Los Angeles County officials Thursday announced the launch of the second funding cycle of a program aimed at helping small businesses and nonprofits acquire commercial properties and stabilize neighborhood business corridors.
The county Department of Economic Opportunity, in partnership with Genesis LA Economic Growth Corporation, will make about $2.6 million available through the Commercial Acquisition Fund, including $1 million in discretionary funding from Supervisor Holly Mitchell for projects in the county’s Second District, according to a statement.
The program offers forgivable financing to support property acquisitions by small businesses, nonprofit organizations and mission-aligned developers, with the goal of reducing displacement and promoting long-term economic growth in local communities, officials said.
Officials said the effort builds on the first funding cycle, which distributed $10 million in federal American Rescue Plan funds to support seven property acquisitions, creating space for 39 small businesses, three nonprofits and more than 125 creative workspaces.
“LA County’s Anti-Displacement Commercial Acquisition Fund allows communities to directly own and shape the future of their neighborhoods — by the community, for the community,” Mitchell said in a statement.
“I’m proud to build on the success of the program’s first phase with additional funding to support more community-based organizations and developers to preserve and expand affordable commercial and mixed-use space to keep legacy businesses and residents in place and create opportunities for growing entrepreneurs.”
Applications for the new funding cycle are expected to open May 5, with outreach and informational sessions planned ahead of the launch to guide prospective applicants through the process.
County officials noted that demand for funding is expected to exceed available resources, but they said the program remains a key part of broader efforts to revitalize commercial corridors and expand community ownership opportunities.