Los Angeles Mayor Karen Bass announced a win for the city's business community, with Banc of California setting its sights on LA for its new headquarters. In a statement released on the city's official website, Bass underscored the strides taken during her first year to ease the pathway for businesses to set up shop, flourish, and scale in the region.
"We are working to ensure that Los Angeles is not just open for business but that City Hall is advocating for businesses," Mayor Bass said, highlighting the newfound vigor her initiatives have breathed into the local business landscape, and as the city celebrates the opening of thousands of businesses since December 2022, it's clear she's putting words into action, but there's more lined up for the day as Bass is set to further discuss these achievements and upcoming developments during an exclusive roundtable with San Fernando Valley's business honchos followed by a sneak peek at LAX’s hefty $30 billion upgrade project, capped with intimate talks with small businesses including those who've reaped the benefits of the city's Al Fresco dining initiative – an endeavor the Mayor is looking to cement permanently.
With Banc of California's relocation, CEO Jared Wolff lauded LA as the hub of innovation and business acumen and, in a show of partnership, pledged a generous $1 million to support Mayor Bass' contract financing program, aimed at bolstering small businesses vying for city contracts. "As a native Angeleno, I know the power and promise of Los Angeles and the entrepreneurs and businesses that make it great," Wolff told the city's official website, acknowledging the city's dynamic business environment, which the bank is eager to serve with creative financial solutions to promote job creation and community enrichment.
The commendations for Mayor Bass continued with other leaders chiming in; Maria S. Salinas, CEO of the Los Angeles Area Chamber of Commerce, recognized the Mayor's hands-on approach to alleviate "pain points" for businesses dealing with City Hall and pointed out the advisory cabinets launched by Bass to inject industry insights into the city's economic expansion. Also, other big names like Kevin Demoff from the Los Angeles Rams and Snap Inc.'s Evan Spiegel expressed their enthusiasm for the city's direction under Bass' leadership, with the former planning a practice facility move to Woodland Hills and the latter inspired by the commitment to foster a globally preeminent creative industry in LA.
Mayor Bass isn't resting on her laurels; her office is busy deploying measures to empower small businesses and streamline commercial development—strategies that could turn Los Angeles into an even more business-friendly locale. The city's latest efforts include the establishment of a small business policy team, cutting through red tape for sound stage productions, and a slew of initiatives to grease the wheels for government contract procurement for local entrepreneurs.
