News Details

Small Business Recovery Loan Program

Click Here or Loan Details - https://wwwa.lacda.org/economicdevelopment/toc-loans

Application Period – Small Business Recovery Loan Program

June 4, 2020, 12 p.m. - June 11, 2020, 5 p.m.

Business Location Only businesses located within a quarter-mile of a Major Transit Stop are eligible for this TOC Loan Program. If your business is not within the quarter-mile boundary, the system will not allow you to submit the application. Please use this tool to verify your business location.

What is a Major Transit Stop? A Major Transit Stop as defined by California Public Resources Code Section 21064.3 is:

  1. An existing rail or bus rapid transit station.
  2. A ferry terminal served by either a bus or rail transit service.
  3. The intersection of two (2) or more major bus routes with a frequency of service interval of 15 minutes or less during the morning and afternoon peak commute periods.

In addition, for purposes of this TOC Loan Program, the site of a future Major Transit Stop for an environmentally cleared fixed guideway transit project shall be eligible.  This would include Metro rail stations under construction (Crenshaw/LAX, Regional Connector, Purple Line Extension, and Foothill Gold Line Extension).  Use this mapping tool to confirm if your business is located within a quarter-mile of a Major Transit Stop.

Geographical Limitations
To ensure geographic distribution of funding, only up to THREE (3) loans per zip code will be funded. 

Application Limits

Only one (1) application per business owner will be considered. Owners of multiple businesses may only submit one (1) application for one (1) of their businesses that is located within the target area.

Employee Count Only businesses with 25 or fewer employees are eligible.

Eligible Business Type Business must be a for profit operational business; non-profit organizations are not eligible for this TOC Loan Program.  

Businesses that have already received assistance from other LACDA programs, such as the Small Business Recovery Loan Program, are not eligible for this TOC Loan Program.  Businesses that have received assistance from the SBA Paycheck Protection Program (PPP) are eligible for this TOC Loan Program.

Job Retention The business must retain one full- or part-time job for a period of 24 months from the date of execution of the loan agreement.  The business owner's own position will count toward this requirement.