New Fund Will Grant $10,000 to Struggling Local Business Owners

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Staff

More relief for local Los Angeles small business owners is on the way.

A new fund, the LA Regional COVID Fund, for small brick-and-mortar businesses, specifically in the personal care and retail sectors, has been launched.

A total of $4.7 million in financial aid will be available through the “Keep our Shops on the Block” grant for hair and beauty salons, nail salons, barbershops, dry cleaners, bookstores, bakeries, and more. These businesses will be eligible for a $10,000 grant.

The fund comes from Los Angeles County in partnership with Local Initiatives Support Corporation LA. LISC LA is an organization that has been working throughout the pandemic to support community developments. They’ve also hosted a series of 5 webinars during the pandemic named similarly “Keep Our Shops on the Block.” The webinars provided information to small businesses about resources available during the pandemic. 5 of the attendees at each webinar were also chosen for a $2,500 grant.

Applications for eligible businesses open on April 5th and close on April 11th. To be eligible, businesses must also have annual revenue under $1,000,000 and cannot have received a CRF-funded grant from the county in 2021.

Grant winners will be chosen randomly, the LA Regional COVID fund has explained. However, certain applicants will also be weighted more heavily in the system to assist the most vulnerable businesses.

“Businesses that will receive higher weightings include those that: are veteran-owned, have an annual gross revenue under $500,000, or are located in County Districts with higher poverty rates, lower educational attainment, and lower median income,” explained a statement about the program.



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