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Longtime Small Businesses in LA Can Apply For Financial Boost From A New Program
Family admires the products of a booth at Black Market Flea.
(
Ashley Balderrama for LAist
)
Topline:
Starting today, Los Angeles businesses that have been around for at least 20 years in a particular area can apply to be in the Legacy Business Program, which aims to provide financial boosts to guard against the effects of gentrification.
Eligibility: To qualify for the program, businesses have to meet three of the four required criteria: they are steeped in community culture and history, a small standalone business not affiliated with a corporate chain, and either offers goods and services in a language that is accessible by the community or offers distinct cultural practices.
Councilmember Curren Price, who proposed the program in 2019, said in a statement that gentrification affects small businesses just like it does residents.
“The threat of displacement faced by small businesses is compounded by the lack of protections, which disrupts the fabric of neighborhoods and erases the essence of our city’s identity,” he said.
What’s being offered: Once accepted into the Legacy Business Program, participants will have access to grants of up to $20,000. Applications for the grants will open in the fall. Keep an eye on the Los Angeles Economic and Workforce Development Department website for dates. Applications from businesses facing challenges like gentrification, steep lease increases, and other threats to their sustainability will be given priority.
As part of the program, legacy businesses will also gain access to resources like social media marketing, financial counseling and have the option of being promoted on the city’s website and social media accounts.
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Applications are available at on the city's Economic and Workforce Development website.
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