A $1 million program funded by the Banc of California is now available to help small business owners secure competitive loans to cover upfront costs of fulfilling city contracts, the Mayor’s Office announced Monday.

Mayor Karen Bass created the Contract Financing Program to assist small businesses in obtaining and managing city contracts. The loans are intended to bridge gaps in payment cycles and cover expenses such as materials, equipment and staffing.

“Opening Los Angeles for business means making City Hall an advocate for business,” Bass said in a statement. “I encourage small businesses to apply for the contract financing program with support and funding provided by Banc of California.”

“With this funding they can be more competitive to win and keep city contracts. With major event

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