CITY SMALL BUSINESS LOAN PROGRAM
Need capital to launch, stabilize, or grow your business or nonprofit? The City of Long Beach manages multiple loan programs that can help to get your nonprofit off the ground or help take your organization to the next level.
Emergency Microloan Program
The Emergency Microloan Program is designed to support Long Beach businesses and non-profits that have been financially burdened by the COVID-19 public health emergency.
- Between $2,500 to $10,000 is available for small businesses operating in Long Beach
- Interest rate: 2.44 percent
- Fees: no fees
- Repayment period ranges from 5 to 7 years
- Borrowers may access a grace period of up to 9 months
- Loan proceeds may go toward business expenses, such as personnel, rent, supplies/materials, utilities, professional services, and more
- Funding is subject to availability and submittal of a loan application does not guarantee funding.
To get started, potential borrowers must sign-up for an appointment with the Small Business Development Center (SBDC) at longbeachsbdc.org or by phone at (562) 938-5100.
LONG BEACH CENTER FOR ECONOMIC INCLUSION
Due to the health and economic crisis caused by the COVID-19 pandemic, the Long Beach Center for Economic Inclusion (LBCEI) Board of Directors authorized an emergency response plan to redirect program funding to serve low-income working families and underrepresented small businesses most affected. The Emergency Response programming will direct $250,000 into low-income communities in North, Central and West Long Beach in four areas of need: 1) Food Security, 2) Small Business Support, 3) Digital Inclusion and 4) Housing Support Services. Visit https://lbcei.org/inthistogether/ to find out more.
PAYCHECK PROTECTION PROGRAM
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The US Small Business Administration will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. Find out more at https://sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.
LOS ANGELES COUNTY ECONOMIC DEVELOPMENT CORPORATION
The Los Angeles County Economic Development Corporation (LAEDC) provides an online Coronavirus Response and Recovery Resource Guide to help for-profit and non-profit employers of every size, as well as their employees in LA County, survive and recover from the increasingly devastating economic impacts of the necessary government restrictions imposed to slow the transmission of COVID-19.
LOS ANGELES REGIONAL SMALL BUSINESS DEVELOPMENT CENTER NETWORK
Obtain funding options and legislative updates through the Los Angeles Regional Small Business Development Center (SBDC) Network’s COVID-19 Response Guide. The SBDC also offers information on applying for Small Business Administration loans. Click here to view the presentation.
For statewide resources, advocacy and support relating to the COVID-19 pandemic, visit https://calnonprofits.org/publications/article-archive/683-a-few-resources-for-nonprofits.
NATIONAL COUNCIL OF NONPROFITS
Stay informed on policy, share proven practices and find solutions through this nationwide resource. Visit https://councilofnonprofits.org/nonprofits-and-coronavirus-covid-19 for COVID-19 support.Miller