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 more information, please contact PACE Business at (213) 353-9400 or [email protected]