{"id":496133,"date":"2026-10-14T19:46:14","date_gmt":"2026-10-14T19:46:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/496133\/"},"modified":"2026-10-14T19:46:14","modified_gmt":"2026-10-14T19:46:14","slug":"long-beach-small-business-owners-can-apply-for-loans-following-750k-grant","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/496133\/","title":{"rendered":"Long Beach small business owners can apply for loans following $750K grant"},"content":{"rendered":"

The Long Beach Department of Economic Development & Opportunity (EDO) announced a $750,000 grant for the City\u2019s small business loan programs.<\/p>\n

The grant, awarded by the U.S. Economic Development Administration<\/a> (EDA), will go toward the City\u2019s Revolving Loan Fund, which provides local entrepreneurs and small business owners resources to start and grow their businesses.\u00a0<\/p>\n

\u201cThis investment is a powerful opportunity to put more capital directly into the hands of Long Beach entrepreneurs and small businesses,\u201d said Mayor Rex Richardson in a public statement. \u201cBy strengthening our small business loan programs, we are helping local businesses invest in their operations, create jobs, and build a stronger foundation for long-term growth. When our small businesses have the means to grow, our entire city benefits and thrives.\u201d<\/p>\n

Want more local news? <\/p>\n

Sign up for the Signal Tribune\u2019s newsletters<\/p>\n

The City\u2019s small business loan programs<\/a>, such as the Microenterprise Loan Program and Grow Long Beach Fund, provide low-interest capital to small businesses that are unable to secure traditional bank financing. In addition, these programs offer gap financing options \u2014short-term loans for immediate financial obligations \u2014 that emphasize job creation, job retention, economic diversification and long-term economic stability citywide.\u00a0<\/p>\n

Long Beach has issued more than $7.9 million in loans, resulting in 650 jobs created or retained since 2001. According to the City, its loan portfolio currently includes 106 active loans totaling $3.8 million.<\/p>\n

\"\"Amarte owner Claribel Valdovinos holds a woven heart inside her shop on May 21, 2022. The hearts are hand-embroidered by artisans in Oaxaca, Mexico, and were the most popular item Valdovinos sold when she did pop-up vending. (Richard H. Grant | Signal Tribune)<\/p>\n

On June 16, the Long Beach City Council unanimously approved<\/a> this expansion of local small business funding. Through the grant, the City will be reimbursed for eligible small business loans issued via its loan programs.\u00a0<\/p>\n

Loan amounts will range from $10,000 microloans to loans of several hundred thousand dollars, depending on the needs and eligibility of the applying business.<\/p>\n

\u201cBy helping bridge the gap between businesses and traditional financing, the City is investing in the entrepreneurs who are at the heart of our local economy,\u201d said EDO<\/a> Director Bo Martinez in a public statement. \u201cThese loan programs provide businesses with access to capital they need to strengthen their operations, pursue new opportunities and take their businesses to the next level\u201d<\/p>\n

In accordance with federal requirements, loans will carry fixed interest rates at 4% or 75% of the Wall Street Journal Prime Rate, with a maximum rate of prime plus 1%. Loan terms typically vary from five to 10 years, with a maximum of 25 years, and can be used for working capital, equipment purchases, business expenses or leasehold improvements.<\/p>\n

Funds must be expended by Mar. 31, 2029. Those interested in applying for a small business loan can contact EDO\u2019s BizCare Hotline at 562-570-4BIZ (4249) or email BizCare@longbeach.gov.<\/p>\n

For more information about the City\u2019s small business loan programs and other resources for small businesses, visit longbeach.gov\/bizdev<\/a>.<\/p>\n

\"\"\/<\/a>\t\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"The Long Beach Department of Economic Development & Opportunity (EDO) announced a $750,000 grant for the City\u2019s small…\n","protected":false},"author":2,"featured_media":496134,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[192808,131,171750,133,132,192809,192810,192811],"class_list":["post-496133","post","type-post","status-publish","format-standard","has-post-thumbnail","category-long-beach","tag-grow-long-beach-fund","tag-long-beach","tag-long-beach-department-of-economic-development-opportunity","tag-long-beach-headlines","tag-long-beach-news","tag-microenterprise-loan-program","tag-small-business-loans","tag-wall-street-journal-prime-rate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/496133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=496133"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/496133\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/496134"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=496133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=496133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=496133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}