COVID-19 has devastated small business communities across the country, hitting hardest in big states and cities like Ny, our backyards of Bay area and Oakland, and FOUND/LA's hometown of Los Angeles.
We know entrepreneurs of color face the greatest challenge, as long-standing issues like inequitable access to access to capital only have been amplified through the pandemic. By the end of April, nearly half (41%) of Black smaller businesses in the US had already shuttered, Latinx business people fell by 32% and Asian business people dropped by 26%. Federal relief packages like the PPP loan often failed to reach those who needed it most, with only 2% going to minority-owned businesses.
In response to the devastating impact of COVID-19 on the La small business community, FOUND/LA has created a Recovery Fund for Small Business that offers grant support to local company owners in Los Angeles County. FOUND/LA has partnered with Pacific Community Ventures to obtain these grants into the hands of smaller businesses who have been negatively impacted by COVID-19.
With local restrictions still in place and COVID-19 cases increasing, we must do everything we are able to to prevent further closures. We want to support local entrepreneurs as if you that create the spaces that make our neighborhoods feel like home. The size of the grant is going to be between $5,000 and $25,000 depending on the size of the company and other factors.
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The application window opens Monday, December 14th, 2022 at 9am and closes Sunday, December 20th at 11:59pm. Winners is going to be selected Monday, December 21st.
