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ACTION ITEM – Discussion and Consideration of a Small Business Loan and Financing Referral Program.
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Meeting Date: August 26, 2026
Contact Person/Dept.: Elizabeth Garcia, Economic Development Project Manager
Phone Number: (310) 253-5708
Fiscal Impact: Yes [x] No [] General Fund: Yes [x] No []
Attachments: Yes [x] No []
Public Notification: (E-Mail) Meetings and Agendas - GovDelivery (08/20/2026), Chamber of Commerce (08/20/2026)
Department Approval: Adam Troy, Assistant City Manager ( ) ____________________________________________________________________
RECOMMENDATION
Staff recommends the Economic Development Subcommittee discuss and consider a small business loan and a financing referral program.
BACKGROUND/ DISCUSSION
In February 2026, the Economic Development Subcommittee requested staff review potential third-party loan programs to support small business operations and expansion efforts. Staff conducted a comprehensive review of programs from neighboring cities to assess options and opportunities to support small and mid-sized businesses that have outgrown start-up funding, but do not qualify for commercial loans. Mid-market loan borrowers typically have good credit but are not quite finance-ready to apply for a bank loan that requires proven track records, steady cash flow and valuable assets.
Community Development Finance Institutions (CDFIs), however, typically provide smaller loan products that can provide flexible underwriting criteria including alternative cash flow analysis and accepting lower credit scores. The City has two options that it can explore further to connect Culver City businesses to financing opportunities and/or establishing a loan referral program.
Grow America Fund Loan Program
Currently, the City of Inglewood and the City of Long Beach provide mid-market loans through the Grow America Fund. The Grow America Fund is operated through Grow America (formerly the National Develo...
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