We would like to share some valuable funding opportunities that could help support your business. Below are the details of grant and loan programs that may be beneficial to you.
- TMC Small Business Strong: LA Wildfire Relief Fund
This grant is offering a $5,000 relief fund for those impacted by recent challenges, with funds distributed via a lottery system until they run out. - Female Founders Collective Grant
This grant was offered to women entrepreneurs only who were affected by the recent LA Wildfire. Applications are being accepted until February 13, 2025.
The requirements are as follows:
- Photographic evidence of loss due to fire, including property damage, inventory loss, or disruption to your ability to operate due to the fire
- Business must be located within the region impacted by the fire.
- Funding amount dollar requested
The JFLA provides interest-free loans to cover a variety of needs, including relocation costs, equipment, tools, signage, and inventory purchases to qualifying business. Here’s a list of loan options and their respective requirements:
- Loans of up to $25,000-$50,000 with two guarantors.
- Loans for $25,000 require two guarantors.
- Loans for $10,000-$25,000 require one guarantor.
- For businesses with a credit score of 600 or more, loans up to $10,000 can be obtained without a guarantor.
- Businesses with a credit score below 600 can apply for loans up to $5,000 without a guarantor.
Please note that the application process involves a hard credit check, and all loans are subject to the discretion of the JFLA loan committee.
Payback is within 36 months and payments begin 90 days after receiving funding.
Offered to businesses located in the wildfire-impacted areas throughout LA County only.
To qualify:
- The business was directly impacted by the disaster
- The business cannot cover expenses due to the disaster and/or debt payments
- The business was physically located in the declared disaster area.
- The loan amount limit is set at $2,000,000 to help alleviate economic injuries caused by the disaster. For applicants with an existing SBA loan, the maximum loanable amount will be calculated as the difference between the outstanding balance of the current loan and $2,000,000. For example, if the outstanding balance of your existing loan is $500,000, you may borrow up to $1,500,000 upon approval.
- A collateral is required for loans exceeding $50,000, regardless of any existing collateral from previous COVID-19-related loans.
Interest rate (No Credit Available Elsewhere):
- Businesses & Small Agricultural Cooperatives is 4.000%
- Non-Profit Organization is 3.625%.
Terms:
- First payment deferred for 12 months.
- No interest for the first 12 months.
- The interest rate will not exceed 4%.
Maturity:
- Up to 30 years, with repayment terms to be determined by ability to repay the loan.
- No prepayment penalty or fees.
Sign up for our newsletter:
Categories
Blog Posts
