City Controller Ron Galperin (photo courtesy of Ron Galperin)

On July 1, Los Angeles City Controller Ron Galperin, in cooperation with the city’s Economic and Workforce Development Department, released an interactive map displaying the microloans funded by the city of Los Angeles to help small businesses get the assistance they need during the COVID-19 pandemic.

Galperin’s tracker includes a map with the name, location and how much money each microloan recipient received, and also groups recipients by industry. The information in the tracker is updated through June and available at lacontroller.org/microloans.

“People should know how public dollars are being used to support small businesses in their communities,” Galperin said. “Unlike the Treasury Department in Washington, which is only releasing some information about the businesses receiving federal coronavirus relief funds, the city of Los Angeles is committed to full transparency. This tracker will ensure public accountability and better inform Angelenos about how the city is helping our local economy.”

Created by Los Angeles Mayor Eric Garcetti in March 2020 with an $11 million commitment and administered by the EWDD, the Small Business Emergency Microloan Program began distributing funds in early April to local businesses that aren’t eligible for federal CARES Act dollars. Since then, EWDD has distributed more than $3.4 million through 227 loans in amounts between $5,000 and $20,000. The interest rate is either 0% for a term of six months to one year, or 3% to 5% for a term of up to five years.

“Small businesses have a critical need for resources to help them survive the devastating economic impacts of COVID-19,” EWDD General Manager Carolyn M. Hull said. “EWDD is working tirelessly to connect smaller companies to funding that will assist them during this difficult time.”

Information available on Galperin’s microloan tracker includes the top industries with city-funded microloans, which are hospitality with 81 businesses, retail with 33 businesses and entertainment with 25 businesses.

The map also includes which City Council districts had the most microloan recipients. Council District 14 – which includes downtown – has 44 microloan recipients, totaling $588,000 of assistance. Council District 5 has 24 microloan recipients, totaling $302,000 of assistance. Council District 13 has 21 microloan recipients, totaling $320,000 of assistance.

The data on it will be updated as the program continues.

For information, visit lacontroller.org/data-stories-and-maps/microloans. For information about the Small Business Emergency Microloan Program or to apply, visit ewddlacity.com/index.php/microloan-program.