With the 2028 Olympics approaching, Los Angeles is expanding a financing program designed to help local businesses compete for major government and event-related contracts.
The road to the 2028 Olympic and Paralympic Games could bring significant business opportunities to Los Angeles entrepreneurs.
But winning a major contract is only part of the challenge.
For many small businesses, securing the money needed to purchase materials, hire employees and begin delivering services can be a major obstacle.
Los Angeles officials are hoping an expanded financing program will help address that problem.
Magic Johnson Joins the Conversation
On October 1, Mayor Karen Bass announced the expansion of the city’s Contract Financing Program during the third annual Sports and Entertainment Procurement Summit.
The announcement took place during a conversation with Los Angeles business leader and basketball legend Earvin “Magic” Johnson.
More than 2,000 people registered for the summit, which focused on connecting local businesses with resources and potential opportunities surrounding major sporting and entertainment events coming to Los Angeles.
How the Financing Program Works
The Contract Financing Program was developed through a public-private partnership with Banc of California.
It is designed to help small businesses access competitive loans to cover upfront expenses associated with fulfilling qualifying contracts.
Those expenses may include equipment, supplies and other costs that businesses must pay before receiving payment for completed work.
The city says the expanded program now covers eligible Los Angeles businesses fulfilling contracts with government entities or contracts connected to major sports and entertainment events in LA County.
Banc of California provided $1 million to establish the program.
Why It Matters for Black-Owned Businesses
For Black entrepreneurs and other small-business owners, access to capital can determine whether a promising contract becomes a realistic opportunity.
A company may have the experience and capability to provide services but still struggle to cover expenses before a customer pays.
Contract financing can potentially help bridge that gap.
The program does not guarantee contracts or funding approval, and interested business owners should carefully review loan terms, eligibility and repayment obligations.
Preparing for Opportunities Ahead
As Los Angeles prepares for the 2028 Games, local businesses may want to begin learning about procurement requirements, vendor registration and contracting opportunities now.
Entrepreneurs interested in participating should consider reviewing the city’s procurement resources, preparing their business documentation and exploring whether financing programs could support their operations.
The upcoming global events represent an opportunity for Los Angeles businesses to pursue new customers and partnerships.
For Black-owned businesses, understanding how to access those opportunities early could make a meaningful difference.
Learn more: Visit the City of Los Angeles Mayor’s Office for information about the expanded Contract Financing Program and related business resources.
