From local restaurants and retail storefronts to neighborhood salons and coffee shops, over the last year we have seen the pandemic take an economic and emotional toll on far too many small businesses who are now forced to close their doors.
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.
Small Business Grant Eligibility
Eligible business owners can apply for grant support during open application windows. Applicants will submit complete applications and required documents. Those who meet the eligibility requirements listed below will be entered into a pool of eligible applicants. On designated selection days, grant recipients will be randomly selected from this pool until funds are expended. The size of the grant will be between $5,000 and $25,000 depending on the size of the business and other factors.
- Must be located in Los Angeles County
- Must be a brick-and-mortar business (serving the neighborhood in which they’re located, where customers can come in or pick up from)
- Between 6 — 20 employees (includes full time, part time, and/or contracted workers). If you have 5 or fewer employees you can apply for a FOUND/LA grant from our partner TMC Community Capital
- Evidence of profitable business pre-COVID (verified by tax returns)
- Evidence of being negatively impacted by COVID
- Company founded by February 2019
- Applicant must own at least 50% of the business
- Must be willing to complete the application process
- Must be willing to have your story told in FOUND/LA and/or PCV’s print, digital, and audio outlets.
The following businesses are ineligible for a FOUND/LA grant at this time:-economy workers; 1099 independent contractors; Cannabis & tobacco-based businesses; Adult entertainment businesses; Professional service businesses (i.e. law offices, marketing agencies, accounting firms, etc.); Medical offices; Home-based businesses; 100% e-commerce companies; Businesses that are more than 51% B2B; Nonprofits, political or religious organizations.
To apply, please complete the short form below (during the open application window) and upload:
- Current City Business License
- 2019 Tax Return
- Form 941 for Q1 2020 if you have employees
- Form 1099 for any contractor workers
- Proof of rent payment and amount
When complete, your application will be entered into a lottery selection for the grant. PLEASE NOTE: if you applied for a grant in Round 1, you don’t need to apply again – you will be automatically enrolled in drawings for all future rounds.
Round 1: The application window opens Monday, December 14th, 2020 at 9am and closes Sunday, December 20th at 11:59pm. Awardees will be selected Monday, December 21st.
Round 2: The application window opens Monday, January 11, 2021 at 9:00am and closes Sunday, January 17, 2021 at 11:59pm. Awardees will be selected on Thursday, January 21, 2021.
FOUND/LA connects local entrepreneurs with funding, coaching, and a like-minded community so their businesses, neighborhoods, and cities can thrive. FOUND/LA loves nothing more than seeing a smart idea come to life. That’s why they connect future and existing business owners—particularly women, immigrants, and minorities—with resources to help them succeed. That includes funding, educational tools, incubator-style workshops, unique mentorship opportunities, and most importantly, a community of other local entrepreneurs.
Check Out A Few Of Our Success Stories
Meet the small business owners that have created quality jobs and economic opportunities in their neighborhoods by working with an advisor.