The program will be administered by the U.S. Small Business Administration (SBA) in partnership with the U.S. Department of Agriculture (USDA) and the U.S.
The program is designed to provide financial assistance to small businesses affected by the COVID-19 pandemic.
Have been in operation for at least two years
Be seeking working capital, equipment purchases, real estate acquisition, or refinancing of existing loans at higher interest rates
Be a small business, as defined by the SBA
Be located in the United States
Not be in default on any federal loan or have any outstanding federal loan obligations
Loan Amounts and Interest Rates
The Small Business Stabilization Loan Program offers loans with the following characteristics:
Loan amounts up to $5 million
Interest rates ranging from 75% to 75%
Loan terms of up to 7 years
No fees or origination fees
Application Process
Applicants can apply for the Small Business Stabilization Loan Program through the SBA’s online application portal.
Technical Assistance Partners
The program has partnered with several organizations to provide technical assistance to entrepreneurs. These partners offer a range of services, including:
One-on-one financial consultations to help entrepreneurs understand their financial situation and create a plan to improve it.
Application assistance to help entrepreneurs navigate the loan application process and ensure they have all the necessary documents.
Evaluating how ready a business is to commit to a loan with the LACDA, providing guidance on how to improve their creditworthiness and increase their chances of approval.Benefits of Technical Assistance
The technical assistance provided by these partners can have a significant impact on the success of the program.
