Mayor Bass Encourages LA Small Businesses to Apply for Assistance to Secure City Contracts

Mayor Karen Bass unveiled a $1 million funding initiative from Banc of California to aid small businesses in Los Angeles through the City’s Contract Financing Program. The program is designed to alleviate financial barriers that prevent small businesses from competing for City contracts. It provides loans that cover upfront costs, such as materials and labor, allowing businesses to fulfill contract requirements. Mayor Bass stressed that supporting local businesses is essential, particularly with major events like the World Cup and the 2028 Olympics on the horizon. Jared Wolff, CEO of Banc of California, affirmed that public-private partnerships are vital for economic recovery and growth in Los Angeles.

The program also aims to familiarize small businesses with the contracting process, enhancing their readiness for future opportunities. Eligibility criteria include being located in Los Angeles and actively pursuing professional service contracts. The initiative represents a significant step towards fostering a competitive environment for small businesses in the region.