Applications are open for the first phase of the Economic Opportunity Grant program launched by the county and being administered by downtown-based Lendistry and the local Small Business Development Center.
The program, a product of the Los Angeles County Department of Economic Opportunity, is offering more than $54 million in grants for small businesses, microbusinesses and nonprofit organizations. The funding comes courtesy of federal monies released through the American Rescue Plan Act signed into law in the wake of the Covid-19 pandemic. Recipients will have to show they were adversely affected by the onset of the pandemic and will be able to use the funds to offset financial setbacks.
“It’s a wide range of what they might be leveraging the money for,” said Lendistry Chief Executive Everett K. Sands. “It’s interesting in terms of what the businesses utilize the money for, and you’d be surprised.”
Phase one of the program, which is targeting so-called microbusinesses, which gross less than $50,000 in annual revenue, will take applications through Feb. 23 or when the phase allotment is expended. Such enterprises are typically side projects being started by someone working elsewhere and hoping to develop their own businesses.
“You want to think about your businesses where maybe somebody has a contracting business — which could be construction, for example — and they’re just getting started and have been doing odd jobs,” Sands explained. “You’re thinking of businesses where it’s somebody’s secondary income and they hope it will become their primary income one day.”
Those applicants will receive grants of $2,500 — an amount that can help an upstart enterprise that is struggling to keep up with rent, bills or even a state business license.
“It’s one rent payment, one contract, one flow payment that could mean the difference,” Sands said.
Phase two will launch on Feb. 23, and in addition to targeting those microbusinesses,…
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