Mayor Karen Bass called upon small business owners in Los Angeles to take advantage of the city’s Contract Financing Program, as reported by the mayor's office on October 6th. This initiative, backed by $1 million from Banc of California, aims to level the playing field for local entrepreneurs vying for city contracts, which they might otherwise miss out on due to the lack of upfront capital required to compete.
"Opening Los Angeles for business means making City Hall an advocate for business," Mayor Bass said, according to a statement from her office, expressing her dedication to supporting the growth of small businesses and ensuring their participation in Los Angeles's bustling economy, especially with significant future events like the World Cup and the 2028 Olympics on the horizon. Confident that the partnership with Banc of California will bolster the city's economy, Jared Wolff, the bank's CEO, told the mayor's office, "The Los Angeles region is a major contributor to the California economy and the national economy."
Entrepreneurs looking to harness the program's benefits must meet several qualifications, including having a Business Tax Registration Certificate and competing for professional service contracts within Los Angeles. The Contract Financing Program was conceived to provide eligible businesses with competitive loans for direct contract costs, easing the strain associated with securing necessary resources such as materials and labor, thus, businesses must be located in the City or County of Los Angeles and must be in the process of being awarded a Professional Service Contract with the City of Los Angeles to be eligible.
Expanding on the opportunities that lie ahead, the mayor's initiatives extend beyond immediate financial aid, including efforts to enhance the procurement process and make it more accessible—now local small businesses will benefit from the programming created in the Mayor’s ProcureLA, which will enhance their readiness for the numerous upcoming opportunities; for the World Cup and Olympics, and also the reconstruction work in the Pacific Palisades. To facilitate this, the Contract Financing Program is collaborating with the City’s Community Development Financial Institution partners: Lendistry and the Pacific Asian Consortium for Employment (PACE), further details of which can be found on the ProcureLA website.
Mayor Bass has been proactive in fostering a business-friendly environment, as illustrated during the 2025 ProcureLA Summit, where the new Business Navigator was launched. This online portal, available at business.lacity.gov, offers a centralized location for businesses to access permits, resources, and procurement opportunities efficiently. Mayor Bass reiterates her commitment to ensuring that local small and minority-owned businesses are not only surviving but thriving, with a particular focus on preparing them for vital capital infrastructure projects that will play central roles in the upcoming international sports events.
