Newsletter
August 2020 Highlights
The mission of The Valley Economic Alliance is to engage and unite Valley stakeholders to raise standards of living and economic vitality across the San Fernando Valley.
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Buying Local Strengthens Our Local Economy |
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With 70% of our economy driven by consumer demand, stimulating spending can be a powerful strategy for strengthening our economy, but not all spending is equal. Research firm Civic Economics reports, “locally-owned independent restaurants return twice as much to our local economy than chain restaurants per dollar of revenue.” The impact is even greater in the retail sector.
During the month of August, The Alliance is promoting a buy local social media campaign called San Fernando Valley Rising Strong. By featuring a wide variety of local, small businesses throughout the region, we are shifting attention to patronizing Main Street mom and pops whether in-person or on-line.
Buying local creates jobs, preserves the environment, and strengthens neighborhood relations. Please consider your household purchasing habits and support your local independently owned businesses when you can. Also, follow us on social media and share, like, and comment on the campaign to make a positive impact.
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Opening Opportunities to Employment |
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The Federal Pandemic Unemployment Compensation of $600 per week expired on July 31 and the Department of Labor required states to stop payments one week prior. In anticipation of more job seekers entering the job market, The Alliance is launching a virtual job fair on September 16 called Valley Works. The technology platform will enable job seekers to share resumes, obtain job search training, and meet employers with available positions. Employers will be able to promote positions and vet candidates via video chat.
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Outdoor Business Operations |
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The Alliance convened a meeting for economic development representatives from our five member cities to meet with the LA County Department of Public Health to clarify guidelines on outdoor business operations. Scott Abbott, REHS, MPA, Branch Director, District Surveillance and Enforcement, Environmental Protection was the featured speaker at this economic development roundtable that will advance the urgent delivery of critical public health requirements for businesses in the restaurant, hair care, and fitness industries. Policies of our five member cities can be accessed here:
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LA COVID-19 Relief Fund - Round 4 (August 31 - September, 4, 2020)
833-238-4450
Round 4 of the LA Regional COVID-19 Recovery Fund will be open August 31-September 4, 2020 to deploy grants of $5,000 or $15,000 to micro-entrepreneurs, small businesses, and nonprofits (now including 501C6 entities). For the first time, businesses with revenues of $1-5 Million will be eligible for grants of $25,000. There are 6 total rounds, with finalists notified after each round. Read the Frequently Asked Questions here.
Small Business Angel Fund
Councilmember Bob Blumenfield’s Office (LA CD3) is partnering with The Change Reaction nonprofit organization to offer interest-free loans $5,000-$25,000 to small businesses in Reseda, Tarzana, Winnetka, Woodland Hills and Canoga Park that meet the following profile: 15 or fewer employees, under $1 million in annual revenue, and have remained open in some capacity during Safer at Home mandate. Required: provide proof of rent payments for the 12 months ending March 31, 2020, proof of submission of COVID-19 Economic Injury Disaster Loan Application (applicant need not have received funds). For applications assistance, please contact Kevin Tamaki at 310-266-3284, or kevin.tamaki@lacity.org
LISC Neighborhood Business Grant Program - August 18-23, 2020
Funded by Lowe’s, LISC will award $20,000 grants to 75 businesses in Los Angeles and Orange Counties. Eligible uses will include most immediate business needs, such as rent and utilities, payroll, and other operational costs. Priority eligibility criteria include businesses owned by people of color, women, located in low-income areas, and in sectors including Construction, Manufacturing, Retail, Transportation, Warehousing, Real Estate Renting or Leasing, although other businesses outside of those categories may also be eligible. Read the Frequently Asked Questions here.
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Partnership with Goldman Sachs |
The Alliance is partnering with the Goldman Sachs 10,000 Small Businesses (10KSB) Program, a free program for qualified small business owners who are interested in growing their business and adding jobs to their communities.
The 3-month program examines business fundamentals through the lens of actual business experiences, provides business owners with one-on-one business advisory services, and helps them develop and implement a business growth plan tailored to the business.
Eligibility requirements include::
1) Owner or co-owner of a small business
2) In operation for at least 2 years
3) Gross revenues of at least $150,000 in the last fiscal year
4) At least 4 employees, including the owner(s)
The deadline to apply for the Spring 2021 cohort is October 15. Apply at www.10KSBapply.com. For more information, email 10000sb@lbcc.edu or call (562) 938-5054.
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Partnership with OneLA Regional Collaborative |
Helping Valley businesses strengthen and diversify their revenue streams is one way The Alliance helps to build the Valley’s economy. Procurement and contracting is an important area of opportunity for Valley businesses.
The Alliance is partnering with OneLA to help more Valley businesses win major contracts. OneLA is a public-private partnership helping local, small and diverse businesses to earn contracts with a public or private buyer. The program offers a regional online procurement platform where companies can register and learn about contracts available for bid.
Valley businesses that want to sell products or services to government agencies or major corporations are encouraged to start with a one-on-one consultation to begin planning a procurement & contracting strategy.
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Upcoming Events
See what's happening this month.
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HELP FOR YOUR BUSINESSES
Our Business Technical Assistance Team is standing by to help San Fernando Valley businesses navigate the complex landscape of resources available.
Call 818-379-7000 or click here to complete a Business Intake Form to tell us about your needs. A consultant will respond with referrals to the right resources for you.
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Tell Us How We Have Helped
We want to hear from you about how The Valley Economic Alliance has helped you. Please submit your story to info@economicalliance.org.
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Kaiser Permanente, the nation’s largest integrated health system, announced a series of actions – including a $60 million joint investment with LISC and $40 million in grant funding to support more than 2,000 Black-owned businesses or businesses owned by other underrepresented individuals, and to address systemic racism and lack of economic opportunities that have persisted for far too long and prevented communities of color, and especially Black communities from achieving total health. More
Kaiser Permanente, has further committed $63 million to support California’s contact-tracing work in order to reduce the number of Californians who contract COVID-19. This support, in the form of charitable grant funding to the Public Health Institute, will create agile community health teams hired from within communities that have been disproportionately affected by COVID-19 to support the critical work of local public health departments. More
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HSBC is one of the world’s largest banking and financial services companies. In the US, HSBC Bank serves customers through retail banking and wealth management, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington.
HSBC is headquartered in London and serves customers worldwide from offices in 64 countries and territories in: Europe, Asia, North America, Latin America, and Middle East and North Africa.
On June 17, Adey Tesfaye, VP & National Community Development Manager, HSBC Bank USA presented an informative webinar in our Back to Business webinar series on building personal and business credit.
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The research, published in the journal Joule, looked at decades of data about wind and solar availability, and revealed that adding long-duration storage such as hydrogen to a wind–solar-battery system lowers energy costs. More
SoCalGas also urges consideration of the need for a more diverse energy supply for California. While we all support the continued need to reduce greenhouse gases (GHGs) and pollution, we need to be mindful that in the continued push for “interruptible” energy sources like solar and wind, we continue to rely on an ever-shrinking supply of aging natural-gas fired generation.
Read more commentary here.
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