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Tuesday, Sep 26, 2023

City’s Loans Support Tech, Production

The City of Los Angeles has distributed nearly $6 million in small business microloans during the coronavirus outbreak. City Controller Ron Galperin, in partnership with the Economic and Workforce Development Department, updated his interactive map and microloan tracker this month that includes the name, location and loan amount for each business. The tracker was first released by Galperin’s office in July. The tracker helps to ensure accountability for the use of public funds and informs city residents about how the city is boosting the local economy, Galperin said. “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,” Galperin said in a statement. Among the manufacturing companies in the San Fernando valley receiving loans were Roma Leaf, a manufacturer of CBD products in Sherman Oaks for $10,000; Treehouse Fabrication & Scenic, a North Hollywood fabricator of pop-up shops and other experiential equipment for $20,000; Atlantic Optical Inc., doing business as LTD Eyewear, a maker and distributor of optical frames, lenses and cases in Chatsworth for $20,000; and Jolfa Tools, a Canoga Park machine shop for $10,000. Tech companies that got funding include Sabio Mobile, a Woodland Hills ad tech company that targets consumers based on data from the apps on their mobile devices, for $20,000. The hospitality industry, which includes restaurants, got the highest number of loans with 108 totaling $1.8 million. The next highest was the “other” category, which includes tech companies as well as security, pet services and driving schools. That category had 82 loans totaling for $1.1 million. Manufacturing had only 14 loans for a total of $220,000. In the Valley, Council District 2, represented by Councilman Paul Krekorian, had the most loans with 28 for a total of $418,000. Next was Council District 3 with 18 loans totaling $300,000 and then District 12 with 17 loans for a total of $250,000. Mayor Eric Garcetti created the microloan program in March to distribute $11 million in loan amounts of $5,000 to $20,000 to small businesses starting in April that were not eligible to receive federal funding under the CARES Act.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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