Previously, my office sent out information about small business loans you can apply for through the Small Business Administration. If you are a small business owner whose business has been impacted by the current public health crisis, I encourage you to apply for a loan through one or both of the SBA’s two disaster loan programs If you need help applying for an SBA loan please visit LA CARES Corp a partnership between LA City and the County of LA to provide small businesses with the help they need to apply for federal loans under the CARES Act. Recently, the Federal Reserve announced it will be dedicating $2.3 trillion to help ensure that the previously announced small business loan programs and other COVID-19 relief programs work as intended.
Today I’m writing to let you know about an additional program that may help small businesses who don’t qualify for an SBA loan or who don’t get enough relief through the SBA programs. Recognizing that the federal loan programs might not help all small businesses, Governor Newsom recently set aside $50 million for a state-supported loan guarantee program.
More information on the California Disaster Relief Loan Guarantee Program is available at https://www.ibank.ca.gov/small-business-finance-center/. Eligible California businesses are those that have been negatively impacted or experienced disruption by COVID-19 and have no more than 750 employees. Loan proceeds can be used for business continuance or to cure “economic injury” as a result of the COVID-19 pandemic.
Small businesses that want to apply for a loan through this program should contact the Pacific Coast Regional Small Business Development Corporation (https://www.pcrcorp.org/) at 213-739-2999, Ext. 222.
For more resources and information to help you and your family combat COVID-19, please visit my website. As you are all aware, this situation is fluid and ever changing. As more information becomes available, we will share with you. Please feel free to contact our office if you have any questions or concerns.
Senator Steven Bradford
Representing the 35th District