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| Image courtesy of the LA County Department of Economic Opportunity
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Small businesses and nonprofits in Los Angeles County may apply for funding from the $584,000 Economic Opportunity Holiday Grant Program.
The application period opened on Small Business Saturday and extends through Jan. 1, according to the LA County Department of Economic Opportunity.
The program is a partnership between the DEO and the Pacific Asian Consortium of Employment and is intended for organizations and businesses still recovering from the coronavirus pandemic, officials said.
“At DEO, we know how important our small businesses and nonprofits are to our economy. We also know how important capital is to small businesses and nonprofits — for recovery, for growth, and for innovation,” agency Director Kelly LoBianco said in a statement. “We are happy to announce our Economic Opportunity Holiday Grant Program and continue to unlock capital opportunities for our amazing community of entrepreneurs.”
The grants stem from the DEO’s Economic Opportunity Grant Program, which has distributed $55.7 million in grants this year to 5,151 small businesses and nonprofits affected by COVID-19 and other economic disruptions. The grants are funded through the federal American Rescue Plan Act and the State Office of the Small Business Advocate.
“I cannot think of a better way to celebrate Small Business Saturday than by expanding access to funding for small businesses, which are the economic engine and cultural fabric of our communities,” LACounty Supervisor Holly Mitchell said in a statement. “Through the County’s Economic Opportunity Grant Program, we are equitably distributing American Rescue Act dollars to help reach small businesses across Los Angeles, including women-owned businesses and businesses of color that have historically faced limited access to capital.”
William Chun, PACE’s chief operating officer, said in a statement the consortium was “excited to partner with the county leadership and the County Department of Economic Opportunity in launching the Economic Opportunity Holiday Grants program. With small businesses and non-profits still trying to survive after the pandemic, this program shows the county’s continuing commitment in helping those that need it the most.”
Grant awards are set for distribution in February 2025.
Revenue caps include up to $2 million operating budgets for small business applicants and up to $5 million for nonprofits, according to the DEO.
More information and applications are available via opportunity.lacounty.gov.
The National Retail Federation projected that retail spending in the U.S. will reach record highs this year, with each consumer expected to spend an average of $25 more than in previous years. In LA County, where 90% of businesses employ fewer than 20 people and represent the nation’s most diverse business community, consumer spending during the holiday shopping season can significantly bolster local economies.
In addition to the holiday grants, the DEO’s Shop Local LA County campaign encourages residents to support over a million small businesses countywide.
The Shop Local initiative also features a partnership between the DEO, Microsoft and Align Organization on Digital Upskilling LA County to offer digital training to small businesses. The goal is to enhance small business’ online presence, marketing strategies and e-commerce capabilities, and more than 350 have already participated in workshops with 50 receiving one-on-one consultations to enhance their internet-based platforms. More information is at shoplocal.la.
