Small Business Credit and Debt Counseling

Small Business Credit and Debt Counseling
  Counseling Available 24/7

  Online Counseling

  Telephone Counseling
888-645-2227
877-809-3429 (español)
711 for TRS

To counter the negative financial impacts from the pandemic and help business owners recover, the Los Angeles Mayor’s Office of Economic Development and the Economic and Workforce Development Department would like to highlight the value and importance credit counseling providers can bring by provide offering financial counseling and targeted support to small business owners in the City of LA. One such provider, Money Management International (MMI), has specifically agreed to provide such assistance to small business owners in the City of LA at no cost.

The nonprofit counselors at MMI have experience with the unique financial challenges faced by small business owners and may help show you how to balance your household budget, improve your credit profile, and connect to valuable resources. Again, counseling by MMI is free and available 24/7.


Contact an MMI Credit Counselor

Contact MMI to speak to a consultant that can assist you. Online counseling is available at MMI Financial Counseling Services, or you can reach out by phone to 888-645-2227, para español llame al 877-809-3429, or dial 711 for TRS.

You can also contact one of the City’s BusinessSource Centers to receive additional financial recovery services such as financial restructuring and planning, employee retention strategies, loan and grant application packaging, and much more.



Frequently Asked Questions


  • Common Reasons to Work with a Non-Profit Credit Counselor

    • Consistently borrowing against future income to manage monthly bills
    • Credit cards are maxed out
    • Receiving phone calls from creditors or collection agents
    • Declined for a loan or credit card

  • Are There Other Companies and Organizations that Provide Credit Counseling and Related Services?

    Yes. We encourage businesses to explore, verify and investigate different providers and the services they offer. This website and/or any reference to a specific provider(s) herein does not constitute an endorsement, recommendation, or favoring by the City of Los Angeles, Mayor’s Office, or the EWDD.


  • Who is MMI?

    MMI (Money Management International) is the nation's largest nonprofit credit counseling agency. They’ve been helping families, individuals, and small business owners solve common financial challenges for over 60 years. They help people address a wide variety of issues, with a focus on:
    • Creating a budget and spending plan that fit your needs
    • Using credit wisely and building a strong credit history
    • Repaying unsecured personal debt
    • Building savings and planning for long-term goals

  • How Can MMI Help Me?

    The free counseling provided by MMI can help you:
    • Balance your household cash flow
    • Learn how to separate personal and business spending
    • Discover resources and options to reduce expenses
    • Rebuild your credit profile for future borrowing
    • Focus on management and repayment of personal debt
    • Begin saving for big picture plans, like retirement

  • What Happens During a Credit Counseling Session?

    Working with a trained and certified counselor, participants:
    • Assess their finances, including income, expenses, and debts;
    • Establish financial goals for both the short-term and the long-term; and
    • Develop an action plan to achieve those goals.
    Participants leave each session with clear directions, a list of applicable resources, and additional educational materials when appropriate.


  • How Long Does a Typical Counseling Session Last?

    Each person’s financial situation is unique and so each counseling session is tailored to meet the specific needs of each participant. A full counseling session typically lasts 45-60 minutes, but MMI encourages anyone looking for help to call in and start the conversation, even if you have only a few minutes to spare.


  • Is There a Cost?

    No. Credit counseling is free. In the course of counseling, however, participants may be referred to additional services, including MMI’s debt management plan. Any fees for services outside of credit counseling will be disclosed before those services are rendered.


  • Will Participation in a Credit Counseling Session Impact my Credit?

    No. MMI does not report any information to the credit bureaus. Participation in a credit counseling session alone will not affect a consumer’s credit report or credit score.


  • Will Any Third Parties be Informed of the Counseling Session?

    No. Credit counseling is confidential. MMI does not disclose any consumer information to creditors, credit bureaus, or the IRS. Individual participation in a counseling session is not reported to anyone unless otherwise disclosed and agreed to by the consumer.


  • What is a Debt Management Plan?

    A debt management plan (or DMP) is a structured repayment plan facilitated by MMI. Most creditors will provide benefits, including a reduced interest rate and affordable monthly payment, for accounts included on a DMP. These benefits help users quickly repay their unsecured personal debts in full, with the vast majority of plans completing in less than five years.


  • Are There Fees Associated with a DMP?

    Yes. Most DMPs include an initial set-up fee and a monthly fee, which is based on the size of your debt payments and your state of residence. In California, the set-up fee is typically $50 and the monthly fee is either 8% of your monthly payment amount or $35 (whichever is less).

    A DMP will not be suggested, however, if it doesn’t save you money and fit your budget.


  • Common Reasons to Work with a Non-Profit Credit Counselor

    Common Reasons to Work with a Non-Profit Credit Counselor

    • Consistently borrowing against future income to manage monthly bills
    • Credit cards are maxed out
    • Receiving phone calls from creditors or collection agents
    • Declined for a loan or credit card

  • Are There Other Companies and Organizations that Provide Credit Counseling and Related Services?

