Property Owner Resources
Commercial real estate - owning, operating, and leasing - is a significant economic sector and source of income for many Long Beach residents and businesses. When property-based income is impacted in a negative way, there is a significant impact on median household income and to the local economy overall. As such, it is important the City continues to take an active role to provide programs, resources, and support services available to residents and business owners who rely on commercial property-based income.
Federal Relief Programs
Federal CARES Act provides several relief programs for the commercial real estate tenants and property owners to assist with the payment of rent, debt service, or other property-related obligations. The following programs are provided by the SBA to assist commercial property tenants so that they may continue to make rental payments:
- Emergency EIDL Grants provides $10 billion for SBA emergency grants of up to $10,000, to provide immediate relief for a small business operating costs including rent. SBA administers these grants and interested persons need to apply directly.
- Business Loans Program Account provides $17 billion for SBA to cover up to six months of payments for small businesses with existing SBA loans. This program applies only to businesses that already have existing loans with SBA.
State Relief Programs
There are several State programs designed to assist both commercial tenants and commercial property owners. On April 2, 2020, Governor Newsom approved a series of resources to aid small businesses and help California workers who have lost work due to COVID-19. The State allocated $50 million to the California Infrastructure and Economic Development Bank for loan guarantees to small businesses to help eliminate barriers to capital for individuals who do not qualify for federal funds, including low-wealth and undocumented immigrant communities.
In March 2020, Governor Newsom signed an executive order to help small businesses, granting a 90-day extension for small businesses to pay sales taxes, as well as $17.8 million in new state initiatives to support California workers impacted by COVID-19. The allocation will come from Workforce Innovation and Opportunity Act (WIOA) funds with $7.8 million going to the Los Angeles region and $10 million made available statewide. For more information, please see the small business fact sheet.
City of Long Beach Relief Programs
SMALL BUSINESS LOANS
Currently, the City provides the following loan programs for businesses and commercial tenants, which may indirectly benefit property owners, but these programs are not currently available to real estate-based businesses:
Emergency Microloan Program: The Emergency Microloan Program is designed to support Long Beach businesses and non-profits with five or fewer employees that have been financially burdened by the COVID-19 public health emergency. Loan amounts range from $2,500 to $10,000. Loan proceeds may go toward business expenses, such as personnel, rent, supplies/materials, utilities, professional services, and more. Funding is subject to availability and submittal of a loan application and does not guarantee funding. To get started, potential borrowers must sign-up for an appointment with the Small Business Development Center (SBDC) at longbeachsbdc.org or by phone at (562) 938-5100.
Kiva Long Beach Loan Program: The Kiva Long Beach Loan Program is an online community-lending program that is designed to support Long Beach small businesses. Loan amounts range from $500 to $15,000, at an interest rate of 0 percent. Loan proceeds may go toward business expenses, such as personnel, rent, supplies/materials, utilities, professional services, and more. All loan applications are reviewed and either approved or denied by Kiva, a nonprofit organization.
Grow Long Beach Fund: This partnership between the City and National Development Council (NDC) Grow America Fund provides loans between $100,000 to $2 million, available for businesses that have been operating in Long Beach for at least two years. Fixed-rate loans (based on current prime rate) are underwritten by NDC and guaranteed by the SBA. Business must be a for-profit entity. Funds can be used for any legitimate business expense (construction, tenant improvements, equipment, working capital, etc.).
09-16-2020: LA County Supervisors Approve Foreclosure Prevention and Mortgage Assistance Program.
The City of Long Beach has also provided information for resources for Homeowners, Renters, and Landlords.
For any questions you may have regarding relief programs or options to assist you as a property owner in the City of Long Beach, please reach out to:
Sergio M. Ramirez
Economic Development Department
411 W. Ocean Blvd., 10th floor| Long Beach, CA 90802
Office: 562.570.6129 | Fax: 562.570.6380