EWDD designed the Small Business Loan Program in order to provide financing to viable small businesses that private lenders cannot accommodate. Whether your business is a start-up or an existing business that would like to expand, loan funds can be used for reasonable and eligible business operation costs, including, but not limited to, inventory, equipment, working capital and leaseholder improvements.
The ultimate goal of the Small Business Loan Program is job creation and the borrower is required to create jobs in the City of Los Angeles. If you are interested in applying for one of EWDD's loan programs, please fill out EWDD's Loan Program Intake Form so that we can better assist you!
The ultimate goal of the Small Business Loan Program is job creation and the borrower is required to create jobs in the City of Los Angeles. If you are interested in applying for one of EWDD's loan programs, please fill out EWDD's Loan Program Intake Form so that we can better assist you!
PROGRAM REQUIREMENTS
-
Eligibility Criteria
- Annual revenue must not exceed $10 million and have no more than 500 employees, depending on business NAICS code
- Must create one permanent full-time equivalent job for every $35,000 in financial assistance received from the City
- Out of the total jobs created, 51% must be fulfilled or made available to low and moderate-income persons
- Business must be located in the City of Los Angeles*. Please use the City of Los Angeles, Department of City Planning Online Zoning Tool to determine if your commercial location is located within LA City’s boundaries (*home-based businesses are not eligible)
- Applicant that has recently been approved for similar financing may not apply
- Applicant, in many cases, will need to show evidence/justification for not being able to obtain similar financing elsewhere
-
Important Documentation
- Business Plan or an Executive Summary
- Breakdown of Sources and Uses of Funds (budget)
- Projections for 3-5 years, if available
- Business Tax Registration Certificate, if available
- Personal Financial Statement
- Personal Income Tax Returns for 2 years
- Business Tax Returns for 1-2 years, if/when applicable or available
- Interim/Fiscal Year End Profit & Loss and Balance Sheet, if/when applicable or available
- Resumes, if available
Additional documentation, if/when applicable or available:- Commercial Lease Agreement
- Commercial Liability Insurance
- Workers Comp Insurance
- Other documentation as necessary or required
-
Loan Terms
Revenue limits, employee and job requirements, and fees Loan limits, term, rate and program parameters - Business Revenue Limits:
- Up to $10,000,000.00*
*Depending on business NAICS Code - Maximum Number of Employees on Payroll:
- 500 Employees*
*Depending on business NAICS Code - Job Creation/Retention or Area Benefit:
- Required
- Loan Fee:
- 2%*
*Additional fees may apply - Application Fee:
- $250, non-refundable
- Loan Limits:
- $50,000 to $700,000*
*EWDD may consider a smaller or a larger loan amount if it deems appropriate - Term/Amortization:
- 3-20 Years*
*Depending on the use of funds/useful life of the asset - Interest Rate:
- 4% - 10%*
*Depending on the WSJ Prime rate and risk - Program Parameters:
- EWDD operates as a direct lender utilizing funds from the EDA. This program is available to businesses that recently have not been able to qualify for the conventional bank financing. On a best efforts basis, each loan is supported with collateral which may include business assets such as cash, accounts receivable, inventory, equipment, intellectual property and/or real property.
Personal Guaranty from owner(s) is required. Minimum Owner’s Capital Injection: 10%
CONTACT
If you are interested in applying for one of EWDD's loan programs, please fill out EWDD's Loan Program Intake Form so that we can better assist you! EWDD BusinessSource Centers are also able to assist with more information and in preparing applications. Centers are located throughout the city - find the center closest to you!
BusinessSource Center Locations
-
Hollywood
1370 North St. Andrews Place, #215
Los Angeles 90028
213-989-3158
711 for TRS
This email address is being protected from spambots. You need JavaScript enabled to view it.
Pacific Asian Consortium in Employment (PACE)
English, Korean, Thai, Mandarin, Cantonese, Tagalog, Español, Armenian, Farsi
Pico-Union/Westlake
1055 Wilshire Boulevard, #900-B
Los Angeles 90017
213-353-9400
711 for TRS
This email address is being protected from spambots. You need JavaScript enabled to view it.
Pacific Asian Consortium in Employment (PACE)
English, Spanish, Korean, Mandarin, Cantonese, French, Lingala, Tagalog, Thai, Armenian, Farsi, Hindi, Kanada, Gujrati, Marathi, Punjabi
East Los Angeles
1780 East First Street
Los Angeles 90033
323-568-1520
711 for TRS
This email address is being protected from spambots. You need JavaScript enabled to view it.
New Economics for Women
English, Spanish
-
Southeast Los Angeles
2415 South Central Avenue
Los Angeles 90011
323-450-7226
711 for TRS
This email address is being protected from spambots. You need JavaScript enabled to view it.
Coalition for Responsible Community Development (CRCD)
English, Spanish
South Los Angeles
1130 West Slauson Avenue
Los Angeles 90044
323-789-4515
711 for TRS
This email address is being protected from spambots. You need JavaScript enabled to view it.
Vermont Slauson Economic Development Corporation (VSEDC)
English, Spanish
Watts
10200 Success Ave
Los Angeles 90002
323-789-4515
711 for TRS
This email address is being protected from spambots. You need JavaScript enabled to view it.
Vermont Slauson Economic Development Corporation (VSEDC)
English, Spanish, Cambodian, Tagalog
-
San Pedro, Harbor
222 West 6th Street, #320, San Pedro 90731
310-221-0644
711 for TRS
This email address is being protected from spambots. You need JavaScript enabled to view it.
Managed Career Solutions (MCS)
English, Spanish
-
West Valley
18645 Sherman Way, Suite 114
Reseda 91335
747-265-6201
711 for TRS
This email address is being protected from spambots. You need JavaScript enabled to view it.
English, Spanish, Russian
South Valley
14553 Delano Street, Suite 212
Van Nuys 91411
818-616-4118
711 for TRS
This email address is being protected from spambots. You need JavaScript enabled to view it.
Initiating Change in our Neighborhoods (ICON)
English, Spanish
North Valley
13168 Van Nuys Blvd
Pacoima 91331
818-302-6114
711 for TRS
This email address is being protected from spambots. You need JavaScript enabled to view it.
Initiating Change in our Neighborhoods (ICON)
English, Spanish
return to Financing Programs
