Long Beach Receives $750,000 Federal Grant to Expand Small Business Loans Starting at $10,000
The City of Long Beach's Department of Economic Development & Opportunity, in Los Angeles County, California, has received a $750,000 grant award from the U.S. Economic Development Administration (EDA) to support the city's small business loan programs, which give entrepreneurs and small business owners access to affordable capital to start and grow their businesses in Long Beach. The city's announcement was published on October 23.
The grant will fund the Microenterprise Loan Program and the Grow Long Beach Fund, which provide low-interest capital and gap-financing options. Loan amounts range from $10,000 microloans to larger loans of several hundred thousand dollars, depending on the needs and eligibility of the business. Loans carry fixed interest rates set in accordance with federal requirements, at the lower of 4 percent or 75 percent of the Wall Street Journal Prime Rate, with a maximum of prime plus 1 percent. Terms typically run five to 10 years, with a maximum of 25 years, and funds can be used for working capital, equipment purchases, business expenses or leasehold improvements.
Businesses interested in applying can contact the department's BizCare Hotline at 562-570-4249 or email [email protected], or visit longbeach.gov/bizdev for details. Since 2001, the city says it has issued more than $7.9 million in loans through the programs, resulting in 650 jobs created or retained.
Source: GSM·USA
Source: GSM · USA (original Chinese edition)
Photo: Long Beach 市政中心（Long Beach Civic Center）（长滩市政府提供，公共领域）— via Wikimedia Commons / The Long Beach Civic Center (City of Long Beach, public domain) — via Wikimedia Commons
