The Local Initiatives Support Corporation Los Angeles (LISC LA) has launched the Asset Building for Communities of Color (ABC) Program to help bring accessible capital to diverse small businesses in Los Angeles County.
Donor Name: Local Initiatives Support Corporation Los Angeles (LISC LA)
State: California
County: Los Angeles County (CA)
Type of Grant: Grant
Deadline (mm/dd/yyyy): 06/03/2022
Grant Size: $50,000 to $250,000
Details:
The program will focus on serving businesses based in historically under-served areas of the County of LA, businesses that create quality jobs, businesses that have a high community impact, and businesses lead by entrepreneurs of color and women.
As part of its ongoing efforts to support small businesses and non-profits, LISC is providing start-up small businesses with a capital source to support the acquisition of key assets for the business, not including real estate. Funds may be used to purchase machinery, equipment, new or updated technology, inventory, and the costs of leasehold improvements (provided, such leasehold improvements may not exceed $100,000).
The Asset Building for Communities of Color (ABC) Program will provide growth capital to diverse business owners across the County of Los Angeles. LISC LA will distribute the capital with the following goals:
- To produce asset building, ownership, and generational wealth opportunities for diverse business owners that are located in Los Angeles County;
- To support the economic recovery and resiliency of diverse businesses;
- To avoid displacement of diverse businesses and residents; and
- To create opportunities for cooperative ownership and alternative wealth-building vehicles.
Funding Information
Recipient to submit a Growth Capital request from $50,000 to $250,000 for the purchase of an Eligible Asset.
Eligibility Criteria
Only for-profit entities based in the County of Los Angeles are eligible for the capital. Sole proprietors and non-profit organizations are not eligible. Businesses must be a “start-up” business, which is defined as being in operation 2 or fewer years or business has not yet generated a significant level of net profit, based on filed business tax returns or interim internally generated financial statements.
For more information, visit Local Initiatives Support Corporation.
