The Economic Development and Housing Division of the Community Development Department, City of West Hollywood, has prepared a practical guide to assist individuals who plan on opening a business in West Hollywood. Financing Options One of the most difficult issues associated with starting a new business is acquiring sufficient capital to get the enterprise off the ground. Many new business owners lack sufficient credit to obtain standard bank loans. Most of the private lending institutions require that a business be in operation for 18 to 24 months, evidence profitability, and meet certain debt-equity ratio requirements. The SBA sponsors many financing programs, including a special SBA Low Doc Loan program.
Interest rates vary by loan amount.
SBA Low Doc loans are offered and administered by participating private lending institutions. This program provides state loan guarantees for small businesses who do not qualify for conventional bank loans. In Los Angeles, this program is administered through Pacific Coast Regional, a private nonprofit corporation. In addition to administering government loan programs, some private lenders in this area also have their own small business loan programs. The list below, which includes lenders in or near the City of West Hollywood, is not meant to be exhaustive.