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Los Angeles Expands Small-Business Contract Financing to Help Local Firms Bid on 2028 Olympics Contracts
Mayor Bass announced an expanded Contract Financing Program to help small businesses win government and 2028 Olympics-related contracts; the Games are expected to bring $40 billion in economic opportunity to LA.
Why it matters
Los Angeles Mayor Karen Bass announced on October 1 an expansion of the city's Contract Financing Program, which helps small businesses secure the upfront capital needed to bid on and fulfill government contracts — including contracts tied to the 2028 Los Angeles Olympic and Paralympic Games. Bass said the 2028 Games are expected to bring $40 billion in economic opportunity to the region, and the city wants local small businesses to "win big on the world stage."
Full report
Bass made the announcement in a fireside chat with Magic Johnson at the city's third annual Sports and Entertainment Procurement Summit this week. The expanded program now covers Los Angeles businesses fulfilling a contract with any government entity, or a contract tied to an upcoming sports and entertainment event in the county.
Launched as a public-private partnership with Banc of California, the program helps small businesses obtain competitive loans to cover upfront costs such as materials and equipment. The summit drew more than 2,000 registered participants, and the city's ProcureLA initiative has already helped small and local businesses secure over $45 million in contracts.
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