Controller Reports L.A. Has Distributed Nearly $10M in Small Business Microloans 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. As of the end of October, the Economic and Workforce Development Department distributed more than $9.9 million to 736 Los Angeles businesses — up from $7.6 million to 555 businesses in September. 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 heat table showing which industries benefited from the program most month over month.
“Almost nine months into the pandemic, nearly all the money allocated to the City’s microlan program has been distributed to local small businesses in need,” said Controller Galperin. “Because it involves millions in public funds, Angelenos deserve to know exactly which businesses are benefiting, the amount they’ve received and where they are located. Full transparency will help us gauge the program’s successes and shortcomings and inform how the City allocates taxpayer dollars in the future.”
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 in April to local businesses that were ineligible for federal CARES Act dollars.
Monthly microloan progress
- 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
- Oct: $861.5 thousand distributed to 178 businesses
- Total: $9.92 million distributed to 733 businesses
Industries with most City-funded microloans:
- Hospitality: 166 businesses
- Other/various: 123 businesses
- Retail: 116 businesses
- Entertainment: 93 businesses
City Council Districts with the most microloan recipients:
- Council District 14 has 91 microloan recipients, totaling $1.3 million of assistance
- Council District 5 has 84 microloan recipients, totaling $1.1 million of assistance
- Council District 4 has 79 microloan recipients, totaling $1 million of assistance
Explore the Small Business Microloan Program tracker at lacontroller.org/microloans or https://lacontroller.org/data-stories-and-maps/microloans/.