L.A. Controller Reports $7.6 Million Small Business Microloans Distributed by City During Pandemic
LOS ANGELES — L.A. Controller Ron Galperin updated his interactive map and microloan tracker displaying the microloans funded by the City of Los Angeles to help small businesses make it through the COVID-19 pandemic. The Economic and Workforce Development Department has distributed more than $7.6 million to 555 Los Angeles businesses — up from $5.9 million to 419 businesses reported in August. Galperin’s microloan tracker, available at lacontroller.org/microloans, includes a map with the name, location and loan amount for each recipient. Newly added is a graph highlighting the program’s performance month over month.
“With hundreds of private businesses receiving public assistance right now, it is critical for Angelenos to be able to track what type of businesses they are and where they are located,” said Controller Galperin. “We need to ensure that businesses in every area of the City are benefiting and that our local economy is receiving a boost in neighborhoods that need it most.”
Created by Mayor Eric Garcetti in March 2020 with an $11 million commitment and administered by the EWDD, the Small Business Emergency Microloan Program began distributing $5,000 to $20,000 loans more than five months ago in early April to local businesses that are not eligible for federal CARES Act dollars.
Microloan program progress by month
- April: $1.17 million distributed to 66 businesses
- May: $935 thousand distributed to 60 businesses
- June: $2 million distributed to 147 businesses
- July: $1.6 million distributed to 127 businesses
- Aug: $1.56 million distributed to 125 businesses
- Sept: $378 thousand distributed to 30 businesses (as of Sept. 8)
- Total: $7.6 million distributed to 555 businesses
Industries in receipt of the most City-funded microloans to date:
- Hospitality: 123 businesses
- Other: 115 businesses
- Retail: 89 businesses
City Council Districts with the most microloan recipients to date:
- Council District 14 — which includes downtown — has 69 microloan recipients, totaling $1,018,000 of assistance
- Council District 5 has 65 microloan recipients, totaling $872,000 of assistance
- Council District 4 has 58 microloan recipients, totaling $738,100 of assistance
Explore the Small Business Microloan Program tracker at lacontroller.org/microloans or https://lacontroller.org/data-stories-and-maps/microloans/.