LA City Mayor Eric Garcetti speaking in front of Caveman Vintage Music in Lincoln Heights about the need to expedite relief for small businesses economically impacted by COVID-19

Mayor Announces Eased Requirements for Small Biz Emergency Microloan

LA City Mayor Eric Garcetti announced Wednesday May 21, 2020 that he has instructed EWDD to relax eligibility requirements for the Small Business Emergency Microloan and prioritize loans that were previously denied in order expedite relief for small businesses economically impacted by COVID-19.

The Mayor highlighted Caveman Vintage Music in Lincoln Heights, whose owner Eric Stollsteimer received a $20,000 loan in order to sustain his business.

“The microloan has eased the temporary financial pains that came with my storefront being closed the months of March, April and May,” Stollsteimer said. “It has allowed me three months of funds to keep my entire staff employed and working full-time again as well as cover our rent expenses, which is incredible. We are extremely happy now to be open for curbside pickup, allowing us to continue to provide music and musical instruments to the entire Los Angeles musical community that we love so much.”

EWDD’s Economic Development Division staff continues to work diligently to process loan applications. Learn more about the Small Business Emergency Microloan and the LA CARES Corps that assist with Economic Injury Disaster Loans and the Paycheck Protection Program (PPP).


If you have been impacted by the COVID-19 outbreak, EWDD wants to help. Many residents of the City of Los Angeles have been negatively impacted by COVID-19. Many are faced with job loss or are struggling to keep their businesses operational. Even as all Californians are asked to limit outside activities beyond what is absolutely necessary, the City of LA and EWDD are diligently working to provide crucial services and programs. Please visit our COVID-19 Resources page to learn more. We're here to help.



This story is part of the EWDD UPDATES from the week of May 18, 2020. Read this issue and more.