Small businesses have taken a significant hit from the COVID-19 crisis, with Black-owned businesses hit hardest compared to any other demographic. With more than half of Black business owners seeing their revenue cut by half, Black business ownership has dropped by 41% during the pandemic. To address this issue, the non-profit Local Initiatives Support Corporation Los Angeles (LISC LA) is launching the Black Business Excellence Technical Assistance (BBET) Initiative: a free accelerator program for Black-owned small businesses in the personal care industry. Applications for BBET’s Fall 2021 Cohort will be accepted starting Monday, July 26, through Friday, August 6 at www.lisc.org/los-angeles/beda/bbet.
Partnering with Pacific Premier Bank and the James Irvine Foundation, the BBET program is the first Black Business accelerator program in the region dedicated to supporting Black-owned personal care businesses. Starting on September 20, thirty selected businesses will begin the 12-week program together, which consists of ten expert-led learning modules, one-on-one business advising, networking opportunities within the personal care sector, investor pitching opportunities, and access to an exclusive BBET business alumni network to ensure the cohort’s growth beyond program completion.
“We are proud to launch the BBET Initiative to support Black-owned small businesses and achieve our broader goals by providing economic opportunities for diverse communities,” said LISC LA Executive Director Tunua Thrash-Ntuk. “Black-owned personal care businesses were some of the hardest hit during the COVID-19 crisis—and we believe this program will help the most impacted communities to thrive.”
To qualify for the inaugural BBET Fall Cohort, businesses must: have at least one business owner that identifies as Black or African American; be operating for at least two years; be in the personal care, health, wellness, or beauty sector; be located within LA County; and be able to commit 5 hours per week for the 12 weeks of the program. Businesses with less than $300K in revenue are preferred, but this is not a strict requirement.
“Pacific Premier Bank recognizes that small businesses suffered disproportionately throughout the pandemic, which is why we are supporting LISC and their BBET initiative with a grant of $150,000.” said Sherri Scott, Senior Executive Vice President, Director of ESG and Corporate Responsibility. “Businesses providing personal care services were particularly impacted over the last year and partnering with LISC on this initiative was an easy decision and the right thing to do.”
BBET is part of LISC LA's Black Economic Development Agenda, a 2021 initiative to close the racial wealth gap, support the local economies of historically Black neighborhoods, and empower Black-owned businesses in Los Angeles through LISC LA programs and resources.
According to local data, many Black entrepreneurs located in low-income communities are a part of the personal care industry. The personal care sector has also seen a 45% decrease in revenue in the last year, with experts predicting this industry will have one of the longest paths to recovery amidst COVID-19.
Small business development programs have the ability to protect business owners’ livelihoods and revitalize communities. The application portal for the Fall 2021 Cohort opens Monday, July 26, and will close Friday, August 6. Acceptance notifications will be given on Friday, August 13. To learn more about BBET, please visit www.lisc.org/los-angeles/beda/bbet.
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About LISC:
With residents and partners, LISC forges resilient and inclusive communities of opportunity across America – great places to live, work, visit, do business and raise families. Since 1979, LISC has invested $20 billion to build or rehab 400,500 affordable homes and apartments and develop 66.8 million square feet of retail, community, and educational space. LISC LA’s mission is to work with local leaders to invest in housing, health, education, public safety, and employment – these basic needs must be tackled at once so that progress in one is not undermined by neglect in another.