or delay unessential expenditures. Reevaluate your fixed costs, labor costs, and planned asset purchases.
    • Be strategic with your cash: invoice customers timely; collect outstanding A/R; use and/or negotiate vendor terms to extend payment dates.
    • Project your cash flows for the next four months so you can anticipate pinch points and cash shortfalls. Consider requesting lines of credit, term loans, or preferably disaster grants if available to meet cash shortfalls. Be strategic with debt, as it must be repaid.

    Other Business Tips

    • Document Covid-19 economic impacts to your business (eg cancelled contracts/events, loss of revenue etc.) Documenting any losses from canceled events or decreased sales could assist in insurance claims or potential relief programs from government agencies.
    • Think creatively about ways you may be able to reposition your product offerings and/or marketing messages to maximize revenue over the next few months; consider what opportunities are available in this new environment. Get someone to help you brainstorm.
    •  
    • Free Zoom meetings: as part of Zoom’s commitment to business continuity during the coronavirus outbreak, Zoom’s basic video communication services offer meeting capabilities for up to 100 guests visit them to sign up for a free account. (https://blog.zoom.us/wordpress/2020/02/26/zoom-commitment-user-support-business-continuity-during-coronavirus-outbreak/)
  • HELP WITH EMPLOYEES

  • Managing Employees and Payroll Managing Employees and Payroll

    Employers experiencing a hardship as a result of COVID-19 may request up to a 60-day extension of time from the EDD to file their state payroll reports and/or deposit state payroll taxes without penalty or interest. A written request for extension must be received within 60 days from the original delinquent date of the payment or return. For questions, employers may call the EDD Taxpayer Assistance Center. Toll-free from the U.S. or Canada: 1-888-745-3886

  • Understanding benefits for employees impacted by COVID-19 Understanding benefits for employees impacted by COVID-19

    What employees are entitled to may be confusing. The purpose of this information is to make it easier to understand what resources may be available and connect you. Click for a pdf that you can download:

  • Employee Issues Employee Issues

    The definitive sources of information for employee issues are: The EDD and the State Labor & Workforce Development Agency. Click on them to learn more:
     
    * * * * * *
     
    In short, government benefits may be available to employees who need to miss work due to getting the virus or taking care of family members who have it, and/or who are laid off or have the hours reduced because of it. This should help give clients who are employers some assurance when they are feeling very conflicted about taking necessary steps to cut overhead expenses.
     
    Employers will likely also be able to benefit from being able to defer payment of payroll taxes by 60 days. More announcements like this are expected in the coming days.
     
    We understand how stressful things are at this time and are working hard to make sure we are aware of all the resources that are available to small businesses and their employees, as well as advocating for increased funding.
    Here are some resources that are already available:
  • INSURANCE CONCERNS

  • Business Interruption Insurance - URGENT Business Interruption Insurance - URGENT

    The California Department of Insurance recognizes that COVID-19 is affecting many businesses throughout the state. With many businesses experiencing severe interruption, the Department is issuing guidance for businesses regarding insurance coverage and particularly about Business Interruption Insurance coverage.

    Business Interruption Insurance is optional coverage that may be purchased as part of a comprehensive multi-peril commercial policy. Business interruption insurance coverage typically lists or describes the types of perils or causes of loss it covers.  Perils or causes of loss that are not listed on, or not described in, the policy are typically not covered.  Business interruption coverage typically can only be triggered if you have direct physical property loss that leads to the business interruption – for example, a fire or flood damaging your property that has caused you to suspend your business activities. 

    If you want to know if you have business interruption coverage and if it covers this situation, please contact your agent, broker or insurance company.  If you are not satisfied with the answers you get or have other questions, you may contact us at (800) 927-4357 or through our website at: www.insurance.ca.gov.

  • What if I can't pay my insurance premiums? What if I can't pay my insurance premiums?

    What if I cannot pay my insurance premiums?

    Requesting a 60-day grace period to pay insurance premiums - On March 18, 2020, the Department issued a Notice requesting all insurance companies provide their policyholders with at least a 60-day grace period to pay their premiums.

    Consumers should contact their insurance company if they need additional time to pay their premium. 

  • Need to File a complaint? Need to File a complaint?

    Need to File a Complaint?

    The Department of Insurance is responding to COVID-19 with a series of steps to protect public health and maintain a strong insurance market to serve consumers. They are supporting actions by our state and local public health leaders to mitigate the spread and severity of COVID-19. We hope you find the following information useful.

    "The Department is maintaining operations to assist consumers."

    • If you are experiencing a problem with an insurance matter, please visit our online Consumer Complaint Center to file a complaint.
    • General insurance questions and inquiries can be submitted online, using our Contact Us form, or call us at 1-800-927-4357.

     

  • MORATORIUM ON EVICTIONS

    Mediation Services

    WDACS partners with 9 agencies to provide mediation services to residents and businesses across the County. We are currently providing community and landlord-tenant mediation services. Mediation services at the courts are closed.

    To request mediation services, please call 213-738-2621. Click Here for a list of agencies and phone numbers.

     

    U.S. Department of Treasury Releases Information on Paycheck Protection Program 

    Earlier today, the U.S. Department of Treasury shared new information regarding the Paycheck Protection Program. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Please review the resources provided by the U.S. Department of Treasury below and visit their webpage for additional information.
    • A top-line overview of the program can be found here.
    • If you’re a lender, more information can be found here.
    • If you’re a borrower, more information can be found here.
    • The application for borrowers can be found here.
    •  
    Additional Resources to Help Small Businesses Navigate the Coronavirus Pandemic
    In addition to the information shared by the U.S. Small Business Administration, we encourage you and your members to utilize and share those created by CO—, the U.S. Chamber's own interactive digital platform designed specifically for business owners and offering unparalleled assets and subject matter expertise from the U.S. Chamber.
    CO—has created a Coronavirus Small Business Guide to help you navigate the pandemic with new stories daily—including a detailed breakdown of federal stimulus aid programs, information about managing financial difficultieskeeping your team engagedsupporting and retaining your customers, and more.  
     
    On March 30, Governor Gavin Newsom issued an executive order banning the enforcement of eviction orders for renters affected by COVID-19 through May 31, 2020. The order prohibits landlords from evicting tenants for nonpayment of rent and prohibits enforcement of evictions by law enforcement or courts. It also requires tenants to declare in writing, no more than seven days after the rent comes due, that the tenant cannot pay all or part of their rent due to COVID-19.
     
    The tenant would be required to retain documentation but not required to submit it to the landlord in advance. And the tenant would remain obligated to repay full rent in a timely manner and could still face eviction after the enforcement moratorium is lifted. The order takes effect immediately, and provides immediate relief to tenants for whom rent is due on April 1st.
    Today’s action builds on Governor Newsom’s previous executive order authorizing local governments to halt evictions for renters impacted by the pandemic.
    For further information, click HERE
  • HELP WITH EMPLOYEES