Los Angeles Mayor Karen Bass, along with Small Business Administrator Isabel Casillas Guzman and L.A. County Supervisor Hilda Solis, paid a visit to Barbershop Lopez in East Hollywood to stress a cooperative effort aimed squarely at supporting Black- and Latino-owned small businesses. Announced during this visit, as told by the Mayor's website, was a considerable boost in such support from the federal government, underscoring a historic leap in securing small business financing under the auspices of the Biden-Harris Administration.
"Small businesses like Barbershop Lopez are the backbone of our local economy and we must continue to support them now and as we gear up for the major events that LA will host in the years to come," Mayor Bass said, as indicated by the Mayor's Office. Their partnership with the White House and the SBA has led to a welcome increase in resources for local businesses. With the sight of blades and brushes dancing in hand at Barbershop Lopez, which stands as a testament to the daily grind and spirit of the city's entrepreneurs, the federal government's backing was met with a shared belief in the communal currency of perseverance and enterprise.
"Under the Biden-Harris Administration, the SBA has massively scaled its capital impact, financing a record number of businesses across America in the last fiscal year," SBA Administrator Guzman stated, highlighting particularly noteworthy jumps in support for businesses owned by members of historically marginalized groups. Black, Latino, and female entrepreneurs in Los Angeles have found SBA loans more accessible than ever before, setting records in the process. As per the Mayor's announcement, L.A. small businesses have seen a 44% increase in total loans, providing a financial lifeline to the local ecosystems of commerce.
The contribution of the SBA has been robust within the city, reflected by the $5 million in Economic Injury Disaster Loans distributed during the 10 Freeway disruption to businesses affected. At the hands of the SBA and under the helm of Administrator Guzman, a new Women’s Business Center was opened in South L.A., aiming to nurture business development at its grassroots. Mayor Karen Bass also has taken concrete steps, such as implementing Executive Directive 4, to shore up burgeoning businesses, facilitating a more seamless navigation of city bureaucracy. "I worked with the local SBA office and they helped make sure we got the help we needed," said Oscar Lopez, owner of Barbershop Lopez, appreciative of the process that was—despite the paper and patience inherent to any bureaucratic machinations—described as smooth.
Meanwhile, Mayor Bass's Small Business Cabinet, informed by SBA Los Angeles District Director Julie Clowes’ expertise, has been a touchstone for policies lifting the city's small enterprises. The Mayor's Office has not been shy about coordinating events such as Small Business Summits, boosting networking and opportunity fields that will expand as Los Angeles preps to host future showpieces like the 2026 FIFA World Cup and the 2028 Olympic and Paralympic Games. These summits have been valuable arenas where SBA's presence actively anchors the commitment to local entrepreneurs. Since the enactment of Executive Directive 4, over $18 million have been secured to aid small businesses in their opening gambits and growth expeditions, further emblematic of the robust hands-on approach taken by city officials to enliven the dreams of local business leaders.
