Goldman Sachs is rolling out a $20 million loan program for Los Angeles-area small businesses, the company announced Monday.

The program is part of a $500 million nationwide assistance effort called “10,000 Small Businesses” and is aimed at helping the economic recovery. The company launched the program in New York last November, at a time when the investment banking giant was under fire for setting aside nearly $17 billion in bonuses just a year after it got a $10 billion taxpayer bailout.

Now it’s L.A.’s turn, company executives said. The program launches in Los Angeles, Long Beach and the San Fernando Valley this week.

“Los Angeles is home to many very talented entrepreneurs,” Goldman Chief Executive Lloyd Blankfein said in a statement. “We aim to give local businesses the resources they need to grow and create jobs.”

The announcement was welcomed by Los Angeles Mayor Antonio Villaraigosa, who has recently focused on job creation.

“Not only will this deal set in motion job creation at the most grassroots level,” Villaraigosa said in a statement, “but it will have a real impact on the 70 percent of Angelenos that are employed by small businesses.”

Goldman Sachs is giving the money to the Valley Economic Development Center, which will disburse loans to qualified small businesses based in part on how many jobs they would create. Loan sizes are expected to range from $50,000 to $400,000.

“Over the past year, small businesses have become increasingly disillusioned and in some cases have given up looking for financing,” said Roberto Barragan, president of the Valley Economic Development Center. “Small businesses can now come to VEDC, thanks to Goldman Sachs’ support, to secure the financing they need.”

Other community development financial institutions are expected to join the program in coming months. For information, go to Los Angeles City College; Long Beach Community College District; or Valley Economic Development Center.