The CD 9 Small Business Relief Fund provided 20 businesses and independent contractors with no interest loans totaling over $170,000. The District 9 initiative got underway last July and ended November 2020 as part of a special partnership between Councilmember Curren Price and The Change Reaction.
The primary focus of the Small Business Relief Fund was on sole proprietors and small businesses that were unable to access government grants and loans. Loans ranged from $3,000 - $25,000 and will be repayable in equal installments over the course of 24 to 36 months, after a grace period of three months. Businesses, both brick and mortar to independent contractors, ranging from barber shops, restaurants, child care facilities, summer camps, and interior design studios were able to take advantage of the fund.
“Our small businesses have had to incur costs related to personal protection equipment, cash flow, payroll and new equipment to safely produce goods,” added Councilmember Price. “As we continue to fight through this pandemic, it is our small businesses that are the cultural character of our neighborhoods and backbone of employment locally. Please remember to shop locally in support of our South Los Angeles.”
For information on Councilmember Price’s Business Resource Center (BRC), open year-round, please contact Mike Castillo at Mike.Castillo@lacity.org.