In recognition of the COVID-19 economic impacts to small businesses, the Los Angeles County Development Authority (LACDA) has announced the Transit Oriented Communities Small Business Recovery Loan Program funded by LA Metro.
Loan applications can be completed directly on TOCloans.lacda.org from Thursday, June 4, 2020 at 12Ppm to Thursday, June 11, 2020 at 5pm.
Eligible Los Angeles County small businesses located within a ¼-mile of a Major Transit Stop can receive up to $20,000 in loan funds to cover operating expenses.
A Major Transit Stop is defined as:
- (a) An existing rail or bus rapid transit station.
- (b) A ferry terminal served by either a bus or rail transit service.
- (c) 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.
According to the LACDA, “for purposes of this TOC Loan Program, the site of a future Major Transit Stop for an environmentally-cleared fixed guideway transit project shall be eligible. This would include Metro rail stations under construction (Crenshaw/LAX, Regional Connector, Purple Line Extension, and Foothill Gold Line Extension).”
Business owners can use the Transit Oriented Communities Small Business Recovery Loan Program Address Eligibility Checker to verify their business location.
Loans will be made on a first come, first served basis. Prospective applicants are encouraged to review the application requirements and prepare materials in advance of the opening of the application window on June 4, 2020.
To learn more about the Transit Oriented Communities Small Business Recovery Loan Program, including further eligibility requirements and frequently asked questions, please the official website at TOCloans.lacda.org.