Long Beach Wins $750,000 Federal EDA Grant to Expand Small Business Loan Programs
The City of Long Beach, in Los Angeles County, California, announced on October 23 that its Department of Economic Development and Opportunity (EDO) 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 businesses in Long Beach.
The grant will fund the Microenterprise Loan Program and the Grow Long Beach Fund, which provide low-interest capital and gap financing to local businesses. 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 under federal requirements, at the lower of 4% or 75% of the Wall Street Journal Prime Rate, with a maximum of prime plus 1%. Terms typically run five to 10 years, up to a maximum of 25 years, and funds can be used for working capital, equipment purchases, business expenses or leasehold improvements.
The city said that since 2001 it has issued more than $7.9 million in loans through the programs, resulting in 650 jobs created or retained. Businesses interested in applying can contact EDO's BizCare Hotline at 562-570-4249 or email [email protected], or visit the city's business development pages at longbeach.gov for the loan programs and other small business resources.
The city said supporting small businesses reaches beyond individual entrepreneurs: stable local firms promote job growth, economic diversification and long-term economic stability across Long Beach, which is why the city continues to pursue federal funding for the programs.
Source: GSM · USA (original Chinese edition)
Photo: 长滩市民中心外景（资料图）。CC0 公共领域，经 Wikimedia Commons。 / Outside Long Beach Civic Center (file photo). CC0 public domain, via Wikimedia Commons.