    Are There Other Companies and Organizations that Provide Credit Counseling and Related Services?

    Yes. We encourage businesses to explore, verify and investigate different providers and the services they offer. This website and/or any reference to a specific provider(s) herein does not constitute an endorsement, recommendation, or favoring by the City of Los Angeles, Mayor’s Office, or the EWDD.


  • Who is MMI?

    Who is MMI?

    MMI (Money Management International) is the nation's largest nonprofit credit counseling agency. They’ve been helping families, individuals, and small business owners solve common financial challenges for over 60 years. They help people address a wide variety of issues, with a focus on:
    • Creating a budget and spending plan that fit your needs
    • Using credit wisely and building a strong credit history
    • Repaying unsecured personal debt
    • Building savings and planning for long-term goals

  • How Can MMI Help Me?

    How Can MMI Help Me?

    The free counseling provided by MMI can help you:
    • Balance your household cash flow
    • Learn how to separate personal and business spending
    • Discover resources and options to reduce expenses
    • Rebuild your credit profile for future borrowing
    • Focus on management and repayment of personal debt
    • Begin saving for big picture plans, like retirement

  • What Happens During a Credit Counseling Session?

    What Happens During a Credit Counseling Session?

    Working with a trained and certified counselor, participants:
    • Assess their finances, including income, expenses, and debts;
    • Establish financial goals for both the short-term and the long-term; and
    • Develop an action plan to achieve those goals.
    Participants leave each session with clear directions, a list of applicable resources, and additional educational materials when appropriate.


  • How Long Does a Typical Counseling Session Last?

    How Long Does a Typical Counseling Session Last?

    Each person’s financial situation is unique and so each counseling session is tailored to meet the specific needs of each participant. A full counseling session typically lasts 45-60 minutes, but MMI encourages anyone looking for help to call in and start the conversation, even if you have only a few minutes to spare.


  • Is There a Cost?

    Is There a Cost?

    No. Credit counseling is free. In the course of counseling, however, participants may be referred to additional services, including MMI’s debt management plan. Any fees for services outside of credit counseling will be disclosed before those services are rendered.


  • Will Participation in a Credit Counseling Session Impact my Credit?

    Will Participation in a Credit Counseling Session Impact my Credit?

    No. MMI does not report any information to the credit bureaus. Participation in a credit counseling session alone will not affect a consumer’s credit report or credit score.


  • Will Any Third Parties be Informed of the Counseling Session?

    Will Any Third Parties be Informed of the Counseling Session?

    No. Credit counseling is confidential. MMI does not disclose any consumer information to creditors, credit bureaus, or the IRS. Individual participation in a counseling session is not reported to anyone unless otherwise disclosed and agreed to by the consumer.


  • What is a Debt Management Plan?

    What is a Debt Management Plan?

    A debt management plan (or DMP) is a structured repayment plan facilitated by MMI. Most creditors will provide benefits, including a reduced interest rate and affordable monthly payment, for accounts included on a DMP. These benefits help users quickly repay their unsecured personal debts in full, with the vast majority of plans completing in less than five years.


  • Are There Fees Associated with a DMP?

    Are There Fees Associated with a DMP?

    Yes. Most DMPs include an initial set-up fee and a monthly fee, which is based on the size of your debt payments and your state of residence. In California, the set-up fee is typically $50 and the monthly fee is either 8% of your monthly payment amount or $35 (whichever is less).

    A DMP will not be suggested, however, if it doesn’t save you money and fit your budget.


City of Los Angeles
Los Angeles City Mayor's Office
Economic & Workforce Development Department, City of Los Angeles
BusinessSource Centers
Money Management International
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Reference in this site to any specific commercial product, process, or service is for the information and convenience of the public and does not constitute an endorsement, recommendation, or favoring by the City of Los Angeles, Mayor’s Office, or EWDD, nor any of their employees. Neither the City of Los Angeles, Mayor’s Office, or EWDD, nor any of their employees, makes any warranty, express or implied, including warranties of merchantability and fitness for a particular purpose, or assume any legal liability for the accuracy, completeness, or usefulness of any information from this server or the links to servers via ewddlacity.com.

The City of Los Angeles is not responsible for the content, nor endorses or supports any advertising that may be contained on any site linked via ewddlacity.com. Neither is it responsible for the inability to use, or damages that may arise from the use of, any site and/or materials linked via ewddlacity.com. The City of Los Angeles does not endorse or recommend any of the financial and credit counseling or any of the debt management services on any site linked via ewddlacity.com. The City of Los Angeles cannot, and specifically does not guarantee that any small businesses will receive credit counseling or debt management services through any site linked via ewddlacity.com.