LOS ANGELES - Throughout our community, friends and neighbors have suddenly found themselves unemployed and many of our favorite businesses have either closed, or struggle to remain open. This week, the council approved my emergency motion that allocates $11 million for a loan program to assist small businesses reeling from the economic effects of the crisis.
The measure specifically allocates the funds to the Small Business Emergency Microloan Program, to be managed by the Economic and Workforce Development Department (EWDD). The funds are a loan to the program from the city's contingency reserve.
The EWDD is already taking applications. For more information, please visit http://ewddlacity.com/index.php/microloan-program
These emergency funds can help eligible businesses stay afloat during these tremendously challenging times. It also offers a ray of hope as we collectively work our way through this crisis.
I am grateful to my colleagues for their support of this measure.