PACE AID: ASSISTANCE IN DISASTER

SMALL BUSINESS EMERGENCY RELIEF PROGRAM

In response to the COVID-19 pandemic, Pacific Asian Consortium in Employment (PACE) has established the PACE AID (Assistance in Disaster) Program to provide technical assistance & capital to Los Angeles’ small business community. 

PACE AID is providing access to capital & technical assistance to small businesses affected by COVID-19.  While many other agencies are closing their doors, PACE remains open & fully staffed   Our team of  highly experienced Business & Loan Counselors are able to assist clients in a variety of languages including Spanish, Mandarin, Thai, Korean, & Cantonese & are currently serving clients through telephone, email & virtual meetings.  Our Business team guides small business owners on how to navigate the SBA, City of LA &/or PACE loan application process.  This includes explaining eligibility requirements, loan amounts, loan terms, qualified use of funds, required documentation, specific form filing, etc.  PACE Business staff are also providing in-language 1:1 counseling, mentoring, technical assistance & training with a focus on how to maintain & modify operations, protect employees & prepare business continuity plans.  Outreach to the small business community is being conducted through email blasts, social media, press releases & via community partners. 

To date, PACE has packaged & submitted 70 loans to the SBA for Economic Injury Disaster Loans (EIDL) & Paycheck Protection Program (PPP) Loans as well as to the City of Los Angeles’ Small Business Emergency Microloan Program.  Additionally, PACE is offering micro- & small business loans through our own SBA Microloan Fund & CDFI which have a combined capitalization of more than $15MM. Loans for COVID-19 victims have flexible terms, low interest rates, looser underwriting, deferred payments, & are less risk averse & no/low cost.  PACE’s swift deployment of these loans is critical to businesses’ ability to stay afloat during the widening economic shutdown caused by COVID-19. 

Working Capital Loans may be used by existing businesses that have been impacted by COVID-19 to pay fixed debts, payroll, accounts payable & other bills. 

Borrowers will be evaluated on the 4C’s:  Credit, Cashflow, Collateral and Character.  They will also be required to submit a loan application, identification, proof of business, 3 years of tax returns (business/personal), 3 months of bank statements (business/personal), Year to Date profit and loss statements and balance sheets (if available), a business plan with financial projections, their plan for how they will utilize the loan fund and the impact the loan fund will have; the number of jobs retained, and a credit report. 

For Assistance for Small Business Owners Affected by COVID-19, please contact PACE Business at (213) 353-9400 or [email protected]

Thank you to our generous partners for their support of PACE AID:

American Business Bank Logo
Boston Private Logo
Capital One Logo
CHASE Bank Logo
CIT Bank
Citi Bank Logo
City National Bank Logo
Comerica Bank Logo
HSBC Bank Logo
Sempra Energy Foundation Logo
Union Bank Logo
US Bank Logo
Wells Fargo Logo

Wondering how you can help?

 

DONATE to PACE Today

For donations of goods, products and in-kind services, contact [email protected]