Los Angeles, California, is among the most competitive business climates in the country and, arguably, the world. While it certainly isn’t the easiest place to make a living, it can be quite lucrative if you get it right. But succeeding often requires capital investment.
Unfortunately, it’s not uncommon for small- and medium-sized businesses to have much of their money tied up in assets, locations, tools, products or other overhead costs. When your L.A. business needs funds to change, innovate or expand, consider if a small business loan for your Los Angeles venture can help.
Los Angeles Small Business Landscape
Of course L.A. is known for its actors, starlets and creative industries, but it’s also a hub for restaurants, retail boutiques, bars and nightclubs. The city is also a center for manufacturing and international trade.
Many Los Angeles County businesses actively contribute to advancements in technology as well. Additionally, thanks to increased venture capital investments, more and more startups are popping up.
Banks for Business Loans in Los Angeles
When you’re on the hunt for Los Angeles County small business loans, here are a few banks worth considering. Some even offer loans guaranteed in part by the U.S. Small Business Administration (SBA) as well as COVID-19 relief.
1. Pacific Western Bank
Parent company PacWest Bancorp was spotlighted on Forbes’ America’s Best Banks list for 2021. Several area branches are also A+ rated with the Better Business Bureau.
If you’re seeking SBA loans for your Los Angeles business, consider this institution, which offers SBA 7(a) and 504 loans. The bank offers specialized lending products for franchise owners, medical professionals, veterinarians and insurance professionals too.
2. US Bank
If you’re looking for SBA loans in Los Angeles, head to US Bank. Not only has this bank earned an A+ rating with the BBB, but it’s also made WalletHub’s list of 2021’s Best Banks in Los Angeles, CA, where it has a 4-star rating.
Find the following loan options here:
- Practice financing
- Franchise financing
- Business lines of credit
- Business loans (up to $1 million)
- Equipment financing (up to $500,000)
- Commercial real estate loans (up to $10 million)
Secured quick loans, for which collateral is required, are also available, with loans starting at $5,000, extending to $250,000.
3. HomeStreet Bank
HomeStreet Bank has a 4-star Yelp rating and a 5-star WalletHub rating out of more than 2,700 reviews.
Small business owners can find these streamlined small business loans:
- Working capital line of credit (up to 24-month term)
- Equipment loan (up to 80% of the cost, up to 84 months repayment term)
- Non-revolving line of credit (12-month draw period, repayment period up to 60 months)
- Owner-occupied real estate loan (terms up to 120 months, financing up to 80% of appraised value)
Other small business loans at this Los Angeles, CA, bank include these:
- SBA loans
- Dental practice loans
- Veterinary practice loans
- Medical practice loans
- Legal practice loans
- Commercial term loans and lines of credit
4. Broadway Federal Bank
Broadway Federal Bank has been in operation since 1947 and is a minority-run institution. It’s also A+ rated with the BBB and 5-star rated on WalletHub. Business owners can look into commercial lending here, including wholesale loans and commercial real estate financing. Credit cards are also available.
5. Zions Bank
Consider the small business loans at this Los Angeles bank, which has earned a 4.5-star rating on WalletHub based on more 2,100 reviews. It’s also earned a 3.9-star Google rating. Choose from business credit cards or lines of credit, with limits up to $50,000 for 3 years. Up to 5-year loans are also available and range from $5,000 to $175,000.
Alternative Business Financing for Los Angeles Entrepreneurs
While a bank, such as one of the ones listed above, might be your first choice when you’re searching for business financing in Los Angeles, the process to apply and get funded can often be tedious and sometimes end in a denial of funds. That’s because banks typically have hard-to-meet credit score minimums as well as annual revenue, time in business and collateral requirements.
If you need fast funding and don’t have the best credit score, alternative lenders can help by providing other financing options, such as merchant cash advances or invoice financing. In exchange for less strict qualification requirements, borrowers usually have shorter repayment terms, more frequent installments and higher interest rates. That said, in some cases, approved applicants could receive funds as quickly as 1 day after approval.
Applying for Alternative Financing Through Fast Capital 360
Whether you’re looking for a merchant cash advance for your Los Angeles business or a short-term loan, we can help.
Here’s how you’ll benefit:
Apply online in just a few minutes and find out what your business could qualify for.
We partner with lenders throughout the country, so you can compare offers and choose the best option for your company.
Any questions? Our experienced Business Advisors are on hand, ready to discuss your financing offers with you and review the terms.
Get Your Business Loan Options In Minutes
Small Business Resources in Los Angeles
When you’re searching for small business loans for your Los Angeles business, you might also find additional resources such as the following helpful.
Los Angeles SCORE
SCORE is a nationwide nonprofit with a Los Angeles branch. This organization is dedicated to helping current and aspiring business owners. Take part in free 1-on-1 mentoring sessions, participate in an educational workshop or browse the online library replete with videos, articles and funding resources for entrepreneurs.
Los Angeles Regional Small Business Development Center
Offered in part through funding by the U.S. Small Business Administration, this organization offers complimentary business advising sessions, regardless of which stage your business is in. You can also take part in training webinars and workshops on relevant topics, such as business plan writing, ecommerce business, search engine optimization, dropshipping, government contracting, SBA loans and more. Bilingual (English/Spanish) services may also be available.
Get In Motion
This nonprofit organization is dedicated to helping Latino leaders and business owners succeed. Though not specific to Los Angeles, Spanish-speaking entrepreneurs in California can head to the Get in Motion website to access free business podcasts, workshops, webinars, online courses and more in their native language.