Los Angeles Controller Ron Galperin released an interactive map Wednesday that documents recipients of microloan funding from the city intended to help small businesses through the COVID-19 pandemic.
“People should know how public dollars are being used to support small businesses in their communities,” Galperin said. “Unlike the Treasury Department in Washington, which is only releasing some information about the businesses receiving federal coronavirus relief funds, the city of Los Angeles is committed to full transparency. This tracker will ensure public accountability and better inform Angelenos about how the city is helping our local economy.”
The microloan tracker includes a map with the name, location and how much money each microloan recipient received, and also groups recipients by industry.
Created by Mayor Eric Garcetti in March with an $11 million commitment and administered by the Economic and Workforce Development Department, the Small Business Emergency Microloan Program began distributing funds in early April to local businesses that aren’t eligible for federal Coronavirus Aid, Relief and Economic Security Act dollars, Galperin said.
Since then, EWDD has distributed more than $3.4 million through 227 loans in amounts between $5,000 and $20,000. The interest rate is either 0% for a term of six months to one year, or 3% to 5% for a term of up to five years.
“Small businesses have a critical need for resources to help them survive the devastating economic impacts of COVID-19,” EWDD General Manager Carolyn Hull said. “EWDD is working tirelessly to connect smaller companies to funding that will assist them during this difficult time.”
Information available on the microloan tracker includes the top industries with city-funded microloans:
— Hospitality: 81 businesses;
— Retail: 33 businesses; and,
— Entertainment: 25 businesses
City Council Districts with the most microloan recipients are:
— Council District 14, which includes downtown, has 44 microloan recipients, totaling $588,000 of assistance;
— Council District 5 has 24 microloan recipients, totaling $302,000 of assistance; and,
— Council District 13 has 21 microloan recipients, totaling $320,000 of assistance.
The microloan tracker can be accessed at lacontroller.org/microloans. Data will be updated as the program continues, Galperin said.
More information on the Small Business Emergency Microloan Program can be found on EWDD’s website: ewddlacity.com/index.php/microloan-program.
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