Los Angeles (Source: Wikimedia Commons)
The second funding cycle of a program that aims to remove financial barriers for small businesses and nonprofits is soon making its way back to Los Angeles.
Business owners in the County of Los Angeles will have another opportunity to apply for the second cycle of the Commercial Acquisition Fund (CAF), a resource that supports funding for small businesses and nonprofits to purchase commercial property.
The County of L.A. announced on April 2 that applications are anticipated to open on May 5, with outreach and informational sessions planned ahead of the launch to guide prospective applicants through the process.
The nearly $2.6 million funding is being made available through a partnership between the county’s Department of Economic Opportunity and the Genesis LA Economic Growth Corporation, including $1 million in discretionary funding from Supervisor Holly Mitchell for projects in the county's Second District.
The program offers forgivable financing to support property acquisitions by small businesses, nonprofit organizations and mission-aligned developers, with the goal of reducing displacement and promoting long-term economic growth in local communities, according to sources.
"L.A. County's Anti-Displacement Commercial Acquisition Fund allows communities to directly own and shape the future of their neighborhoods – by the community, for the community," Mitchell said in a statement.
In a press release by the Department of Economic Opportunity, the department wrote that the L.A. County CAF deployed $10 million in American Rescue Plan funding, supporting seven property acquisitions across Los Angeles County, which created space for 39 small businesses, three nonprofit organizations, and more than 125 creative workspaces.
County officials have noted that funding applications are expected to exceed available resources but said the program remains a key part of broader efforts to revitalize commercial corridors and expand community ownership opportunities.
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.