Controller Ron Galperin, in cooperation with the Los Angeles Economic and Workforce Development Department, updated the microloan tracker website Wednesday that shows which small businesses are getting financial assistance during the COVID-19 pandemic.
“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. “This tracker helps ensure accountability for public funds and inform Angelenos about how the city is boosting our local economy.”
The EWDD has now distributed more than $5.9 million to 419 Los Angeles businesses, an increase from the $3.4 million to 227 businesses from July, Galperin said.
The tracker — which is updated through the beginning of August — is available at lacontroller.org/microloans, and includes a map with the name, location and loan amount for each recipient.
Created by Mayor Eric Garcetti in March with an $11 million commitment and administered by the EWDD, the Small Business Emergency Microloan Program began distributing loans of between $5,000 and $20,000 in early April to local businesses that are not eligible for federal CARES Act dollars.
Galperin said the Los Angeles industries with the most microloan recipients are:
— Hospitality, 106 businesses;
— Retail, 68 businesses;
— Entertainment, 49 businesses;
City Council districts with the most microloan recipients are:
— District 14 (which includes downtown), 57 microloan recipients, totaling $853,000;
— District 5, 51 microloan recipients, totaling $682,000;
— District 4, 37 microloan recipients, totaling $490,600.
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