News Summary
Los Angeles has introduced a $1 million Contract Financing Program aimed at assisting small businesses in securing city contracts. Funded by the Banc of California, this initiative aims to help cover upfront costs, ensuring that local enterprises can compete with larger entities, especially with major events like the World Cup and 2028 Olympics on the horizon. The program emphasizes inclusivity and accessibility, allowing numerous eligible businesses to apply for financial support while bolstering the local economy.
Los Angeles has launched a new initiative to support small businesses in navigating and securing city contracts through a $1 million Contract Financing Program. This program, funded by the Banc of California, aims to provide small business owners with the necessary funding to manage upfront costs associated with fulfilling city contracts.
The focus of this financing program is to help small businesses cover essential expenses such as materials, equipment, and staffing, thereby bridging payment gaps that can hinder their operations. With significant events like the World Cup and the 2028 Olympics on the horizon, the initiative is designed to enhance the competitiveness of local enterprises in securing city contracts.
Mayor Karen Bass has underscored the role of City Hall as an advocate for businesses, emphasizing the importance of encouraging participation in the city’s contracting system. The program’s goal is to make small and local businesses more competitive in a landscape characterized by larger entities, particularly as the city prepares for the influx of visitors and opportunities associated with these major events.
Eligibility Criteria
To qualify for the Contract Financing Program, businesses must meet specific criteria, including:
- Being located within the city or county of Los Angeles.
- Being in the process of being awarded a Professional Services Contract with the city.
- Holding a valid Business Tax Registration Certificate.
- Competing for contracts in various professional service areas including architecture, engineering, consulting, legal services, accounting, marketing, IT, human resources, training, and project management.
Partnership with Banc of California
The Banc of California has positioned itself as a key partner in this initiative, having recently relocated its headquarters to Los Angeles in 2023 during Mayor Bass’ first year in office. As the largest independent financial institution in the city, Banc of California supports local economic vitality through public-private partnerships aimed at fostering recovery and readiness for upcoming large-scale events.
Application Process
Notably, this financing program will allow an unlimited number of eligible businesses to apply, supported by the city’s Community Development Financial Institution partners, including Lendistry and the Pacific Asian Consortium for Employment. This partnership is designed to streamline the application process and enhance accessibility for local businesses seeking financial assistance.
Additional Resources and Support
Businesses interested in this financing program can find additional information and detailed eligibility guidelines by visiting ProcureLA.com. The city aims to provide comprehensive support and resources to help these enterprises successfully engage with the contracting process.
Mayor Bass’ Commitment to Local Businesses
In conjunction with the launch of this program, Mayor Bass is undertaking a weeklong tour of various events that showcase her administration’s efforts to support local businesses, address homelessness, improve public safety, tackle climate change, and enhance city services for the benefit of Angelenos. Upcoming events during this week will include discussions on housing progress for the homeless and public safety measures in different communities across the city.
The introduction of the Contract Financing Program signifies a vital step in empowering small businesses in Los Angeles, facilitating their ability to compete for city contracts while playing a crucial role in the local economy. By investing in these enterprises, the city is poised to create an environment that fosters growth, innovation, and resilience in the face of future challenges.
Deeper Dive: News & Info About This Topic
HERE Resources
Los Angeles Approves Major Expansion of Convention Center
10 Crucial Steps for Conducting an Effective Home Search as a First-Time Buyer
Additional Resources
- The Sports Examiner
- Wikipedia: Los Angeles
- Los Angeles Times
- Google Search: Los Angeles business initiatives
- Sports Illustrated
- Encyclopedia Britannica: Los Angeles
Author: STAFF HERE LOS ANGELES WRITER
LOS ANGELES STAFF WRITER The LOS ANGELES STAFF WRITER represents the experienced team at HERELosAngeles.com, your go-to source for actionable local news and information in Los Angeles, Los Angeles County, and beyond, specializing in "news you can use" with coverage of product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise from years of dedicated reporting and strong community input, including local press releases and business updates, while delivering top reporting on high-value events like the Academy Awards, LA Auto Show, and Los Angeles Marathon, extending coverage to key organizations such as the Los Angeles Area Chamber of Commerce and the Los Angeles Tourism & Convention Board, plus leading businesses in entertainment and technology like Warner Bros. and SpaceX, and as part of the broader HERE network including HEREAnaheim.com , HERECostaMesa.com , HEREHuntingtonBeach.com , and HERESantaAna.com , providing comprehensive, credible insights into Southern California's dynamic landscape. HERE Anaheim HERE Beverly Hills HERE Coronado HERE Costa Mesa HERE Hollywood HERE Huntington Beach HERE Long Beach HERE Los Angeles HERE Mission Viejo HERE San Diego HERE Santa Ana
