Small businesses and nonprofits looking to acquire commercial properties across Los Angeles County will soon get some help from the local government.
The Los Angeles County Department of Economic Opportunity, in partnership with Genesis L.A. Economic Growth Corporation, will provide roughly $2.6 million for small organizations to execute property acquisitions through the Commercial Acquisition Fund, Pasadena Now reported.
That tranche of money includes $1 million in discretionary funding for projects in the county’s 2nd District, which covers a wide swath of the county from Hancock Park in Los Angeles to South Bay cities like Redondo Beach and Carson.
The Commercial Acquisition Fund program offers forgivable loans to support property acquisitions by small businesses, nonprofit organizations and certain developers. The goal of the program is to reduce displacement and promote long-term economic growth in local communities, as well as “advance community ownership and revitalize commercial corridors” throughout the county, according to county officials cited by Pasadena Now.
The latest round of funding comes after its first funding cycle when the L.A. County Commercial Acquisition Fund distributed $10 million in funds from the American Rescue Plan Act of 2021. That helped support seven property acquisitions across the county, creating space for 39 small businesses, three nonprofits and more than 125 creative workspaces, county officials said in a statement.
While the latest Commercial Acquisition Fund awards will help expand community ownership and neighborhood revitalization, the Department of Economic Opportunity acknowledged that the available funding pales in comparison to what is needed overall.
“Demand for this type of investment far exceeds current resources, and not every qualified project will be funded in this round,” Department of Economic Opportunity Director Kelly LoBianco said.
Applications for the latest funding open May 5. Before the application launches, county officials plan to conduct outreach and informational sessions to guide prospective applicants through the process.— Chris Malone Méndez
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