Small enterprise homeowners in Los Angeles can get recommendation, training and debt settlement help by means of a program introduced Wednesday by Mayor Eric Garcetti to assist them get well from the COVID-19 pandemic.
Corporations can entry free, 24-hour, seven-day-a-week counseling by means of this system, which is a partnership between Los Angeles’s enterprise and human useful resource improvement division and Cash Administration Worldwide. The objective is to assist enterprise homeowners stabilize money circulation, cut back debt, enhance creditworthiness, and meet monetary targets, the mayor mentioned.
“Small companies account for practically half of the roles in our metropolis and their restoration is important to our financial system,” mentioned Garcetti. “We perceive that small companies are the inspiration of our communities and we’re dedicated to serving to them get again on their toes.” . ”
The mayor’s workplace mentioned a part of this system’s objective is to eradicate the inequality wherein companies obtain federal funding. Whereas small companies have been hit exhausting in the course of the pandemic, these owned by girls and minorities have suffered essentially the most, in keeping with the mayor’s workplace. Black-owned corporations obtained a mean of $ 19,000 in paycheck safety program loans from the federal authorities, whereas white-owned corporations obtained a mean of $ 47,000.
“Small companies have suffered distinctive monetary hardship in the course of the pandemic, together with a damaging affect on their creditworthiness and elevated debt,” mentioned Carolyn Hull, basic supervisor of the Los Angeles enterprise and human sources division.
Within the fall, town will present $ 37 million in comeback checks and rental subsidies to assist small companies get well from the pandemic. Final yr, it made greater than $ 56 million in grants and loans to companies and micro-entrepreneurs.
Enterprise homeowners can entry recommendation by visiting right here or calling 888-645-2227.
