Across the U.S., small businesses that form the economic backbone of their communities are facing immediate – and oftentimes, crushing – financial pressure due to Covid-19. Many forced to shut down temporarily are at serious risk of permanent closure. Even those that can still operate remotely – or under the rigorous reopening guidelines of their states – face major revenue shortfalls. With little or no reserves to pay their expenses, many will have no choice but to lay off workers and close their doors permanently.
Thanks to $1.2 million dollars in grant support from Procter & Gamble and its Secret deodorant brand, LISC will provide the emergency assistance that small businesses desperately need to stay afloat. We will deploy grants to help them bridge the financial gap, and deliver technical assistance to help them navigate the intricate web of public and private resources now available.
LISC will focus these efforts on historically underserved communities – especially those enterprises owned or led by women and minorities, which often lack access to affordable capital. The resources from the Secret brand will specifically support Black female entrepreneurs.
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What are we offering?
Grants of $5,000 to $10,000 each to small business owners to help meet their most immediate needs. Eligible expenses include:
- Paying rent and utilities
- Meeting payroll
- Paying outstanding debt to vendors
- Upgrading technology infrastructure
- Other immediate operational costs
All applicants will be linked to a customized, state-by-state resource guide on how to navigate federal, state and local assistance programs and private financing as well as resources available through LISC and our network of small business support organizations.
In six of the hardest hit cities/regions, LISC and our local partners will provide enhanced technical support and resources to small businesses. This targeted assistance will ensure short-term relief translates to long-term recovery and resiliency.
Para leer esta información en español, haga click aquí.
Who is eligible?
We will support small businesses and enterprises affected by Covid-19 across the country, especially those in underserved communities that often lack access to flexible, affordable capital. This includes women- and minority-owned businesses, especially child care centers, beauty salons, barber shops and other family-owned enterprises. The $200,000 from Procter & Gamble’s Secret brand will specifically support Black female entrepreneurs.
Applications will be reviewed based on criteria designed to prioritize businesses facing particular challenges, and the final grantees will be randomly selected from the top scoring applicants.
If you are a nonprofit organization, we have compiled a guide of resources available nationally and locally.
Para leer esta información en español, haga click aquí.
