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Wondering what financing options your small business can qualify for in the City of Angels? Learn what’s available and which ones will best meet your business’ needs.
Los Angeles offers a thriving startup community and a vast customer base that comes from its 3.9 million residents and 45 million annual visitors. If you’d like to take advantage of the business-friendly environment in the City of Angels, business loans can help.
Not all business loans in Los Angeles are created equal. That’s why it’s a good idea to shop around and explore all your options. As you do so, you’re sure to come across these popular financing solutions.
SBA loans are partially guaranteed by the U.S. Small Business Administration (SBA). There are a number of SBA loan programs that range from $500 to $5 million and offer repayment terms between 5 and 25 years. If you have good credit, sufficient revenue, and have been around for at least two years, SBA loans are worth exploring.
A line of credit is similar to a credit card. You can withdraw funds as you need to, up to a set credit limit which is usually based on your credit score. It’s a flexible financing option that can come in handy if you’re a seasonal business or would like to avoid cash flow shortages.
A term loan is a traditional loan that offers a lump sum of money upfront. You repay it over time through fixed monthly payments. In most cases, repayment terms range from one to 10 years so you can take your time paying back what you borrow.
If you need to cover the cost of business-related equipment—like computers, ovens, or heavy-duty machines—equipment financing is a smart choice. You may be able to finance between 80% and 100% of the cost of the equipment. Since equipment loans are secured to the equipment itself, they’re easy to get.
Accounts receivable financing lets you receive early payments on your unpaid invoices. A company may advance you anywhere from 70% to 90% of your invoices and collect payments from your customers. They’ll distribute the remaining invoice amount, minus a fee.
Several local organizations provide small business funding resources in Los Angeles.
LISC LA, a nonprofit that supports community development offers several small business loans. These include permanent working capital loans, acquisition and leasehold improvement loans, and commercial real estate loans.
EWDD, the Economic and Workforce Development Department has also designed a business loan program for small businesses who create jobs in Los Angeles. Its loans can be used for inventory, equipment, working capital, and leaseholder improvements.
In addition, the Los Angeles Federal Credit Union provides business loans ranging from $20,000 to $5 million with flexible repayment schedules.
The Los Angeles County Development Authority (LACDA) has made over 270 business loans to promote business growth and job creation/retention.
The California Small Business Loan Guarantee Program (SBLGP), funded through IBank’s Small Business Finance Center, provides loans to small businesses both in Los Angeles and the rest of California to help create and retain jobs in low-to-moderate income communities.
The Jewish Free Loan Association (JFLA) offers interest-free small business loans up to $25,000 to highly qualified small businesses in Los Angeles and Ventura counties.
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See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.
Once you choose a card, you can get approved in as little as 7-10 days.
The Los Angeles Public Library is an invaluable resource for small business owners in Los Angeles. Not only does it offer a variety of research materials for entrepreneurs, but it also holds a small business workshop every month. If you’re looking for free, one-on-one mentoring, you may want to get involved with Los Angeles SBDC. In addition to mentoring, you can participate in workshops and take advantage of a wealth of online resources. There’s also the Latin Business Association which offers business planning, networking, and legal support for Latino business owners in Los Angeles.
The PACE Small Business Grant Program is a grant fund for small businesses who operate within the unincorporated areas of Los Angeles County. If you meet certain criteria, you can lock in a grant of $5,000 or $10,000 to assist with payroll, rent, working capital, and inventory costs.
The SoGal Black Founder Startup Grant is another grant opportunity for black women or black nonbinary entreprenurs with scalable, high-impact busines ideas. For an updated list of other grants in Los Angeles and California, check out the Incentives, Grants, and Financing page on the official state of California website.
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