Los Angeles-Area COVID Recovery Fund: $3 million available
A newly launched LA Regional COVID-19 Recovery Fund will provide up to $3 million dollars in grants for small businesses, non-profits, and microentrepreneurs
The Recovery Fund is a joint effort by the County of Los Angeles and the City of Los Angeles to assist small businesses, nonprofits, and microentrepreneursthat have been adversely impacted by the COVID-19 pandemic.
To ensure access to capital across various demographics throughout the region, grants will be distributed through an equitable lottery system.
The Recovery Fund will be deployed in two phases and technical support will be immediately available throughout the application process. The first phase will consist of a grant program, and the second phase will consist of a loan program that will launch at a later date.
Starting on July 6, 2020, the first phase will deploy $3 million in grants of $5,000 for micro-entrepreneurs and $15,000 for small businesses and non-profits. Both phases of the Recovery Fund will be accompanied by support from diverse technical assistance partners.Support for these efforts include $1.1 million from the Wells Fargo Foundation, $100,000 from Citi, and $35,000 from MUFG Union Bank Foundation.
Those who need assistance are encouraged to call (833) 238-4450, LA County’s Disaster Help Center and one-stop for local emergency resources. The Disaster Help Center will connect callers to LA Regional COVID Fund partners and provide the most updated Fund information. Visit LACOVIDFund.org to access the Fund’s resources online or get connected to a technical assistance partner.
REGISTER FOR AN UPCOMING WEBINAR
Wednesday, July 1, 5 p.m.: REGISTER HERE
Tuesday, July 2, noon: REGISTER HERE
Sincerely,
Steven C. Bradford
CA State Senator, SD 35
