The Los Angeles County Board of Supervisors approved a motion on April 14 authored by Supervisor Mark Ridley-Thomas, 2nd District, to create the Los Angeles County COVID-19 Small Business Assistance Program and COVID-19 Relief Fund, a public-private partnership that will provide critical funding for hundreds of small businesses and nonprofits impacted by the pandemic.

“Our small businesses and nonprofits are economically and culturally interwoven in the fabric that makes up Los Angeles County,” Mark Ridley-Thomas said. “I am proud of Goldman Sachs, Wells Fargo Foundation, Citi and our other private sector partners for joining with the county of Los Angeles to bring needed resources to our businesses who are suffering great losses as we cope with this unprecedented pandemic.”

The county will provide an initial $12 million for the relief fund. Private sector partner Goldman Sachs Group has committed $15 million, Wells Fargo Foundation will contribute $1 million, Citi Community Development will provide $100,000 and Union Bank Foundation will allocate $25,000.

The county’s partnership with Goldman Sachs Group will open a new channel for up to $15 million of additional Paycheck Protection Program loans targeting microenterprises and nonprofits through Goldman Sachs’ institution partner, Community Reinvestment Fund, USA. CRF plans to target businesses and nonprofits who might otherwise not have access to the PPP program in traditional banking relationships.

“Ensuring all businesses have access to these resources is of paramount importance,” Ridley-Thomas added while emphasizing the importance of equity and inclusivity as resources are made available to local businesses. “We know from history and intuitively that the best-resourced businesses are often first in line for available relief.”

Additional support from Citi will provide $100,000 to the Los Angeles Area Chamber of Commerce to provide technical assistance and outreach for businesses. 

The county’s Department of Consumer and Business Affairs opened an online portal on April 15 for businesses to submit inquiries about the programs. All eligible business owners and nonprofits who have been unable to apply for a Paycheck Protection Program loan through a bank or other financial institutions are encouraged to submit an inquiry. For information, call (833)238-4450, or visit lacountyhelpcenter.org.