Week of May 8, 2023

NOW OPEN: SMALL BIZ RENTAL ASSISTANCE GRANTS

Applications are NOW OPEN for ROUND 3 of the City of Los Angeles Small Business Rental Assistance Grant Program. Grants of $2,500 up to $15,000 will be available to eligible businesses that need financial assistance to aid in their recovery from the COVID-19 pandemic. Businesses must be located within the City of Los Angeles and use the grants to cover some or all of any outstanding location rental fees.The grant may be used for payments in arrears incurred on or after March 1, 2020 through April 30, 2023.

Businesses must be for-profit and established by March 1, 2020, in a commercial location in the City of Los Angeles. Applications are due May 24, 2023.

For more information, visit: bit.ly/lasmallbizgrant

MORE THAN 3K ATTEND SMALL BUSINESS SUMMIT

More than 3,000 small business owners attended the first ever Los Angeles Region Small Business Summit, held May 3rd at Los Angeles Trade-Technical College (LATTC) in South LA. Outside the LATTC Culinary Arts Hall, dozens of booths were set up, offering resources to small businesses. Aisles were crowded shoulder to shoulder, filled with entrepreneurs browsing the booths. 

Inside the venue, Mayor Karen Bass addressed a packed audience. “I want you to know that my commitment around our business community, and especially our small business community, is number one in my mind, and number one also are those businesses that are still struggling post-COVID.”

Following Mayor Bass’ remarks, EWDD General Manager Carolyn Hull announced the launch of Round 3 of the Small Business Rental Assistance Grant, which offers grants up to $15K to help storefront businesses cover back rent in their financial recovery from COVID-19. She also encouraged business owners to visit the City’s 10 BusinessSource Centers, which offer free resources to help small businesses succeed. “Not only do we have grants, we have the ability to support you with technical assistance and a plethora of other services.” 

The day-long summit also offered several panels covering topics such as small business owner success stories, information about access to capital and free opportunities to grow businesses, which featured speaker, EWDD Assistant Chief Grants Administrator Rosa Penaloza. "If there is one piece of advice that I want you to walk away with today, is make sure you have a good financial institution to run your business finances. And make sure to keep your personal and business bank accounts separate."

The LA Region Small Business Summit was held in partnership with the Los Angeles County Department of Economic Opportunity and Wells Fargo Bank. 

Does your business need assistance? Visit bit.ly/LABusinessSource or click on the link below.