Long Beach Small Business Owners Can Apply for Loans Following $750K Grant
By Staff Report
October 14, 2026
The Long Beach Department of Economic Development & Opportunity (EDO) has announced a $750,000 grant for the City's small business loan programs. Funded by the U.S. Economic Development Administration (EDA), this grant will support the City's Revolving Loan Fund, providing local entrepreneurs and small business owners with resources to start and grow their businesses.
"This investment is a powerful opportunity to put more capital directly into the hands of Long Beach entrepreneurs and small businesses," said Mayor Rex Richardson. "By 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."
The City's small business loan programs, such as the Microenterprise Loan Program and Grow Long Beach Fund, offer low-interest capital to businesses unable to secure traditional bank financing. These programs also provide gap financing options, emphasizing job creation, retention, economic diversification, and long-term stability.
Since 2001, Long Beach has issued over $7.9 million in loans, resulting in 650 jobs created or retained. Currently, the City's loan portfolio includes 106 active loans totaling $3.8 million.
On June 16, the Long Beach City Council unanimously approved this expansion of local small business funding. Through the grant, the City will be reimbursed for eligible small business loans issued via its programs. Loan amounts will range from $10,000 microloans to several hundred thousand dollars, based on business needs and eligibility.
"By 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," said EDO Director Bo Martinez. "These loan programs provide businesses with access to capital they need to strengthen their operations, pursue growth, and contribute to our vibrant community."