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Long Beach Receives Grant Award for the Small Business Loan Programs
By Staff Writer
Published on Fri, Oct 23, 2026
Need capital to launch or grow your business? Take your business to the next level with Long Beach’s small business loan programs.
The City of Long Beach Department of Economic Development & Opportunity has received a $750,000 grant award from the U.S. Economic Development Administration (EDA) in support of the City’s small business loan programs, which provide entrepreneurs and small business owners with access to affordable capital to start and grow their business in Long Beach.
The grant awarded for the City’s small business loan programs will fund the Microenterprise Loan Program and Grow Long Beach Fund, designed to support local businesses in Long Beach by providing low-interest capital and gap-financing options. The loan amount will range from $10,000 microloans to larger loans of several hundred thousand dollars, depending on the needs and eligibility of the business.
Loans will carry fixed interest rates set in accordance with federal requirements, at the lower of 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. Those interested in applying for a small business loan should contact EDO’s BizCare Hotline at 562.570.4BIZ (4249) or email BizCare@longbeach.gov.
This program is part of the City’s continued efforts to support local entrepreneurs and ensure Long Beach businesses have access to capital they can invest into their dreams. Since 2001, the City has issued more than $7.9 million in loans, resulting in 650 jobs created or retained. The impact of supporting small businesses reaches beyond just supporting local entrepreneurs. Empowering local businesses through the small business loan programs also helps promote job growth, economic diversification and long-term economic stability throughout Long Beach.
To learn more about the City’s small business loan programs and other resources for small businesses, you can also visit longbeach.gov/bizdev.
