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L.A. Controller Reports Nearly $6 Million Small Business Microloans Distributed by City During Pandemic
By Sentinel News Service
Published August 19, 2020

LOS ANGELES — L.A. Controller Ron Galperin, in cooperation with the City’s Economic and Workforce Development Department (EWDD), updated his interactive map and microloan tracker displaying the microloans funded by the City of Los Angeles to help small businesses get the assistance they need during the COVID-19 pandemic. Since the program started, EWDD has distributed more than $5.9 million to 419 Los Angeles businesses — an increase from the $3.4 million to 227 businesses reported when Galperin first released the tracker in July. Available at lacontroller.org/microloans, Galperin’s microloan tracker is updated through the beginning of August and includes a map with the name, location and loan amount for each recipient.

“It is critical that we know which businesses are getting public assistance and what communities they come from so that we have a better understanding of how COVID-19 is impacting Los Angeles,” said Controller Galperin. “This tracker helps ensure accountability for public funds and inform Angelenos about how the City is boosting our local economy.”

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 early April to local businesses that are not eligible for federal CARES Act dollars.

Industries with the most microloan recipients:

  • Hospitality: 106 businesses

  • Retail: 68 businesses

  • Entertainment: 49 businesses

 

City Council Districts with the most microloan recipients:

  • Council District 14 — which includes downtown — has 57 microloan recipients, totaling $853,000 of assistance

  • Council District 5 has 51 microloan recipients, totaling $682,000 of assistance

  • Council District 4 has 37 microloan recipients, totaling $490,600 of assistance

Explore the Small Business Microloan Program tracker at lacontroller.org/microloans or https://lacontroller.org/data-stories-and-maps/microloans/.

More resources: Job Losses Map and COVID-19 Hub

As L.A. Controller, Galperin uses technology to better connect people with useful public information. His job losses map shows the impact of the pandemic on residents in each City neighborhood; his statewide food map reflects more than 1,800 food banks, pantries and emergency distribution locations; and his comprehensive COVID-19 Resource Hub tracks the spread of the virus across the County and links to hundreds of support services.

Follow L.A. Controller Ron Galperin at @LAController on Twitter, Facebook and Instagram.

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Categories: Business | COVID-19
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