$2.6 million in second funding round…Applications open May 5
Los Angeles County is moving forward with a second round of funding to help small businesses and nonprofit organizations acquire commercial properties, as part of broader efforts to stabilize local business corridors and prevent displacement.
The Los Angeles County Department of Economic Opportunity announced that it will distribute approximately $2.6 million through the Commercial Acquisition Fund in partnership with Genesis LA Economic Growth Corporation.
The funding includes $1 million in discretionary funds allocated by Supervisor Holly Mitchell for projects within the county’s Second District.
Forgivable financing for property ownership
The program provides financial assistance to small businesses, nonprofit organizations, and mission-driven developers seeking to purchase commercial real estate.
Under certain conditions, the funding may be forgivable, effectively functioning as a grant to support long-term community ownership.
County officials said the initiative aims to reduce displacement caused by rising rents while promoting long-term economic stability in local communities.
First round results show strong impact
The second funding cycle builds on the success of the initial phase, which utilized $10 million in federal American Rescue Plan (ARPA) funds.
That effort supported:
- 7 property acquisitions
- 39 small businesses
- 3 nonprofit organizations
- More than 125 creative workspaces
“Community ownership is key”
Supervisor Mitchell emphasized the program’s broader mission.
“This fund allows communities to directly own and shape the future of their neighborhoods,” she said. “It helps preserve legacy businesses while creating opportunities for new entrepreneurs.”
Applications open May 5
Applications for the second funding round are scheduled to open on May 5, with outreach sessions and technical assistance programs planned to help applicants navigate the process.
Officials noted that demand is expected to exceed available funding but said the program remains a key part of the county’s strategy to revitalize commercial corridors and expand community ownership.
