Politics & Government
LA Expands Loan Program To Help Small Businesses Win 2028 Olympics Contracts
The program was launched through a public-private partnership with Banc of California to help small businesses secure competitive loans.
LOS ANGELES, CA — The city of Los Angeles expanded its Contract Financing program to help more businesses secure competitive contracts, including those for the upcoming 2028 Olympic and Paralympic Games, it was announced Thursday.
Mayor Karen Bass made the announcement during a fireside chat with Magic Johnson at the city's third annual Sports and Entertainment Procurement Summit this week. The expanded program now covers L.A. city businesses that are fulfilling a contract with any government entity, or a contract tired to an upcoming sports and entertainment event through the county.
"With the 2028 Games expected to bring $40 billion in economic opportunity to Los Angeles, we're ensuring our small businesses win big on the world stage," Bass said in a statement. "By expanding my Contract Financing Program and hosting the Sports and Entertainment Procurement Summit, we're making City Hall an advocate for business and investing in the long-term success of our local economy."
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The program was launched through a public-private partnership with Banc of California to help small businesses secure competitive loans to cover the upfront costs of fulfilling government contracts, like materials and equipment.
"Small businesses should not miss out on major economic opportunities because they lack the upfront capital to fulfill a contract," Banc of California CEO Jared Wolff said in a statement. "As California's business bank, Banc of California is proud to join with the city of Los Angeles to help local businesses compete, grow and create jobs — building an economic legacy that lasts well beyond the LA28 Games."
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According to the Mayor's Office, the procurement summit had more than 2,000 registered participants, where they were able to learn about opportunities and tap into resources to help them land those contracts.
Bass launched the annual procure summit in 2024 as a way to provide local businesses with free support, resources and advice from industry experts. Panels at this year's summit featured key procurement leaders who provided attendees with insights on accessing procurement opportunities in both the private and public sectors.
City News Service
