COVID-19 has devastated small business communities across the country, hitting hardest in big states and cities like New York, our backyards of San Francisco 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 have only been amplified by the pandemic. By the end of April, nearly half (41%) of all Black small businesses in the US had already shuttered, Latinx business owners fell by 32% and Asian business owners 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 Los Angeles small business community, FOUND/LA has created a Recovery Fund for Small Business that offers grant support to local business owners in Los Angeles County. FOUND/LA has partnered with Pacific Community Ventures to get these grants into the hands of small businesses who have been negatively impacted by COVID-19.
With local restrictions still in place and COVID-19 cases on the rise, we must do everything we can to prevent further closures. We want to support local entrepreneurs like you that create the spaces that make our neighborhoods feel like home. The size of the grant will be between $5,000 and $25,000 depending on the size of the business and other factors.
The application window opens Monday, December 14th, 2020 at 9am and closes Sunday, December 20th at 11:59pm. Winners will be selected Monday, December 21st.