A new relief fund launched by Los Angeles County and Metro will provide emergency loans to local businesses impacted by COVID-19.
The Transit Oriented Communities Small Business Recovery Loan Program, funded by Metro, will provide loans of up to $20,000 to cover operating expenses for businesses impacted by the coronavirus. Eligible businesses must be located within a 1/4-mile of a major transit stop, which is defined by California state law as:
- An existing rail or bus rapid transit station;
- A ferry terminal served by either a bus or rail transit service; or
- 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.
Future stations on under-construction rail projects - including the Purple Line extension, Regional Connector, Crenshaw/LAX Line, and Foothill Gold Line extension - are also considered major transit stops. Click here for a mapping tool to determine eligibility.
Applications for the program can be completed at TOCloans.lacda.org. The application window is open through Friday, June 19 at 5 pm.
There is approximately $850,000 set aside for the program, which will be administered on a first-come, first-serve basis.
For more information, contact the Los Angeles County Development Authority at TOCloans@lacda.org or (626) 943-3818.
