LA Regional COVID-19 Recovery Fund grows
Boosts microentrepreneurs, small businesses and nonprofits
OW Staff Writer | 9/10/2020, midnight
In response to the devastating effects that COVID-19 is having on the local economy, Los Angeles area businesses and nonprofits can apply for financial assistance thanks to $100 million of additional funding for the LA COVID-19 Regional Recovery Fund.
A joint effort by the County of Los Angeles, the City of Los Angeles, LISC LA, and other philanthropic partners, the Fund has already awarded $3.2 million in grants to more than 300 microentrepreneurs, small businesses and nonprofits throughout LA County. Bolstered by an additional $60 million in CARES Act funding from the County of Los Angeles and an additional $40 million from City of Los Angeles, thousands more businesses can apply for awards ranging from $5,000 to $25,000.
The public-private partnership is being administered by national community development financial institution partner, Local Initiatives Support Corporation Los Angeles (LISC LA). While there are a variety of Federal programs designed to address the crisis, including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL), they have critical limitations that still leave many Angelenos in need. LISC LA is working with local partners to reach businesses and nonprofits who may not have received federal relief funds due to financial, technical and cultural barriers.
“Our small businesses and nonprofits are in need of even more resources right now to better weather the COVID-19 pandemic,” said Tunua Thrash-Ntuk, executive director of LISC LA. “LISC is proud to be working with LA County and LA City to provide grants to small businesses and nonprofits to ensure that our social safety net is strong during this unprecedented time.”
Businesses can apply for the next round of Recovery Fund awards by visiting LACOVIDFund.org. Businesses will only need to apply once to be eligible for future rounds. Nonprofit organizations, which play such a unique and important role in our communities, will also be eligible for $75,000 awards in a later round of funding.
Recovery Fund programming was developed in partnership with LISC by the County Department of Consumer and Business Affairs (DCBA), the Los Angeles County Development Authority (LACDA), and the City of Los Angeles Economic and Workforce Development Department (EWDD).
Local partners providing technical assistance with proven experience in serving the County’s most vulnerable communities include the API Small Business Program, Inclusive Action for the City, L.A. Area Chamber of Commerce, New Economics for Women, Pacific Asian Consortium in Employment (PACE), Pacific Coast Regional (PCR), The Center by Lendistry, and Vermont Slauson Economic Development Corporation.
Those who need assistance are encouraged to call the L.A. County Disaster Help Center, a one-stop for local emergency resources, at (833) 238-4450 or visit lacountyhelpcenter.org. The Disaster Help Center can connect callers to L.A. Regional COVID Fund partners and provide the most updated Fund information.