FOR IMMEDIATE RELEASE
July 14, 2020
Program Allows Businesses in District 9 to Apply for 0% Interest Loans Up to $25,000 From The Change Reaction
Councilmember Curren D. Price, Jr. today announced the availability of interest free loans for small businesses and independent contractors located in Council District 9 who have been affected by the economic shutdown caused by COVID-19. The Monique Lawshe and Greg Perlman Small Business Relief Fund is made possible through a generous donation to The Change Reaction from Monique Lawshe and Greg Perlman. Loans will range 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. The loans will be administered by the Jewish Free Loan Association.
“The coronavirus has caused major havoc to our city, nation and the world. Millions are unemployed with no savings to fall back on, our small businesses are on life support struggling to survive or expect financial challenges for years to come,” said Councilmember Price, who opened the Business Resource Center (BRC) inside his District Office on 43rd Street and Central Avenue in 2014 to help local entrepreneurs. “Our small local businesses need a lifeline and The Change Reaction provides just that - a glimmer of hope for workers to maintain their jobs and our business community to weather the economic hardship caused by the COVID-19 pandemic.”
The primary focus of the Small Business Relief Fund is on sole proprietors and small businesses that have been unable to access government grants and loans. Eligible businesses should have normal revenues under $1M and 15 or fewer employees. Repayment terms are flexible and 100% of all loan repayments will be redistributed to other small businesses, paying it forward to create a chain reaction of change, gratitude, and generosity. Individuals seeking loans must fill out an application that includes authorization to obtain a credit report. On-time rent payments for the twelve months up to and including March 2020 is a requisite of eligibility. Applicants will typically be contacted within two business days of applying, and decisions on most loans will be made and, if approved, funded within five business days.
“After having successfully launched our Small Business Relief Fund in partnership with Councilman John Lee in CD12, we wanted to expand the program to more businesses in our local community,” said Greg Perlman, founder of The Change Reaction. “What we’re trying to do here is provide a simple, streamlined process to help local small businesses in need. The Change Reaction is a new philosophy in philanthropy that directly connects wealthy people in communities around the nation to the hard-working people and small businesses that are facing financial hardships in their local community. My business partner, Monique Lawshe and I have decided to substantially increase our philanthropy during this crisis and personally take on several communities within the City of Los Angeles, because if not now, when? We are happy to partner with Councilman Price and the Jewish Free Loan Association to help local businesses recover from this crisis and provide love, hope and relief for members of our communities.”
The Small Business Relief Fund is part of a bicoastal effort by The Change Reaction to partner with donors who have accumulated significant wealth and elected officials to support small businesses in their communities. The availability of small business loans in Council District 9 is an expansion of a fund that was established last month in partnership with Los Angeles Councilmember John Lee, who represents the 12th District. Funds have also been set up to support small businesses in NY and Oregon.
The application form for the loans click here.