Wave Staff Report
LOS ANGELES — Mayor Karen Bass has announced the expansion of the city’s contract financing program during a fireside chat with Earvin “Magic” Johnson at her third annual Sports and Entertainment Procurement Summit Oct. 1.
Through a public-private partnership with Banc of California, the contract financing program was launched by Bass to help small businesses secure the initial funds necessary to cover government contracts. With more than 2,000 registered participants, the summit provided local businesses with support and resources to tap into opportunities for upcoming major global events coming to Los Angeles, including the 2028 Olympic and Paralympic Games.
“With the 2028 Games expected to bring $40 billion in economic opportunity to Los Angeles, we’re ensuring our small businesses win big on the world stage,” Bass said. “By expanding my contract financing program and hosting the Sports and Entertainment Procurement Summit, we’re making City Hall an advocate for business and investing in the long-term success of our local economy.”
The city’s contract financing program helps small businesses secure competitive loans to cover the upfront costs of fulfilling government contracts, such as materials and equipment. Many small businesses lack that capital, which can keep them out of the bidding process altogether. The expanded program now covers city businesses that are fulfilling a contract with any government entity, or a contract tied to an upcoming sports and entertainment event in L.A. County. Banc of California, which opened a new 40,000-square-foot office in downtown Los Angeles last week, provided $1 million to establish the program through a public-private partnership.
“Small businesses should not miss out on major economic opportunities because they lack the upfront capital to fulfill a contract,” said Jared Wolff, chairman and CEO of Banc of California. “As California’s business bank, Banc of California is proud to join with the city of Los Angeles to help local businesses compete, grow and create jobs — building an economic legacy that lasts well beyond the LA28 Games.”
Launched in 2024, the annual Sports and Entertainment Procurement Summit provides local businesses with free support, resources, and advice from industry experts. Panels at this year’s summit featured key procurement leaders who provided attendees with insights on accessing procurement opportunities in both the private and public sectors. Bass also participated in a moderated fireside chat with L.A. legend Earvin “Magic” Johnson.
Bass has taken action to support L.A. businesses ahead of major global events by launching a regional coalition dedicated to connecting local workers to jobs and helping local businesses prepare for the workforce needs of the 2028 Olympic and Paralympic Games.
She also has secured more than $45 million in contracts for local and small businesses through her ProcureLA program, which provides businesses with targeted services, guidance, and resources to compete and secure major contracts.
