MaryAnne LoVerme, Founder of LA County Store

FOUND/LA Small Business Recovery Fund

Small businesses are the heart and soul of our communities and they need our support now more than ever. 

FOUND/LA Small Business Recovery Fund

COVID-19 has devastated the small business communities across the nation, hitting hardest in larger states and dense metropolitan areas like New York, San Francisco and FOUND/LA’s hometown of Los Angeles, with roughly 20 businesses per thousand temporarily or permanently closing their doors since March 1 (Yelp).

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. Business owners like MaryAnne (above) have had to give up their bricks and mortar locations and move their businesses completely online.

Across the country we know minority entrepreneurs and small businesses face the greatest challenge, as long-standing issues like inequitable access to access to capital have only been amplified by the pandemic. By the end of April, nearly half (41%) of all Black small businesses in the US had already shuttered, Latinx business owners fell by 32% and Asian business owners dropped by 26% (Yelp). Federal relief packages like the PPP loan often failed to reach those who needed it most, with only 2% going to minority-owned businesses (Forbes).

With local restrictions still in place and COVID-19 cases on the rise, we must do everything we can to prevent further closures. As Los Angeles remains at the top of the list for small business closures to date (Yelp), we see the heart and soul of our local community is in jeopardy.

This is why we are launching the FOUND/LA Small Business Recovery Fund in partnership with Pacific Community Ventures and TMC Community Capital, a grant program to help protect small businesses across Los Angeles County. We want to support local entrepreneurs like you that create the spaces that make our neighborhoods feel like home.

Jane & Raymond Wurwand

Founders, Wurwand Foundation & FOUND/LA

HOW IT WORKS

Eligible business owners based on the criteria below can apply for grant support from FOUND/LA through one of our operating partners during open application windows. Applicants will submit complete applications and required documents. Those who meet the eligibility requirements will be entered into a pool of eligible applicants. On designated selection days, grant recipients will be randomly selected from this pool until all funds are expended.  The size of the grant will be between $5,000 and $25,000 depending on the size of the business. 

ELIGIBILITY

Q: WHO IS ELIGIBLE TO APPLY?

  • Must be bricks and mortar businesses serving the neighborhood in which they’re located, where customers can come in during business hours;
  • Business must be located in LA County;
  • Under 20 employees (includes full time, part time, and/or contracted workers);
  • Evidence of profitable business pre-COVID;
  • Evidence of being negatively impacted by COVID;
  • Company founded by February 2019;
  • Revenue between $30K and $3M; 
  • Must own at least 50% of the business;
  • Must be willing to complete the application process and submit all required documents; 
  • Must be willing to have your story told in FOUND/LA, TMC Community Capital, and/or Pacific Community Ventures’ print, digital, and audio outlets. 

Q: WHO IS NOT ELIGIBLE?

  • Gig-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 do more than 50% B2B
  • Nonprofits, political or religious organizations

Q: HOW DO I APPLY?

Eligible business owners can apply with ONE of our partners. Applicants who apply with both organizations will not be eligible for grant funding.

Businesses with 1 – 5 employees should apply with TMC Community Capital. Businesses with 6 – 20 employees should apply with Pacific Community Ventures. 

*Please use employee count during Q1 of 2020 to make this determination.

*If you applied during Round 1 or 2 and were not selected, your application will be automatically rolled over into subsequent rounds. There is no need to apply twice. 

REQUIRED DOCUMENTS

Q: WHAT DOCUMENTS ARE REQUIRED IN THE APPLICATION?

  • Copy of current City business license 
  • Copy of your 2019 Tax Return 
  • Copy of Form 941 
  • Copy of active lease + canceled check (to verify rent)

GRANT SIZE

Q: HOW WILL GRANT SIZE BE DETERMINED?

A: Grant size will be determined by cost of one month’s rent + $2,000 per employee (part-time, full-time, or ‘independent’ contractors) up to $25,000.

Q: WILL I HAVE TO PAY BACK THE MONEY?

A: No. These are grants and do not need to be paid back.

Q: HOW MANY GRANTS WILL YOU BE ISSUING?

A: Grants vary in size depending on the size of the business. We have committed $500,000 in grants through these two application windows.

For questions, email hello@foundla.org

APPLICATION WINDOWS

Round 1: CLOSED

Application Window Opens
Monday, December 14, 2020 @ 9:00am  

Application Window Closes
Sunday, December 20, 2020 @ 11:59pm  

Winners Selected & Notified:
Monday, December 21, 2020

Round 2: CLOSED

Application Window Opens
Monday, January 11, 2021 @ 9:00am 

Application Window Closes
Sunday, January 17, 2021 @ 11:59pm 

Winners Selected & Notified:
Thursday, January 21, 2021 

Round 3: CLOSED

Application Window Opens
Monday, February 15, 2021 @ 9:00am  

Application Window Closes
Sunday, February 21, 2021 @ 11:59pm  

Winners Selected & Notified:
Wednesday, February 24, 2021

Round 4: UPCOMING

Application Window Opens
Monday, March 15, 2021 @ 9:00am 

Application Window Closes
Sunday, March 21, 2021 @ 11:59pm 

Winners Selected & Notified:
Wednesday, March 24, 2021 

DIEGO

Owner of Barclay’s Coffee and Tea

Diego has had to adapt to ever-changing safety policies to be able to keep the doors of his coffee shop open during the pandemic, and he still doesn’t know if his business will make it through this time.

SISTERS, DANIELA AND ALEX

Founders of Wild Plum Holistic Spa

Alex and Daniela enlisted the help of their family to construct an entire outdoor yoga studio so they could continue to conduct socially distant yoga classes for the community.

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