The initiative addresses a common barrier for small businesses: the lack of working capital to manage initial expenses

A new initiative in Los Angeles aims to level the playing field for small businesses seeking city contracts, offering competitive loans to cover upfront costs through the newly established City Contract Financing Program. The program, which opens applications today, is supported by a $1 million public-private partnership with Banc of California.

The initiative addresses a common barrier for small businesses: the lack of working capital to manage initial expenses like materials, equipment, and hiring while awaiting city payments. Eligible businesses can secure loans through the city’s Community Development Financial Institution partners, Lendistry and the Pacific Asian Co

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